Evonith Steel Limited has acquired Indrajit Power Private Limited in Maharashtra for an enterprise value of ₹232 crore, marking a strategic move aimed at strengthening its operational capabilities and securing long-term energy requirements.
The acquisition includes ownership of Indrajit Power’s captive power assets, which are expected to support Evonith Steel’s manufacturing operations by providing a reliable and cost-effective source of electricity. The transaction aligns with the company’s strategy of enhancing operational efficiency and improving energy security for its steel production facilities.
According to company officials, the acquisition will help optimise power costs, improve production reliability, and strengthen integration between manufacturing and energy infrastructure. Access to captive power generation is expected to provide greater control over energy supply while reducing exposure to fluctuations in external power markets.
Indrajit Power operates power generation assets in Maharashtra and has been supplying electricity to industrial consumers. The acquisition is expected to create operational synergies while supporting Evonith Steel’s future expansion plans.
The move comes amid growing efforts by steel manufacturers to secure dedicated energy sources as power availability and energy costs continue to play a critical role in determining production competitiveness. Captive power facilities are increasingly being viewed as strategic assets for energy-intensive industries such as steel manufacturing.
Officials stated that the acquisition will contribute to improved efficiency, better resource utilisation, and long-term sustainability of operations. It is also expected to support the company’s objective of maintaining stable production while managing operational costs more effectively.
The transaction reflects a broader trend within India’s steel industry, where companies are pursuing vertical integration strategies to strengthen supply chains, improve cost efficiencies, and enhance resilience against market fluctuations.
Industry analysts believe the acquisition will provide Evonith Steel with a stronger operational foundation while reinforcing its ability to meet growing demand in the domestic steel market.
With the addition of Indrajit Power’s assets, the company is expected to further strengthen its manufacturing ecosystem and support future growth through enhanced energy reliability and operational integration.