Companies

Nava Bharat Ventures resolves Odisha plant’s metering and connectivity issues

Our Bureau Hyderabad | Updated on April 06, 2021

The company’s Telangana arm resumes power generation on improved merchant power market

Nava Bharat Ventures Limited has informed that it has resolved some of the long-pending metering and connectivity issues concerning a 60 MW independent power project located in Odisha.

This is a long-pending issue of the 60MW IPP in Odisha and was pending disposal of the legal case before the High Court for final settlement. This paves the way for operationalising the 60 MW IPP over the next two months, which remained idle for several years.

The company also informed BSE in a regulatory update, that the 150 MW IPP of 100% subsidiary, Nava Bharat Energy India Limited, located in Telangana, which was shut down in FY 2021, has resumed power generation following an improved merchant power market and is now exporting power through Power Exchange.

Besides, the company's step down subsidiary, Maamba Collieries Limited, located in Zambia, during its mandatory major overhaul of two Power Units, in sequence, noticed that certain critical parts of turbine in one of the Units was damaged, requiring replacement.

In consultation with the Board of Directors of MCL, procurement of the necessary parts for replacement and additional spares from

the OEM and other suppliers has been initiated. Owing to the long lead time in supply of these critical parts, MCL anticipates a delay in the resumption of normative operations. At present, only one of the unit is being run, resulting in the reduction of the envisaged revenues for the FY 2021-22.

Published on April 06, 2021

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