Market News

... as Geometric plans to light up city

BY  Godfrey Ofurum

Greaves Cotton Limited, an Indian diversified engineering company, has announced plans to set up a plant in Aba, the commercial hub of Abia State.

Greaves Cotton is a leading manufacturer of Cleantech Powertrain solutions (CNG, petrol and diesel engines), generator sets, farm equipment, e-mobility.

The firm also provides aftermarket spares and services.

Nikunj Rathod, general manager, Sales and Marketing (International Business), Southeast Asia, Greaves Cotton Limited, in an interaction with journalists said that they were influenced to invest in Aba, due to the recent agreement between the Geometric Power Limited and African Export-Import Bank (Afreximbank) which will ensure 24 hours electricity in the commercial city.

Afreximbank on November 15, 2021, in Durban, South Africa, signed a US$50 million term loan facility with Geometric Power Limited in connection with the Aba Integrated Power Project.

The facility provided by Afreximbank to Geometric Power Limited will finance the initial capital required to acquire rights to the Aba Ring Fenced Area.

It will also support the completion of remaining works, and the commissioning and commencement of operations of the Aba Integrated Power Project.

Read also: We are providing infrastructure in Aba to boost commerce, attract investment -Ikpeazu

The Aba Integrated Power Project is a fully integrated generation and distribution utility, comprising a gas-fired embedded power plant with General Electric Gas Turbines, with an initial capacity of 141MW, to be upgraded to its licensed 188MW capacity.

The power plant will be owned and operated by the generation arm of the utility, Geometric Power Aba Limited while the distribution arm will be operated by GPL Electric Company Limited.

The agreement will ensure that Geometric Power Aba Limited have the exclusive rights to supply power within a 4000km2 area, covering nine Local Government Areas in Abia State, which includes Aba and its environs.

With the Geometric’s 27km dedicated gas pipeline and related facilities to provide reliable power at all times to its franchise areas in Aba, Rathod said that Greaves Cotton Limited wants to establish their company in Aba, just as they have in the industrial town of Chinchwad, in Pune city, the IT and automobile hub situated in the western Indian state of Maharashtra.

Rathod also said that Greaves Cotton is a multi-product and multi-location company with a rich legacy and brand trust of over 160 years and has established itself as a key player impacting billions of lives every day.

He explained that they came into Aba, with their partners in Nigeria, Ray Power & Energy Solutions, who specializes in assembling diesel engines generator sets, aftermarket spares and services to appreciate the government of Abia State on the agreement signed between Geometric and Afreximbank and seek collaboration to bring their company to Aba.

He stated that the agreement Geometric starting work is an advantage for manufacturers to come to Aba, adding that it will enable them to operate in the same manner they have been doing in India for over 160 years.

“Greaves is the leading diesel engine manufacturer in India. Our engines are used for automobiles, agriculture, light construction and heavy construction.

“All the equipment that will make use of our engines we’re bringing them here also. We’ll make all our products as made in Nigeria with a Nigerian logo.

“It’ll create local employment as well as benefit the African free trade zone. We already have a partnership with a company Ray Power and Energy Solutions that’ll represent us here. This is the first time we’re coming into Nigeria”.