COVID-19 Update

RNS Number : 9267H

OPG Power Ventures plc

27 March 2020

 

27 March 2020

OPG Power Ventures plc

("OPG" or the "Company")

COVID-19 Update

COVID-19 has resulted in an unprecedented situation in India with the announcement issued on 24 March by the Government of India ("the Order") effectively closing all commercial and industrial operations for an initial 21 days with effect from 25 March 2020. 

Accordingly, OPG's industrial and commercial customers are faced with the closure of their operations. The Company has already experienced reduced demand for power in the last few days and almost negligible load is expected for the coming weeks.  The situation is still fluid and uncertain and it is difficult to accurately quantify the impact at this point.

We believe this disruption is temporary in nature and with a strong portfolio of customers from diverse industries we expect the business to revive once the coronavirus situation improves.

Indian Prime Minister Narendra Modi announced on 19 March 2020 that a Special COVID-19 Economic Response Task Force had been set up to review and announce relief packages for the sectors most affected by the coronavirus outbreak.  The Government of India and the Reserve Bank of India are taking steps in this regard. The Company will evaluate the impact and benefits of such relief measures on its business and financials.

Further updates will be made as the situation becomes clearer.

Arvind Gupta, Executive Chairman, commented:

"Our paramount concern is the health and safety of our employees and the communities in which we operate.  Where possible, staff are working from home and we are taking every precaution to ensure the safety of those employees who are responsible for plant operations on the ground. We fully support the steps taken by the Government of India to protect the country and its citizens from this pandemic."

For further information, please visit www.opgpower.com or contact:

OPG Power Ventures PLC	[phone]
Arvind Gupta / Dmitri Tsvetkov
Cenkos Securities (Nominated Adviser & Broker)	[phone]
Russell Cook / Stephen Keys
Tavistock (Financial PR)	[phone]
Simon Hudson / Nick Elwes

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