Nava Bharat's Orissa plant to have 1,050 MW capacity

Hyderabad: Nava Bharat Ventures Ltd on Monday announced that it would hold 51 per cent stake in the 1,050-MW coal-based power plant in Orissa up from 26 per cent earlier planned.

The capacity too has been raised from 600 MW planned initially to 1,050 MW.

With this project, the company plans to take the total capacity to 1,500 MW by 2010.

The Managing Director of Nava Bharat, Mr D. Ashok, said the company was augmenting power generation capacities and currently overseeing the development of about 1,000 MW.

Mr Ashok said the 1,050-MW plant planned at Meramandali in Dhenkanal district of Orissa would have three turbines of 350 MW each. This project would be implemented with an outlay of Rs 4,600 crore to be funded through 80:20 mix of debt and equity.

The company plans to supply 25 per cent to Orissa and has signed up with Power Trading Corporation for 50 per cent capacity at 2.35 per unit and the remaining would be sold on merchant basis at the prevailing market rate. It has identified land and is awaiting Government nod for transfer.

RESULTS


The company's business profitability for the financial year 2007 was strongly influenced by the power operations supported by ferro-alloys business.

It has recorded a total income of Rs 197.38 crore and a net profit of Rs 43.69 crore for the quarter ended March 31, 2007 as against the total income of Rs 147.79 crore and net profit of Rs 9.54 core for the corresponding quarter last year.

For the fiscal ended March 31, 2007 the company's total income was Rs 603.58 crore (Rs 475.76 previous year) with a net profit of Rs 140.45 crore (Rs 58.01 crore).

Mr Ashok said the board had recommended a dividend of 200 per cent on the equity shares of Rs 2 each for the financial year ended March 31, 2007.

EXPANSION


The company's expansion programme covers power plants in Orissa by 64 MW and 34 MW plant in Andhra Pradesh. Both these are to be completed this fiscal.

The company is also in the process of setting up a special economic zone in a 250-acre site at Mamidipalli village near Hyderabad International Airport and a 20 MW co-generation power project.