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Mining major Sesa Goa Ltd and Videocon Industries Ltd along with the shareholders of Goa Energy Private Ltd have signed a share purchase agreement under which Sesa Goa would acquire GEPL for Rs 53.72 crore for cash.
The acquisition also includes net working capital of Rs 2.75 crore and taking over an existing debt of Rs 47.28 crore, Sesa Goa said in a communication to the stock exchanges.
Goa Energy operates a 30-MW waste heat recovery power plant in Goa that utilises the waste heat and gas from Sesa Goa’s coke making and pig iron facilities. Sesa Goa said the acquisition would enable it to exploit synergies with the pig iron and coke making operations at Amona and to cut down the cost of power for its own requirements.
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