IREDA approves up to 10% equity investment to set up 900MW Power Project in Nepal

The Indian Renewable Energy Development Agency Limited (IREDA) Board of Directors approved an equity investment of up to 10% shareholding in GMR Upper Karnali Hydro Power Limited, Nepal and Karnali Transmission Company Pvt. Ltd., Nepal in association with SJVN Limited, for establishing the 900 MW Upper Karnali Hydro-Electric Power Project.

In an exchange filing, the company said, “In compliance with the provision of Regulation 30 read with Schedule III of SEBI (LODR) Regulations, 2015, as amended, this is to inform you that 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.”

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Today, July 16, shares of Indian Renewable Energy Development Agency (IREDA) Limited dropped sharply. On the NSE, the share price opened trading lower at ₹288.70. Within minutes of the market opening, the stock dropped to an intraday low of ₹273.15 a share.