Jul 14, 2010, 04.59 PM | Source: CNBC-TV18
In an interview with CNBC-TV18, Prasad Potluri, CMD, PVP Ventures, speaks about the latest happenings in his company and sector.
Here is a verbatim transcript of the exclusive interview with Prasad Potluri on CNBC-TV18. Also watch the accompanying video.
Q: First if you will give us some more clarity, we understand the last call was you had called off the merger with Mahalaxmi Energy Ventures, have any of these talks resurfaced at this point?
A: We have supported Nava Bharat Power, which essentially is owned 50% by Mahalaxmi Energy Ventures. PVP Ventures and its subsidiary PVP Energy have invested and supported the development of Nava Bharat Power from April 2008 till November 2009. In November 2009, the promoter of Mahalaxmi Energy Ventures decided to move on and developed the project on his own accord. We have consented to it based on that reason. Few weeks later we were informed that he was in active dialogue with Essar Power and subsequent to that we got to know from the public domain yesterday and today that the other 50% shareholder Nava Bharat Ventures has decided to exit a portion of their equity holding in Nava Bharat Power to Essar.
As far as PVP Ventures goes, we are the beneficial owner of 50% of Nava Bharat Power. The shareholding of 50% of Nava Bharat Power is held by Mahalaxmi Energy Ventures, which is completely pledged towards as of this minute. So, we will obviously be ascertaining and demanding to restitute our rights in this project and we will continue to work towards ensuring that we get the benefit of whatever the proceeds Essar is willing to pay for this project.
Q: Could you tell us what the investment at stake of PVP Ventures in this and what is the way forward now?
A: We do not want to quantify the number. Most of the number as you would understand and appreciate when the promoters of this project has abandoned this and when we have supported this project from March-April 2008 till November 2009, which are the toughest times in modern history for the business environment. We do not want to quantify the value. We think we are entitled to a sizeable benefit of this project and we will peruse each and every available remedy in this country to ensure that we get our benefits.
For complete interview watch the video.