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Nava Bharat buys 65% in Zambian coal mine

Nava Bharat (Singapore) Pte Ltd, a subsidiary of Hyderabad-based Nava Bharat Ventures Ltd, has signed a share sale and purchase agreement (SPA) for acquiring a 65 per cent equity stake in Maamba Collieries Ltd (MCL) of Zambia. - Nava Bharat to buy 65% in Zambia"s Maamba Collieries - Nava Bharat Ventures, Oracle Financial & Tulip Telecom Q2 results - NB Ventures to increase FII investment limit to 40% - Nava Bharat Q4 net dips 16% at Rs 108 cr; declares dividend - Nava Bharat Ventures Q4 net down 16.13% - Nippo Batteries promoters pledge 19.9% stake The Zambian government currently holds the ‘golden share’ (meaning it is able to outvote all other shares in certain specified circumstances) in MCL. Also, through its finance minister and ZCCM-IH (Zambia Consolidated Copper Mines- Investment Holdings), a government company, it holds 100 per cent of the paid-up equity capital of the collieries. A bankable power purchase agreement and an investment promotion and protection agreement form part of the conditions precedent (CPs) set out for completion of the transaction by February 2010, Nava Bharat, which has interests in power, ferro alloys and sugar, stated in a press release. Nava Bharat would pay $26 million (Rs 121.4 crore) for acquiring the 65 per cent stake in the coal mine, which has mineable reserves of 65 million tonnes of high-grade coal and an equivalent quantity of low-grade coal. After the acquisition, ZMCC-IH will be left with 35 per cent equity in the mine. The golden share would also end. Both parties agreed on having a completion audit, whereby the final purchase consideration by netting the liabilities of MCL and tax assets would be ascertained. They have also decided to establish a 2x150 Mw integrated power plant, by utilising the low-grade coal from the mine. The project outlay will be $550 million (Rs 2,568 crore), to be funded by debt and equity. Nava Bharat’s share of equity for this will be $108 million (Rs 504 crore) and that of ZCCM will be $57 million (Rs 266 crore). “The acquisition of the equity in Maamba Collieries Limited is a step in diversification of the power business. The Maamba project will be a self-sustaining one and the project is de-risked in terms of the key input, coal,’’ said the chairman, D Ashok. Actual commitment will vary upon finalisation of the project cost and financing structure.


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