The Hindu Business Line : Nava Bharat Ferro sees drop in turnover after fire mishap

NAVA Bharat Ferro Alloys Ltd, the Hyderabad-based ferro alloys, power and sugar producer that suffered a fire accident at its ferro alloys unit in Orissa on Friday, expects a drop in turnover during the furnace down time and also short-term cash flow adjustment.

The company had earlier informed stock exchanges that it has a 50,000-tpa (tonnes per annum) ferro alloy plant at Khadgaprasad village in Dhenkanal district of Orissa, which is equipped with a 30-MW coal-based captive power plant. The unit has two furnaces each of 16.5 MVA capacity.

A fire accident during the early hours of Friday damaged furnace transformers and control equipment of the furnace and a portion of the building housing them, leading to disruption of operations in the ferro alloy plant.

According to Nava Bharat Ferro Alloys, all other equipment including the captive power plant was safe.

As part of the de-bottlenecking scheme of the plant, the company had procured new transformers and other furnace equipment saving long lead-time.

It said the operations of the Orissa unit were under comprehensive insurance with an Industrial All Risks Policy covering, business interruption loss consequent to this accident, with adequate indemnity period.

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Nava Bharat Ferro sees drop in turnover after fire mishap