BF Utilities Ltd

BF Utilities Limited (BFUL) was incorporated on 15 September of the year 2000, to satiate the power requirements of the Kalyani Group companies and also to lessen the burden on the Electricity Board. Together with its subsidiaries, operates as an independent power producer in India. The company generates electricity through windassisted power plants at Thoseghar in Satara District of Maharashtra, as well as through nonconventional sources. The company is headquartered in Pune, India. Power, apart being a scarce commodity, is also a critical element in the Groups activities, which includes steel making, forging, machining etc. The companys Wind Farm is located at Village Maloshi, Boposhi and Kadve Khurd, Taluka Patan, District Satara, in Maharashtra. Bharat Forge had established the Financial Services division in the year 1990 to effectively deploy and leverage the financial resources of the company. The division performed extremely well and its assets grew rapidly. The Windmill Division was formed in late nineties to harness the wind energy for captive consumption of Bharat Forge and other group companies. The total capacity of this project is 18.33 MW. However, with a view to concentrate on the core activity of Forging and also for financial restructuring and better control over operational efficiencies, the Financial Services and Wind Mill Divisions were de merged by Bharat Forge into BF Utilities in the year 2001. BFUL commenced its operations in 7th March of the year 2001. During the year 2001, the company installed and commissioned additional 11 machines of 600 KW each for Wind Power Generation taking up the total power generation capacity to 18.33 MW per annum at Thoseghar in Satar District of Maharashtra. BFUL uses the stateofart technology in their machines manufactured by Enercon India Ltd. with the support from its business partners, Enercon GmbH, Germany, which has presence in many countries. The unique concept of gearless Generator has given our machines an edge over other technology turbines in India. With steady growth of adding projects, in stages Kalyani group has ensured that the projects are viable and also shall yield good generation year after year. BFUL, by virtue of its entry into renewable energy sector is eligible for the benefits offered by central and state government (based on the policies in force as on 1st April 2001, benefits includes, wind energy projects have been given industry status with incentives eligible to D1 zone, the project is eligible for 100% accelerated depreciation, 100% tax rebate is available from power generation for 10 years u/s 80(I) A and 100% Sales Tax deferral scheme makes a unit eligible to defer its sales tax (equivalent to 1/6th of the investment cost for six consecutive years) by 10 years. In November of the year 2006, the company has signed a Joint Venture (JV) agreement with Singapore Technologies Kinetics Ltd (ST Kinetics), Singapore. ST Kinetics is one of Asias largest defense companies with a growing portfolio of products and services for the defense, homeland security and commercial markets. The Honble Bombay High Court, vide its Order dated 5th February, 2010, approved the Scheme of Arrangement between BF Utilities Limited (the Amalgamated Company / the Demerged Company) and Bhalchandra Investment Limited, Forge Investment Limited, Mundhwa Investment Limited, Jalakumbhi Investment and Finance Limited, Jalakamal Investment and Finance Limited, Kalyani Utilities Development Limited, (the Amalgamating Companies) and BF Investment Limited (the Resulting Company) and their Respective Shareholders ,which became effective on 26th February, 2010. Through the Scheme of Arrangement, the Infrastructure Undertakings of the Scheme was vested in BF Utilities Limited and the Investment Business Undertaking stood transferred to and vested in BF Investment Limited. Consequently, the Amalgamating Companies, being subsidiaries of the Company, have ceased to exist.Avichal Resources Private Limited became a wholly owned subsidiary during the year ended March, 2016. With this, the Company had four subsidiary companies as of March, 2016.