Essar Energy To Buy Navabharat's Thermal Power Project For Rs 200 Cr
Essar Energy is buying 
Navabharat Power’s thermal power project for around Rs 200 Cr.
Navabharat Power Pvt Ltd (NPPL) is an SPV formed by Malaxmi Energy Ventures (India) Pvt Ltd (MEVPL) & Nava Bharat Ventures Ltd (NBVL) to set up a 2250-MW coal-based thermal power project in Dhenkanal District, Orissa.
Transaction Reference: ET
NPPL has proposed to set up the project in two phases - In the first phase the project includes a 1050 MW thermal power plant which can be expanded with an additional 1200 MW power generation capacity.
Essar plans to scale up the project later and have approached the banks for a debt of Rs 4000 Cr for the project.
The estimated project cost for 1,050 MW is Rs.5,250 Cr.
NPPL’s parent NBVL is a diversified company and is mainly engaged in infrastructure development projects and manufacturer of bulk ferro alloys, crystal sugar and extra neutral alcohol. NVBL is also engaged in power generation for captive consumption. The company has installed two thermal power plants and two bio-mass plants.
MEVPL was promoted in 2007 by Mr. Y. Harish Chandra Prasad (Vice Chairman and MD of NPPL). This company is mainly engaged in investment in various power projects.
Essar Energy is an India-focused London-listed energy company with major focus on two divisions: Power (generation and transmision) and Oil & Gas (exploration and production; refining and marketing)
Central India Power Company Ltd is also planning to sell stake in proposed 1,082MW coal-based Bhadrawati power project.
Reliance Industries is looking to set up mega power plants in the country to expand beyond refining oil, natural gas production and retail. The company plans to bid for the government's upcoming sale of 4,000 MW coal-fired power projects in eastern India.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 06/07/10 | Navabharat's Thermal Power Project - Essar Energy | M&A | Essar Energy Holdings Limited | 42.70 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 02/05/12 | Private Equity | Looking For | Husk Power Systems Private Limited | - | Announced |
| 28/03/12 | M&A | STEAG GmBH | Hinduja National Power Corp. Limited | - | Announced |
| 22/03/12 | M&A | Korea Electric PowerCorp | Pioneer Gas Power Limited | 98.37 | Announced |
| 24/02/12 | M&A | Tecpro Systems Limited | Eversun Energy Private Limited | - | Completed |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Nava Bharat Ventures Limited | D Ashok P Trivikrama Prasad |
Nava Bharat Chambers, 6-3-1109/1, Rajbhavan Road | GEMAC Energy Limited | www.nbventures.com |
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