Nava Bharat - Outcome of Board Meeting

Nava Bharat Ventures Ltd has informed that the Board of Directors of the Company at its meeting held on May 19, 2007, has decided the following:1. Investment of upto Rs 55 crores be made for 51% equity stake in M/s. Brahmani Infratech Pvt Ltd, a SPV implementing SEZ in Hyderabad and which stake might be diluted in favour of strategic investor / developer in due course.2. Investment of upto Rs 5 crores be made for the equity capital in M/s. Nava Bharat Projects Ltd, a subsidiary of the Company.3. Investment of upto Rs 700 crores be made over a period of time, for a majority stake in M/s. Navabharat Power Pvt Ltd, a SPV implementing 3 x 350 MW Mega Power Project in Orissa in partial modification of its earlier decision.