Nava Bharat Ventures subsidiary - Brahmani Infratech (BIPL) has surrendered the project land and the same was accepted by APIIC ensuing which BIPL received a sum of Rs 49.75 crore towards refund from APIIC.
The company has taken this step pursuant to the authorization of the General Body which was passed on July 06, 2012, to the board under Companies Act, 1956 to initiate actions including surrender of IT/ITES SEZ cum Integrated Township project land to APIIC.
Nava Bharat Ventures is engaged in power generation, sugar and ferro alloys and enlisted the services of a Chinese company, Sepco, to implement the power plant project, after securing various mandatory clearances from the Zambian Government.