Commercial Operations of Bhavnagar Energy Company Limited commenced in the month of March 2017 and it is the first year of operation post capitalization. As per Equity method, the share of loss of Associate company viz. Bhavnagar Energy Company Limited (BECL) has been captured in the Consolidated Audited Financial Results for the year ended 31st March 2018.
Therefore, carrying value of Investment in BECL has come down from 206.08 crores to 127.61 crores.