New MD pads up to bail out Adhunik from sticky quagmire

Business, Corporate, Jamshedpur, Jharkhand, Kolhan No Comments on New MD pads up to bail out Adhunik from sticky quagmire 220

Company incurring loss of Rs 13 crore every month: RK Singh

Jamshedpur, Feb 7: Newly appointed Managing Director of Adhunik Power & Natural Resources Limited has laid out plans to bail out the Company from the present sticky financial quagmire.

 Addressing a press meet at a hotel in Adityapur in the adjoining Seraikela-Kharsawan district, Raghvendra Kumar Singh, said “Adhunik Power & Natural Resources Limited is running in loss. The Company needs to earn at least Rs 95 crore per month but is making only Rs 82 crore thus running at a deficit of Rs 13 crore monthly.  However, we have worked out plans to mitigate the difference and soon emerge into the lanes of profitability.”

Replying to a query, the  MD informed the recurring loss had resulted in the abeyance of its CSR activities but once the company was back on its financial rails, all such related activities would be resumed to make life and living better for all associated with Adhunik. “We have plans to invest in education, healthcare, sanitation and improve village roads for which strategy has been formulated,” said MD.

The former Executive Director of NTPC further said that a total of 440 employees including 129 displaced persons, were in the company’s musters.

Talking figures, RK Singh informed that the company was producing 360-380 megawatt electricity of which 170 megawatt was being supplied to Jharkhand, 100 megawatt to Tamil Nadu and 100 megawatt to West Bengal. “We can produce 540 megawatt (Two units of 270 megawatt each) electricity in the plant for which we are holding talks with the government.”  Singh further stated that the company was yet to receive outstanding amount adding upto Rs 400 crore from the governments of Jharkhand, West Bengal and Tamil Nadu which would provide the delicate financial board some buoyancy.

Director Animesh Gupta informed, “We have issues when it comes to coal. 28 lakh tons of coal are required for the smooth functioning of the company but we are getting only 12 lakh tonnes which are hampering electricity production. If we purchase coal from sources other than government auctions, the production cost will increase and electricity will become costlier. This is the reason we try to procure our coal requirements from the government. There is a linkage issue but we want the continuity in production for which we seek one month stock of coal but we have only two to three days of stock because of less coal supply”, Gupta added.  

The MD went on to add, “We have a 25- year agreement with Jharkhand, West Bengal and Tamil Nadu for supplying electricity but when we don’t have the raw material the production is being hampered.  We are trying to coordinate with the government in order to take the company to newer heights.”

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