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Nava Bharat Ventures on Wednesday clarified about the operations of its step- down subsidiary Maamba Collieries Ltd (MCL), Zambia. The subsidiary has been operating an integrated 300MW (2X150 MW) coal-fired plant and selling power under a long-term, availability-based power purchase agreement with Zesco, a local utility. "Zesco has been effecting part payments on a monthly basis and bulk payments at different intervals against power purchase from MCL and investors will be pleased to know that as on March 31 MCL has realised over 70 per cent of the total amount billed since synchronisation of the power plant with the Grid," it said. MCL is up-to-date on all its debt service obligations and the long-term debt is down by 25 per cent, it said. Shares of Nava Bharat Ventures closed 0.39 per cent lower at ₹88.75 on the BSE.
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