Nava Ltd

Nava Limited was formerly incorporated as Nava Bharat Ventures Limited on November 7, 1972. The name was changed from 'Nava Bharat Ventures Limited' to Nava Limited in July, 2022. The Company is primarily engaged in the business of manufacture and selling of Ferro Alloys and Sugar, Mining Activities, Generation of Power, and Operation & Maintenance Services for power assets. The Company operates from its principal place of business located in Paloncha, Hyderabad, Kharagprasad and Samalkot in the states of Telangana, Odisha and Andhra Pradesh, respectively. The Company began its operations with manufacture of Ferro Silicon in 1975 at Paloncha in the State of Andhra Pradesh. In 1980, NBVL obtained Industrial and Import licences for the setting up of a furnace with a capacity of 2,500 tonnes per annum of calcium silicide. It diversified into production of sugar and by products by way of amalgamation of Deccan Sugar & Abkhari Company Ltd with effect from 10th December; DSA became the Sugar Division of the Company in same year 1980. The Company obtained a Letter of Intent in 1989 for manufacture of 55,000 TPA of silico manganese in the State of M.P and also in same year, Andhra Foundry & Machine Company Ltd was amalgamated with the Company. NBVL had diversified its product-mix during the year 1991 as well as entered into long-term arrangement with Tata Iron & Steel Company (TISCO) for supply of Ferro chrome. In the year 1997, an agreement was entered into with Energomach Export, Moscow, USSR, for the supply of machinery and technical know-how for the project to establish a unit for the manufacture of calcium silicide. The Company commenced Generation of Thermal Power, mainly for captive use in the identical year of 1997. During the year 1999, NBVL had embarked upon a major balancing-cum-expansion programme of its power plant located at Paloncha in Khammam district of Andhra Pradesh. The Company had shut down its Machine Building Division (MBD) in the year of 2002 at Nacharam near Hyderabad. A 30 MW Captive Power Plant at Dhenkanal, Orissa, of NBVL was commenced its commercial operations in the year 2004. In the year of 2005, the company made its foray into infrastructure projects as a diversified attention. The Company conferred two awards in recognition of its efforts for optimal management of energy resources and environmental protection in the year 2007, sugar factory at Samalkot was given 'excellent energy-efficient unit' by the Confederation of Indian Industry. During the same year of 2007, the company had decided to invest upto Rs 550 million for 51% equity stake in Brahmani Infratech, a SPV implementing SEZ (special economic zone) in Hyderabad. The Company's biogases based co-generation unit at its Samalkot sugar facility has been registered under the CDM (Clean Development Mechanism) program to achieve reduction of over 16,000 tons of CO2 p.a. in July of the year 2008. Namphak Power Company Limited, a Special Project Company, which was established in Laos in 2014 to undertake the development of Hydro Power Project, 150 MW (3 x 50 MW) on BOOT basis became a Subsidiary in FY15. During FY 2017, the Company fully impaired its investments in PT Nava Bharat Sungai Cuka and PT Nava Bharat Indonesia of USD 475000/- each, as the subsidiaries are dormant since the date of incorporation. Hence, the Company intended to close its subsidiaries, PT Nava Bharat Sungai Cuka and PT Nava Bharat Indonesia. In February 2015, Nava Bharat (Singapore) Pte. Limited sold 80% equity interest in the subsidiary, Kobe Green Power Co. Ltd. (KGPL) for a sale consideration of USD 16,000. Hence, KGPL ceased to be a subsidiary of the Company. Pursuant to ongoing investigation into allotment of coal blocks to M/s. Navabharat Power Private Limited (NPPL) and subsequent sale of stake in NPPL to M/s. Essar Power Limited also involving Director of the Company in his erstwhile position as Non-Executive Chairman of NPPL, and charge sheet filed by CBI, the Enforcement Directorate vide order dated 22 July 2014 had issued the Provisional Attachment Order (PAO) against 74 crores Equity Shares of Rs2/- each of NBEIL held by NBPL to the extent of Rs138.59 crores. The ED filed a complaint before the Adjudicating Authority seeking confirmation of the PAO. The Adjudicating Authority confirmed the provisional attachment and Subsidiary of the Company will prefer an appeal before the appropriate authority. During the year 2015, a Singapore subsidiary, namely Maamba Collieries Limited (MCL) had completed a major part of the financing documentation for targeted loan of USD 590 million, from Development Financial Institutions and Commercial Banks against Export Credit Agency (ECA) Insurance cover from Sinosure, China and commercial PRI cover. The ECA insurance cover from Sinosure is first of its kind-being issued for a private project in Africa. The project achieved 80% progress with funding through sponsors, bridge loans and credits extended by suppliers. It successfully conducted hydro test for steam generator of the first unit of 150 MW in January 2015. During FY15, Namphak Power Company Ltd., the project company implementing 150 MW hydro-electric power project in Laos with an investment of close to USD 235 million on a Build Own Operate and Transfer Schemes (BOOT) basis executed the Concession Agreement and has initiated selection of an EPC contractor, long term finance plan and a power off take arrangement with the local utility. During the year 2017, Nava Agro Pte. Ltd. (NAPL), a wholly owned subsidiary of the Company, Singapore acquired 100% shareholding of Kawambwa Sugar Limited (KSL) and became a subsidiary of the Company. During FY 2018, Maamba Collieries Limited (MCL), a step down subsidiary of the Company in Zambia commenced coal mine operations of 300 MW power plant. The Company got 100% ownership of Nava Resources CI, Cote d'Ivoire (NRCI) in October, 2021 with the local government allotting exploration permit for manganese ore concession over 64.7 sq.km. NAVA acquired 65% stake in TIASH Pte. Ltd., Singapore which is the holding company for the healthcare sector in 2023. The avocado plantation initially undertaken by Kawambwa Sugar Ltd. in Zambia was transferred to the newly incorporated Nava Avocado Ltd in FY 2024. It made expansion into Healthcare products in FY24.