BackEssar: Navabharat acquisition was legal
Essar: Navabharat acquisition was legal
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Hyderabad: Essar Power Ltd said on Wednesday that its acquisition of Navabharat Power Pvt. Ltd, one of the five companies that investigators have named in a first information report for alleged irregularities in the allocation of coal blocks, was “legal, legitimate and above board".
In a separate statement, Hyderabad-based Nava Bharat Ventures Ltd, once a partner that owned Navabharat Power, said: “No one of the Nava Bharat Group had participated in day-to-day affairs of NPPL nor made any misrepresentation to any authority in any manner from the time of its participation till its exit from NPPL."
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