NHPC rallies as Cabinet approves investment in Chenab valley
NHPC shares rallied up to 8 per cent as the company received approval for investment in Chenab valley power project from the Cabinet Committee and acquisition of Lanco’s Teesta hydro project.
Finance Minister Arun Jaitley chaired the Cabinet Committee on Economic Affairs has approved the investment sanction for construction of Kiru Hydro Election (624MW) by Chenab Valley Power Projects Private Limited (CVPPPL) .
CVPPPL is a joint venture company of NHPC, JKSPDC and PTC (India) for execution of 3 hydroelectric projects with an aggregate capacity of 2164 MW at Chenab River Basin in Jammu and Kashmir. NHPC,JKSPDC, and PTC hold 49 per cent, 49 per cent and 2 per cent respectively in the joint venture.The project is scheduled to be completed in a period of 4.5 years at a cost of Rs. 4287.59 crore.
The cabinet has also given approval for the investment sanction for acquisition of Lanco Teesta Hydro Power (LTHPL) and execution of balance work of the Sikkim based Teesta Stage-VI hydroelectric project. The project is estimated to cost Rs.5748.04 crore.
On Thursday, NHPC closed at Rs.24.80 per share,up 3.77 per cent on the BSE.