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Nava Bharat Ventures Limited has said that Maamba Collieries Ltd, the company’s Zambian step-down subsidiary, has brought down its debt by 25 per cent. The Hyderabad-based company said that 70 per cent of the receivables were realised and the debt has been brought down by 25 per cent. The company shared this information through a regulatory update.The company further informed that MCL has been operating an integrated 300 MW (2X150 MW) coal fired power plant and selling power under a long term Availability Based Power Purchase Agreement (PPA) with ZESCO, the local power utility.
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