SJVN sells 50% stake in Bhutanese JV Kholongchhu Hydro Energy for ₹355 cr
1 min read 25 Jan 2023, 06:20 PM ISTThe company said that it sold its 50 per cent stake in Kholongchhu Hydro Energy Limited (KHEL) as per directions received from the Ministry of Power for ₹354.71 crores.
PremiumState-owned SJVN on Wednesday said the company has sold its entire stake in the Bhutanese joint venture company i.e, Kholongchhu Hydro Energy Limited (KHEL). SJVN held 50 per cent stake in the Kholongchhu Hydro Energy Limited.
The company said that it sold its 50 per cent stake in Kholongchhu Hydro Energy Limited (KHEL) as per directions received from the Ministry of Power for ₹354.71 crores.
"Company has sold its entire stake in the Bhutanese Joint Venture Company i.e, Kholongchhu Hydro Energy Limited (KHEL) as per the directions received from the Ministry of Power, Government of India," said SJVN in its regulatory filing.
The sale is expected to be completed by January 24, 2023.
The entire stake, i.e., 50 per cent of the SJVN was brought by JV partner Druk Green Power Corporation, Bhutan.
"The entire stake of the Company was brought by the JV partner Druk Green Power Corporation, Bhutan," said SJVN in its regulatory filing.
Recently, state-owned SJVN will set up a 90 MW floating solar project in Omkareshwar, Madhya Pradesh at an investment of ₹650 crore.
The project is scheduled to be commissioned by December 2023.
"The project was bagged at a tariff of ₹3.26 per unit on build own and operate model in a bidding process conducted by REWA Ultra Mega Solar Limited (RUMSL)," Sharma was quoted as saying in a company statement.
Energy generation of 196 million units in the first year and cumulative energy generation of about 4,570 million units over a period of 25 years is expected from the project, the statement said.
The company's scrip ended 0.88 per cent up at ₹34.50 on BSE.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
