Nava Bharat Ventures Ltd has terminated a development agreement that the company subsidiary entered into with Mantri Technology Parks Private Ltd.
The board of directors decided to terminate the pact with Mantri Developers Group company and also forfeited their security deposit of Rs 30 crore as per the agreement.
The Nava Bharat management has also sought time from the Andhra Pradesh Government and AP Industrial and Infrastructure Corporation for continuing the special economic zone project and allowing them to induct a new technical associate or co-developer.
The Nava Bharat subsidiary Brahmani Infratech Private Ltd had the mandate to develop a IT/ITES SEZ to be completed by November. However, following an agreement with Mantri as a co-developer, there has not been much progress.