MEIL Energy buys 100% stake in 250 MW power plant in Neyveli, Tamil Nadu; boosts power generation portfolio to 5.2 GW

MEIL Energy Private Limited, a subsidiary of energy-infrastructure conglomerate Megha Engineering & Infrastructures Limited (MEIL), has completed the acquisition of a 250 MW lignite-fired power plant located in Neyveli, Tamil Nadu.

MEIL Energy has acquired 100% shares of TAQA Neyveli Power Company Private Limited, acquiring the entity from its previous owner, Abu Dhabi National Energy Company PJSC (TAQA).

This acquisition will increase MEIL’s total power generation portfolio to over 5.2 GW.

The road ahead

The goal for MEIL is to seamlessly integrate the plant into its energy portfolio, focusing on operational excellence and disciplined management to create long-term value from the asset, the company said.

Commenting on the acquisition, MEIL Group CFO Salil Kumar Mishra said, “This acquisition is a milestone in our journey to own and operate high-quality energy assets and advances our long-term strategy to complement EPC excellence with ownership of core infrastructure assets.”

“We are focused on expanding our footprint in the energy sector through strategic investments that enhance national energy security, ensure reliable supply and support India’s long-term growth. We are committed to developing a balanced and sustainable generation portfolio spanning thermal, hydro and renewable energy assets.” The CFO added.

In a statement, MEIL Energy said its acquisition of TAQA Neyveli was in line with its parent company’s vision of building a “robust” and “diversified” energy portfolio.

MEIL, to which MEIL Energy belongs, is one of India’s largest diversified conglomerates, with business interests ranging from energy to infrastructure, manufacturing and transportation.

Founded in 1989 by Hyderabad-based PP Reddy, the company’s name was changed from Megha Engineering Enterprises to Megha Engineering and Infrastructure Limited (MEIL) in 2006.

MEIL has worked on many major projects including Kaleshawar Lift Irrigation Scheme, Polavaram Irrigation Project, Zojila Tunnel, Thane-Borivali Twin Tunnel and Machilipatnam Port.