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-to-infra conglomerate Megha Engineering & Infrastructures Limited (MEIL), has completed the purchase of a 250 MW lignite-fired power plant located in Neyveli, Tamil Nadu.

MEIL Energy has purchased a 100% stake in the TAQA Neyveli Power Company Private Limited, buying the entity from its previous owner, the Abu Dhabi National Energy Company PJSC (TAQA).

The acquisition boosts MEIL’s total power generation portfolio to over 5.2 GW.

The way ahead

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

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

“Our focus remains on expanding our footprint across 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 encompassing thermal, hydro, and renewable energy assets.” the CFO added.

In a statement, MEIL Energy said that its acquisition of TAQA Neyveli aligns with its parent company’s vision to build a “robust” and “diversified” energy portfolio.

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

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

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