Godawari Power and Ispat Limited subsidiary Hira Ferro Alloys Limited has agreed to acquire 8.5MW bio mass power plant in Chhattisgarh on slump sale basis.

Godawari Power and Ispat in filing with the Bombay Stock Exchange said that Hira Ferro Alloys has entered into a definitive agreement with the owner of the power plant.

It said that the acquisition of the power plant is subject to compliance of certain conditions which are required to be fulfilled by the seller within a period of one month from the date of agreement or such extended period as may he mutually agreed

It added that the company subsidiary would pay INR 1million in addition to the assumed liabilities as on the date of transfer.

The plant is situated at Village Belsonda in Mahasamund district of Chhattisgarh.

(Sourced from Economic Times)