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Nava Bharat Ventures is all set to commission its first overseas thermal power project of 300 MW in Zambia later this month and begin commercial operations in the second quarter of the current financial year.
While the first unit of 150 MW will be operational by June, the second one within a month thereafter, contributing to the sales volumes and profitability.
The thermal project has a long term power purchase agreement with Zesco, the country’s utility. The project has 35 per cent equity of the government. The $843-million coal mine cum thermal project has been funded by long term loans of $590 million and equity of $253 million from Nava Bharat (Singapore) pte Ltd (NBS) and ZCCM Investment Holdings PLC.
During a conference call with investors, the company management apart from sharing the project progress, said the company Maamba Collieries Ltd had achieved financial closure for the integrated coal and 300 MW power project. NBS and ZCCM have fully invested their respective equity contributions and the power project is set for commercial operations during the second quarter of the current financial year.
The Hyderabad-based diversified company, which is into sugar, ferro alloys, power generation, has seen the power business contributing significantly to its growth last fiscal.
The company subsidiary Nava Bharat Energy India Ltd, a 100 per cent subsidiary with 150 MW in Telangana logged revenues of ₹509 crore and profit of ₹153.6 crore last fiscal, mainly due to merchant power rates in Telangana and Andhra Pradesh. The shares of Nava Bharat ventures closed flat at ₹186.35 on the BSE.
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