VBC Ferro hives off captive power plant

VBC Ferro has reported a net loss of Rs 2.42 cr for the second quarter ended September 2013

Hyderabad-based ferro alloys manufacturer, VBC Ferro Alloys Limited, has decided to hive off the 2x60-Mw coal-based power plant, which it is developing for captive requirements, to facilitate its speedy implementation. The board of directors, at its meeting held on November 9, accorded its in-principle consent for the same.

“Keeping in view the acute power shortage scenario in AP, the board felt it necessary to implement the captive power plant on a priority basis as the existing ferro alloy unit is unable to carry on its manufacturing operations due to high power tariff and non-availability of adequate power,” VBC Ferro said in a filing to the BSE on Monday. VBC Ferro reported a net loss of Rs 2.42 crore for the second quarter ended September 2013, as against a net loss of Rs 4 crore in the corresponding quarter previous year. Total income stood at Rs 50.25 lakh during the quarter, as compared with Rs 4.75 crore last year.