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Nava Bharat Ventures Ltd. - Receivables Of The Zambian Power Company From The Local Utility - Reg.

| Updated on September 26, 2018 Published on September 26, 2018

The Companys Zambian Step Down Subsidiary, Maamba Collieries Limited ( MCL) has been successfully operating an integrated 300 MW (2X150 MW) coal fired power plant and selling power under a long term Availability Based Power Purchase Agreement with ZESCO, the local Utility. ZESCO has, while making part payments monthly, delayed payments for power purchase resulting in accumulation of receivables. These receivables are fully secured against Sovereign Guarantee of the Government of Zambia (GRZ) and both the GRZ and ZESCO have assured MCL to clear these arrears soon.

In line with this commitment, ZESCO has arranged bulk payment of US$ 46 Million to MCL by 26th September, 2018 and further GRZ/ZESCO have assured to address the balance outstanding receivables and regular payment plan soon.

Pdf Link: Nava Bharat Ventures Ltd. - Receivables Of The Zambian Power Company From The Local Utility - Reg.

Source : BSE - www.bseindia.com

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Published on September 26, 2018
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