New Delhi, March 3, 2025 (BharatNeeti Correspondent): In a game-changing move that reaffirms its leadership in India’s power sector, Jindal Power Limited (JPL), a Naveen Jindal Group company, is set to acquire Bhadreshwar Vidyut Pvt Ltd, a Gujarat-based thermal power producer, for nearly Rs 500 crore.
This acquisition marks a strategic expansion for the Jindal Group, reinforcing its presence in Gujarat and significantly bolstering its power generation portfolio.
Bhadreshwar Vidyut, formerly known as OPGS Power Gujarat, operates two 150 MW coal-based power plants in Kutch. However, financial difficulties pushed the company into a crisis, leading to its admission into corporate insolvency proceedings at the National Company Law Tribunal (NCLT) Chennai in October 2022, following a petition by the State Bank of India.
The company’s debt was initially pegged at Rs 1,200 crore, later restructured to Rs 850 crore to facilitate a resolution. However, lenders rejected the recast, forcing the company into insolvency.
The distressed asset became a prime target for strategic investors, with Jindal Power emerging as the front-runner to bring the plant back to life.
The acquisition was far from straightforward. A rigorous and multi-round bidding war took place, with each participant given a chance to improve their offer. Eventually, Jindal Power outbid all competitors, emerging as the highest and sole bidder in the final round.
A source close to the deal revealed:
“Jindal Power was the highest bidder in the second challenge process. The company will now work towards completing the acquisition within the next six months.”
The final transaction will be funded entirely through internal accruals, with Jindal Power committing Rs 25-50 crore additionally for capital expenditure to ensure operational efficiency post-acquisition.
The Naveen Jindal Group, through Jindal Power, already operates 4,300 MW of thermal power capacity. With the addition of Bhadreshwar Vidyut’s 300 MW capacity, Jindal Power’s total installed thermal power capacity will now rise to 4,600 MW.
Beyond thermal power, the Jindal Group has ambitious plans for renewable energy expansion, targeting 12 GW of renewable power capacity along with storage facilities and large-scale green hydrogen production by 2030. This acquisition is a stepping stone in Jindal Power’s mission to become one of India’s largest decarbonization solution providers, ensuring energy security while transitioning towards sustainability.
By reviving Bhadreshwar Vidyut, Jindal Power is not just rescuing a distressed asset but also contributing to Gujarat’s energy infrastructure. The move aligns with the company’s long-term growth strategy of expanding its energy footprint across India while ensuring financial sustainability.
As Jindal Power moves swiftly to integrate Bhadreshwar Vidyut into its portfolio, industry experts anticipate that this acquisition will breathe new life into Gujarat’s power sector, ensuring energy reliability and economic growth.
This acquisition is more than just a business deal—it’s a powerful statement by the Naveen Jindal Group, signalling its intent to dominate the Indian energy landscape while paving the way for a cleaner and more sustainable future.
