Nava Ltd, formerly known as Nava Bharat Ventures, on Wednesday (August 16), said the company has temporarily suspended the production of silico manganese at its Odisha plant.
The shares of the ferro alloys manufacturer fell over five percent in the trade on Thursday.
According to a stock exchange filing, the ferro-alloys plant in Odisha suffered accidental damage in the raw material handling system, thereby affecting the raw material feeding system and other supporting infrastructure.
However, there were no human injuries or casualties due to this accident. The company has insurance coverage in place for material damage and business interruption, Nava said.
Currently, the Odisha ferro-alloys plant is producing about 4,000 metric tonnes of silico manganese per month. After this accident, captive consumption of power of about 20 MW from our captive power plant at Odisha Unit has also been affected.
The company estimates that full resumption of production and captive consumption of power at our Odisha Works will require about two months, it noted.
Nava produces manganese alloys for companies across India, the Middle East, East Asia and Europe. The company also manufactures silico manganese and ferro manganese at Paloncha, Andhra Pradesh with a capacity to produce 125,000 tons per annum. The manufacturing facility at Kharagprasad, Odisha had ferro chrome capacity of 75,000 tons per annum.
First Published: Aug 16, 2023 5:31 PM IST
