PVP Ventures to invest Rs40 bn in power projects

Reuters

Mumbai: PVP Ventures Ltd said it plans to invest Rs40 billion to set up power projects in the next 12-18 months, with the proposed merger of Malaxmi Energy ventures with itself.

Malaxmi Energy owns 50% in Navabharat Power Pvt Ltd and 26% in Simhapuri Energy Pvt Ltd. With the merger, these power projects would come under a subsidiary, PVP Malaxmi Energy Ventures, the company said in a statement on Tuesday.

PVP Malaxmi Energy would look at setting up power projects having a capacity of 8,000 Megawatts, to be implemented in the next 5-7 years.

PVP Ventures said it expects over Rs20 billion in revenue over a period of 5 years from a 70-acre township it was implementing in Chennai, jointly with Arihant Foundations and Unitech.

The firm plans to utilise this amount on the power projects.

Funds would also be sourced by special purpose vehicles and through strategic financing,it added.