Sesa Goa is acquiring Goa Energy from Videocon Industries and other shareholders for Rs53.72Cr in all cash deal. The agreement includes taking over existing debt of Rs47.28Cr of Goa Energy.

The deal is subject to certain conditions including approvals from the lenders and power purchasers.

Goa Energy operates a 30MW waste heat recovery power plant in Goa which utilizes the waste heat and gases from Sesa's coke making and pig iron facilities.

This acquisition will enable Sesa to exploit synergies with the Pig Iron and Coke making operations at Amona(Goa) and to secure further cost reduction on its own power requirements.

Vedanta Group owned Sesa Goa is engaged in mining, producing, and exporting iron ore products. Last year, it produced 18.8 Mn metric tonnes and sold 18.1 Mn metric tonnes of iron ore. The company’s mining operation is carried out from Goa and Karnataka.

Earlier in August, Sesa acquired 51% stake in Liberia-based iron ore firm Western Cluster Limited (WCL), for $90 Mn in cash.

Before that it acquired the assets of the steel plant of Bellary Steel and Alloys Ltd, put on the block by a consortium of lenders led by IFCI, for Rs.220 Cr in cash.

In 2009, it acquired Goa-based Dempo Group’s mining assets for Rs 1,750 crore in all cash deal.

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