Nava Bharat Power and Essar Power deal under scrutiny

The promoters of Nava Bharat Power had sold 100 % shares of the company to Essar Power in two tranches soon after being allocated coal blocks. The matter is now being investigated by the Central Bureau of Investigation (CBI) and Odisha law department. Nava Bharat Power reportedly made a profit of Rs 200 crore from the deal. The state government has also started vetting of the memorandum of understanding (MoU) signed with Nava Bharat Power after questions were raised regarding the sanctity of

Nava Bharat Power, Essar Power deal, coal block deal, coal block MoU