Nava Bharat Ventures Limited

Nava Bharat Ventures has offered a cash discount of $1.99 million to UK-based Ronly Ltd over a quality dispute. During February and March 2015, Nava Bharat had exported 9,990 tonnes of ferro silico manganese worth $9.9 million to Ronly. The manganese supplied had excess chrome content. In its exchange filing, Nava Bharat said the quality issue was because of a switch from chromium alloys to manganese alloys in its Odisha operations during 2014-15. The cash discount will be considered as an exceptional item of expenditure pertaining to the previous year, the company said. Shares of Nava Bharat were down 1.85 per cent at ₹154 on the BSE.