NHPC Forms Joint Venture With JKSPDCL To Build 850 MW Ratle Hydroelectric Project At J&K, Energy News, ET EnergyWorld
NHPC Ltd incorporated this JV company with Jammu and Kashmir State Power Development Corporation Ltd (JKSPDCL) with a 51:49 equity stake respectively, according to an ESB filing.
The implementation of the Ratle hydroelectric project (850 MW) will take place in the Chenab river basin located in the UT of Jammu and Kashmir, he said.
Regarding the JV, an agreement was signed on April 13, 2021 between NHPC Ltd, Jammu & Kashmir State Power Development Corporation Ltd (JKSPDCL) and the government of the Union Territory of Jammu and Kashmir.
Under the pact, the parties had decided and agreed to jointly establish a company under the name of “Ratle Hydroelectric Power Corporation Limited” for the implementation of the Ratle hydroelectric project.
The project will have an installed capacity of 850 MW in the Chenab river basin and any other project that may be entrusted to the company in the Union Territory of Jammu and Kashmir.
According to the pact signed in April 2021, the company will have an authorized share capital of Rs 1,600 crore divided into 160 crore shares with a par value of Rs 10.
The initial released share capital will be Rs 100 crore divided into 10 rupee capital shares with a par value of Rs 10 each, which will be subscribed by the promoters as soon as possible but no later than 90 days from the date. of incorporation of the company.
“The Managing Director (CEO) will be responsible for the day-to-day management of the joint venture. The CEO position will be below the board level and will be NHPC’s nominee,” he informed.
Initially, the board is made up of seven directors. JKSPDCL appointed three part-time directors, including the chairman, and NHPC appointed four part-time directors to the company’s board, he said.
JKSPDC is also a party to another NHPC joint venture – Chenab Valley Power Projects Private Ltd.