After SJVN Limited, GMR Upper Karnali Hydro Power and IREDA signed a Memorandum of Understanding (MOU) for the development of the Upper Karnali Hydro Electric Project (900 MW) through a joint venture in Nepal, the share price of the company surged by more than 4%.
In the exchange filing, the company shared, “The Company and GMR will hold 34% shareholding each and IREDA will have 5% shareholding in the proposed JV. The balance Equity will be held by NEA (Nepal Electricity Authority). The project shall be developed on BOOT basis with 25 years concessional period after commissioning.”
The project is estimated to cost around Rs 9,100 crore. The project is proposed to be funded through 70:30 Debt Equity ratio.
As of 1:39 pm, SJVN shares were trading 4.66% higher at Rs 132.09 on the NSE.
