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Nava Bharat Ventures Ltd has announced it has achieved financial closure for its step-down subsidiary, Maamba Collieres Ltd, an integrated coal and power project in Zambia, estimated to cost $828 million.
According to the company, the project has achieved 80 per cent progress in all facets of implementation and is scheduled for commissioning by mid-2016.
D Ashok, Chairman of Nava Bharat Ventures Ltd, said the project is being funded in a debt-equity ratio of 70:30. International lenders’ group comprising Development Financial Institutions from South Africa and international commercial banks from Africa and China participated in the finance deal.
The company in a statement to the BSE said it is the first project in Africa to have obtained insurance cover from China Export & Credit Insurance Corporation (Sinosure).
The 300 MW power plant is integrated with a captive coal mine, dedicated water supply system and exclusive 330kv power transmission system. Nava Bharat will leverage its experience in setting up power plants in India in executing the project in South Africa.
While Nava Bharat (Singapore) holds about 65 per cent, ZCCM-IH has 35 per cent stake in MCL. They have fully discharged their equity commitments in the project.
CASE
Meanwhile, in another statement to BSE, the company has informed that a special court has taken cognisance of the charge sheet filed in a coal block allotment case of Nava Bharat Power Pvt Ltd, now known as Brahmani Thermal Power Private Ltd, involving the Managing Director of the company in his erstwhile position of Non-Executive Chairman of NPPL.
The company said all evidence would be presented seeking appropriate relief. The company management said its MD would stand vindicated at the end of the legal process, set to commence shortly.
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