SJVN gets approval to form four Joint Ventures in India & Nepal

The Department of Investment & Public Asset Management ("DIPAM"), Ministry of Finance, Government of India has agreed to the proposal of the Company & Ministry of Power to form four Joint Venture ("JV") companies for the development of Hydro & Renewable Projects in India & Nepal.

The Company will be the leading partners in three Joint Venture companies, whereas the Company's wholly owned subsidiary i.e., SJVN Green Energy Limited ("SGEL") will be the leading partner in the fourth JV. The Company will form a JV with Maharashtra State Power Generation Company Limited to develop 5,000 MW RE Projects. Another, JV will be between the Company, Government of Arunachal Pradesh & Navyuga Engineering Company Limited to execute the development of 1,878 MW Oju Hydro Electric Project in the state of Arunachal Pradesh. In the third JV, the Company will be collaborating with Nepal Electricity Authority & GMR Energy Limited for implementation of 900 MW Upper Karnali Hydro Electric Project in Nepal. In this JV, the Company & GMR will have equal equity partnership.

Further, SGEL will be forming a JV with Assam Power Development Company Limited. The JV will be for developing 1,000 MW RE Projects in the state of Assam.

SJVN has expanded and diversified in Hydro, Thermal, Solar & Wind Energy, Power Transmission & Power Trading. Currently, the project portfolio of the Company is more than 56,000 MW, with presence in Pan India and Nepal. The Company is marching towards achieving its Shared Vision of generating 50,000 MW by 2040.

Shares of SJVN Limited was last trading in BSE at Rs. 92.98 as compared to the previous close of Rs. 90.94. The total number of shares traded during the day was 1468194 in over 5987 trades.

The stock hit an intraday high of Rs. 94.15 and intraday low of 91.75. The net turnover during the day was Rs. 136379762.00.

Source : Equity Bulls

Keywords

SJVN INE002L01015 DIPAM JVCompanies India Nepal