Power Finance signs MoU in MP worth Rs 22,000 crore

The Ministry of Power issued a press release dated May 26, 2020 informing about an agreement worth Rs 22,000 crore signed by non-banking finance company, Power Finance Corporation (PFC) with Madhya Pradesh.

PFC has tied up with Narmada Basin Projects Company Limited (NBPCL), a wholly-owned company of Government of Madhya Pradesh, and will fund projects worth Rs 22,000 crore for 225 MW hydro-electric projects & multi-purpose projects in the state of Madhya Pradesh.

This collaboration will help both, PFC & NBPCL in financing and utilizing the sources for Hydro-electric plants of 225 MW capacity, as mentioned in the memorandum of understanding (MoU). It will also aid in procurement of power components for multi-purpose projects which have already begun. NBPCL will distribute funds to nearly 12 multi-purpose projects in Madhya Pradesh.

As on May 28, the company has not submitted any such press note to stock exchanges. Once such information is released, stock prices will most likely fluctuate.

On Friday, at the start of the trading session, the company's stock traded in green with gains of 1.32 per cent, at Rs 78.30 on BSE.