Facor Alloys said that it has acquired controlling interest in BEC Power by paying a total consideration of INR 159.9 million.
BEC, an independent power producer is in the process of setting up a 600 MW thermal power project in the state of Chattisgarh state for which it has received various clearances from concerned regulatory authorities.
India is a power deficit Nation and there is a burgeoning demand of power. Given huge demand supply gap, Company views the business of generation and distribution of power as new growth area. Hence acquisition of control in BEC will help the Company to venture in the new line of business of generation and distribution of power.
Source: Steel Guru