PVP Ventures to invest Rs 4,000 cr in power projects

New Delhi, Aug 19 (UNI) PVP Ventures Ltd today said it plans to invest Rs 4,000 crore to set up power projects over the next 12-18 months, with the proposed merger of Malaxmi Energy Ventures with itself.

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

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

PVP Ventures said it expects over Rs 2,000 crore in revenue over a period of five years from a 70-acre township it is 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.

UNI AK SR NS1805