IREDA approves investment in GMR Upper Karnali Hydro Pwoer Ltd and Karnali Transmission Company Pvt Ltd

The Board of Directors of Indian Renewable Energy Development Agency Limited (IREDA) in its meeting held Today, July 16, 2024, has accorded In-principle approval for equity investment of up to 10% shareholding each in M/s. GMR Upper Karnali Hydro Power Limited, Nepal, and M/s. Karnali Transmission Company Pvt. Ltd., Nepal (aggregating to ~ Rs. 290 Crore for both the SPVs), in association with SJVN Limited, for setting up 900 MW Upper Karnali Hydro-Electric Power Project in Nepal, subject to the approval from the Govt. of India, other statutory/regulatory authorities, as applicable.

GMR and Nepal Electricity Authority, Govt. of Nepal are the existing shareholders of M/s. GMR Upper Karnali Hydro Power Limited, Nepal.

Shares of Indian Renewable Energy Development Agency Limited was last trading in BSE at Rs. 272.25 as compared to the previous close of Rs. 289.80. The total number of shares traded during the day was 15747091 in over 184658 trades.

The stock hit an intraday high of Rs. 288.15 and intraday low of 270.15. The net turnover during the day was Rs. 4359318170.00.

Source : Equity Bulls

Keywords

IndianRenewableEnergyDevelopmentAgency IREDA INE202E01016 FinancialInstitution Investment InprincipleApproval Nepal SPVs