Nava Bharat Ventures, a Hyderabad-based company, is likely to achieve financial closure for its coal-fired power project in Zambia, by June 2014.
The project entails an investment of $700 million (approx Rs 4,333 crore). Of the total project cost, the company will finance $560 million (approx Rs 3,466.4 crore) through loan.
About 65 per cent work on the project, being developed by Nava Bharat's unit, Maamba Collieries, has been completed. The company is expected to commission the project in the fourth quarter of FY15. It has inked the power purchase and transmission agreements with Zambian state power company, Zesco, for the 300 MW.