Once touted as a promising player in India’s waste management sector, with multiple waste-to-energy (WTE) incineration plants, is now battling an insolvency case filed by Rural Electrification Corporation (REC) Ltd, a key public sector lender.
Abellon has four ongoing projects in Ahmedabad, Vadodara, Rajkot and Jamnagar, which cumulatively burn about 3,750 tonnes of mixed municipal solid waste (MSW) every day. The company also had plans to build 11 WTE plants across various districts in Gujarat.
Recently, it was booked under Section 7 of the Insolvency and Bankruptcy Code for a of over Rs 15 crore. Abellon has offered a Rs 14 crore through a group affiliate. REC initially rejected the offer, but a revised proposal was later…