| | | | Disclosure of Significant Events | 11/21/2011 1:33:49 PM | | | | Octant Industries Ltd has informed BSE regarding "Disclosure of Significant Events".
Announcement:
"With reference to the earlier announcement it is to be informed to all the shareholders and investors that our company is implementing the Biomass cum Thermal Power Project in the state of Orissa, Sambalpur District.
The required land of 15 acres has been acquired by the company at Sanasinghari Industrial Belt of Sambalpur District, Orissa. The Bhumi Pujan has already been performed on auspicious day of Vijaya Dashami i.e. on 06/10/11. The foundation stone is laid by Chief Executive Officer (CEO) of Orissa Renewable Energy Development Authority (OREDA) and General Manager (GM) of State Bank of Hyderabad(SBH) in presence of other government signatories.
It is to be noted that Our Company is in the full phase of establishing the infrastructure facilities for the Biomass Power Project and the civil Works is in Full Swing. The major equipments required for the Power Project has been finalized with the following suppliers
1) Triveni Turbine Limited of Bangalore
2) Cheema Boilers Limited of Hyderabad,
3) Veesons Energy System(P) Limited of Tiruchirapalli.
Keeping in view the Biomass generation scenario for the Indian industry the location has been selected carefully where the availability of biomass/coal (15%) is plenty which are the major inputs for power generation. The project site i.e. Sanasinghari; Sambalpur is called Rice Bowl of Orissa State.
The core activity i.e. castor Oil Derivatives and Agro farming for castor seeds is under full stream. The Company will achieve the record turnover with good bottom tine during the current financial year 2011-12.
The above will help the investors and shareholders additional reward in future days to come. Our Company has also opened the Investors Grievances Cell in the Securities and Exchange Board Of India (SEBI) under SCORE mechanism. The Share Holders can access and intimate the difficulties, grievances to the company for immediate response. We have a website i.e. www.odantindustries.com wherein we are developing investor’s grievance cell for benefit of the shareholders which will be shortly intimated to the Shareholders.
Our Company chalked out programmed for implementing the Power Projects in a phased manner in record time.
The Biomass cum Thermal power project (In Renewable Energy Development Scheme) the company will be benefited in the following ways and this will improved /protect the Shareholders interest in the long run.
1) Capital subsidy of Rs.2.0 Millions/MW from Ministry of renewable energy (MNRE)
2) Income Tax Holidays for 10 years
3) Concession of Customs Duty and Excise Duty Exemption for machinery and components for initial setting up the projects.
It is further informed to our shareholders/investors that the tariffs rate of power purchase also revised by the state government of Orissa recently from Rs. 4.09 per unit (existing) to Rs. 4.87 (revised) per unit for sale of power to GRIDCO, Orissa. This will help the company to improve bottom line after successful implementation of the power projects." | |
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