Godawari Power's subsidiary to acquire power plant

MUMBAI: Godawari Power and Ispat Ltd, engaged in steel and electricity generation business, today said its subsidiary - Hira Ferro Alloys Ltd - has agreed to acquire 8.5 MW bio-mass power plant (Power Plant) in Chhattisgarh on slump sale basis.

Hira Ferro Alloys has entered into a definitive agreement with the the owner of the power plant on Tuesday, Godawari Power and Ispat said in filing with the Bombay Stock Exchange.

The acquisition of the power plant is subject to compliance of certain conditions, which are required to be fulfilled by the seller within a period of 30 days from the date of agreement or such extended period as may he mutually agreed, it said.

The company subsidiary would pay Rs 10 lakh in addition to the assumed liabilities as on the date of transfer, it added.

The plant is situated at Village Belsonda in Mahasamund district of Chhattisgarh.