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Nava Bharat Ventures Limited has informed that it has recently concluded sale of 100 per cent shares in one of its overseas subsidiary Nava Bharat Lao Energy pte Limited, and thereby its 70 per cent shareholding in Namphak Power Company Limited.
The sale was entered into by Nava Bharat Ventures Subsidiary, Nava Bharat (Singapore) Pte Limited, through a sale purchase agreement with Chaleun Sekong Group Sole Co., Limited, a company registered and existing under the laws of Lao PDR, to sell 100 per cent equity stake in Nava Bharat Lao Energy.
Nava Bharat Lao Energy has been developing a 150 mw hydel power in Lao PDR. The transaction was made for a consideration of US $ 10.15 million. The company informed BSE that the transaction was profitable and it was not required to invest any more in this project.
Following this development, the Nava Bharat Lao Energy and Namphak Power Company Limited have ceased to be subsidiaries of Nava Bharat (Singapore) Pte Limited and Nava Bharat Ventures Limited.
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