Nava Bharat Ventures’ step-down subsidiary -- Maamba Collieries (MCL), Zambia, has brought down its debt by 25%. 70% of the receivables were realized and the debt has been brought down by 25%.
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.
ZESCO has been effecting part payments on a monthly basis and bulk payments at different intervals, against power purchase from MCL and as on March 31, 2019. MCL has already realized over 70% of the total amounts billed since synchronization of the power plant with the Grid. MCL is up to date on all its debt service obligations and the long term debt is down by 25%.
Nava Bharat Ventures operates in the business verticals of power generation, mining, ferro alloys and agri-business with multi-national operations spread over India, South East Asia and Africa.
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