SJVN Ltd. will be in focus on Tuesday as the state-run hydro power company received approval from the Department of Investment & Public Asset Management (DIPAM), Ministry of Finance and the Government of India for its proposal to form four Joint Venture (JV) companies in India & Nepal, it said in an exchange filing.
These JV companies will be formed to develop hydro and renewable projects in India and Nepal.
Based on the exchange filing, SJVN will be the lead partner in three of these JV companies, while its wholly-owned subsidiary, SJVN Green Energy Ltd., will be the lead partner in the fourth JV.
Here are more details on these JV companies:
SJVN will form a JV with Maharashtra State Power Generation Company Ltd. to develop renewable energy projects of 5,000 MW.
The second JV will be between SJVN, the government of Arunachal Pradesh and Navyuga Engineering Co. Ltd. to execute the development of 1,878 MW Oju Hydro Electric Project in Arunachal Pradesh
SJVN will collaborate with the Nepal Electricity Authority and GMR Energy Ltd. in the third JV to implement a 900 MW Upper Karnali Hydro Electric project in Nepal. SJVN and GMR will have equal equity partnership in this JV.
Lastly, SJVN Green Energy Ltd. will form a JV with Assam Power Development Co. Ltd. to develop 1,000 MW Renewable Energy projects in Assam.
Combining its hydro, solar, wind, thermal and power businesses, SJVN's project portfolio currently stands at 56,000 MW, with presence across India and Nepal, the company said.
Shares of SJVN had ended nearly 2% higher on Monday. The stock had gained 165% in 2023, marking its best calendar year performance on record.
First Published: Jan 2, 2024 6:56 AM IST
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