Nava Bharat Ventures sell stake in arms for $10.15 mn

Nava Bharat Ventures said it has successfully completed the stake sale in its subsidiaries NBLE and NPCL for USD 10.15 million.

The company has successfully completed "sale of 100 per cent of the shares of Nava Bharat Lao Energy Pte Ltd (NBLE) and thereby its 70 per cent shareholding in Namphak Power Co Ltd (NPCL), by Nava Bharat (Singapore) Pte Ltd (NBS)," Nava Bharat Ventures Ltd (NBVL) said in a BSE filing.

According to the statement, NBLE and NPCL have ceased to be the subsidiaries of NBS and Nava Bharat Ventures Ltd with immediate effect.

NBVL's arm NBS has entered into a "Sale and Purchase Agreement" to sell 100 per cent equity stake in Nava Bharat NBLE, the wholly owned subsidiary of NBS, and thereby its 70 per cent equity stake in Namphak Power Co Ltd, which has been developing the 150 MW hydro power project in Lao PDR, for a consideration of USD 10.15 million.

The company said that the transaction was profitable and it not required to invest any more.