Nagreeka eyes power project in Maharashtra

The Kolkata-based Nagreeka Capital Infrastructure Limited (NCFL), is planning to set up a 150 mega watt power plant in Maharashtra.

"We are at an advanced stage of the negotiations regarding the site and the total estimated investment would be around Rs 600 crore," said Sushil Patwari, vice chairman and managing director of NCFL.

The company would also develop an IT-SEZ with a township at Kolkata.

"We are looking for 25 acre plot in a close proximity of Kolkata," he added.

NCFL, formed by the demerger of Nagreeka Export Ltd, has been listed with the BSE and the NSE.

"After complying with all the formalities the shares would be listed for trading on the exchanges from 14 September, 2007," said Patwari.

The company has a turn over of Rs 300 crore at present and the total number of shares amounted to 1.2 crore.

With a paid up capital of Rs 6.31 capital and reserves of Rs 46.72 crore the book value of the share would be Rs 42.03.

"The net asset value is Rs 240 only for each share of Rs 5," he added.

According to Patwari, the company is optimistic to achieve an earning per share of Rs 10 in the current fiscal.

"We intend to have a diversified investment strategy, having a mix of long, medium and short term horizon and even include ares such as private equity," he said.

The company has acquired 1.3 per cent stake of the Calcutta Stock Exchange, at an investment of Rs 1.76 crore.

"We had applied for 2 percent stake but on the account of over subscription we could get only 1.35 percent," he added.