Nava Bharat Ventures to Invest $1 bn to Expand Power Business.

Diversified power, coal mining and ferro alloys major Nava Bharat Ventures Ltd. will invest over $1 billion to develop natural resources and power generation in next 2-3 years.

Of the proposed $1 billion, $700 million has been earmarked for a 300-mw coal-fired power project in Zambia, $100 million to revive coal mining at Maamba coal mine, Africa and $235 million to develop a 150 MW hydro-electric power project -- Kobe Green Power Ltd., Japan.

According to company sources, financial closure for the Zambia power project is expected by June. Of the $700 million, $560 million comprises loan component and the project is scheduled to takeoff in Q4, FY2015.

'About 65 per cent work on Maamba Collieries Ltd., has been completed and we have entered into power purchase and transmission agreements with Zambian State power company Zesco for the 300 MW,' an official told Express.

THE NEW INDIAN EXPRESS