By IANS,
Shimla : Authorities in hydropower major Satluj Jal Vidyut Nigam Ltd (SJVNL) are upbeat over the central government’s decision to divest 10 percent stake through public offer, saying disinvestment will help in branding and creating an identity for the company that is ready to invest Rs 23,000 crore in power generation in the next ten years.
“This (disinvestment) will help us in branding our company. It will create our identity as shares will be floated in the market,” company chairman and managing director H.K. Sharma told IANS.
Sharma said SJVNL will invest more than Rs.23,000 crore (Rs.230 billion) in the power generation sector.
“We are ready to invest over Rs.23,000 crore in the power-generation sector. Our plans are to tap 4,000 MW additional hydropower in the next 10 years,”
The Cabinet Committee on Economic Affairs (CCEA) Monday approved the disinvestment of government equity in the SJVNL.
The company is a joint venture between the central government and the Himachal Pradesh government, with the former currently holding a 75 percent stake.
SJVNL is already executing a 402 MW power project in Nepal and two in Bhutan, besides a host of projects in the country.
Recently, SJVNL has signed a memorandum of understanding for the execution of the 1,500-MW Tipaimukh hydropower project in Manipur in partnership with NHPC Ltd and the Manipur government.
Currently, SJVNL, whose paid up equity capital is Rs.4,108.81 crore, owns and operates its maiden 1,500-MW Nathpa-Jhakri project in Himachal Pradesh’s Kinnaur district.