To set up agro project in Tanzania
Nava Bharat Ventures Ltd is set to increase its power generation capacity to 450 mw by the fourth quarter of the current financial year by commissioning two more plants.
Mr G. R. K. Prasad, Executive Director of Nava Bharat Ventures, told Business Line, “The 64 mw plant at Odissa is ready for commissioning and is awaiting final approvals to begin operations. We will also add 150 mw project at Paloncha in Andhra Pradesh in the fourth quarter of 2012-2013, taking the power generation capacity to 450 mw.”
The company plans to offer power to bulk industrial consumers from the 150 mw power plant.
Nava Bharat, which is into ferro and chrome alloys, sugar and power generation, has also taken up projects in Africa. It has begun work on the Maamba Coal Mines in Zambia, along with a power project. Through the company’s Singapore subsidiary, it has acquired interest from Kobe Green Power Co Ltd for setting up a 108 mw hydel power plant at an investment of about $300 million.
Nava Bharat is addressing backward integration commercial agriculture project through a tie up with the National Development Council of Tanzania.
It has been proposed to set up an integrated oil palm project in Tanzania with local partners. The focus of the company there would be on oil palm cultivation, its extraction and refining, along with co-generation power plant.
The Singapore subsidiary has been allocated 10,000 acres of land by Tanzania and the discussions are now underway.
The company will convene its 40th annual general meeting next month to take shareholders’ approval to increase the borrowing power up to Rs 10,000 crore.
The idea is to have the power to raise funds which the company may require as it takes up projects in other countries, Mr Prasad said.
The company’s shares closed the day at Rs184.95.