Retranscription interview Nava Bharat et Vidéo associée
Nava Bharat signs share purchase agreement with Zambia govt - Source : CNBC-TV18 - Thu, Dec 24, 2009
In an exclusive interview with CNBC-TV18, Ashok Devineni, Chairman, Nava Bharat Ventures, spoke about the latest happenings in his company and sector.
Here is a verbatim transcript of the exclusive interview with Ashok Devineni on CNBC-TV18. Also watch the accompanying video.
Q: Please walk us through the acquisition your Singapore unit made?
A: The Zambian acquisition has been going on since 2008, it was a global tender in which we participated. The government of Zambia was the owner of the Mamba Collieries and they wished to disinvest and privatize these mines, which have been working with poor results for many years. We succeeded in being selected as the preferred bidder in this globalization initiative. We have recently signed the share purchase agreement with the government of Zambia.
This is a mine, which has 65 million tonne of high grade coal reserves and further 65 million tonne of lower grade coal, which is eminently suitable for power generation.
Q: Could you tell us what is the next step from here on, post this acquisition? You had plans to set up 300 MW power plant in Zambia, is that a plan that will fructify very soon?
A: Yes it will. The government of Zambia desired in this privatization process that whoever takes this mine, should be in a position to set up a power plant based on coal. Because Zambia as a country is currently dependent on hydel generation for almost 100% of its power supply. They wish to broadband that generation mix, they want to introduce coal fuel as well.
Q: On back of that what kind of an uptick do you see as far as revenues are concerned in the power segment? You did do about 47% in FY09 – do you think that would be scaled up a whole lot?
A: Yes it will certainly with the Mamba Collieries revival and the establishment of the 300 MW power plants, we expect our bottomline to improve significantly.
Q: How much of an improvement, could you give us a number do you see it surge up to 70-75% plus?
A: I am not able to commit on numbers yet because the project is just beginning and I will be able to get back to you on this later.
Q: Any fund raising that will be required for in order to fund this acquisition?
A: The fund raising will be done at a project level. It will be non-recourse and this is a project which involves and outlay of US 550 million. We would be having, a Zambia Consolidated Copper Mines-Investments Holdings (ZCCM-IH), a government of Zambia arm, as our joint venture partner in these and they would be contributing 35% of the equity requirements.
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La video associée : http://www.moneycontrol.com/video/busin ... 32487.html
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