The Cabinet has also given its approval for the investment sanction for acquisition of Lanco Teesta Hydro Power (LTHPL) and execution of balance work of the Teesta Stage-VI hydro electric project by NHPC in Sikkim.
NHPC shares rallied more than 8 percent intraday Thursday after the Cabinet Committee approved company's investment in Chenab valley power project and acquisition of Lanco's Teesta hydro project.
While addressing press conference, Cabinet Committee on Economic Affairs chaired by Finance Minister Arun Jaitley, has approved the investment sanction for construction of Kiru Hydro Electric Project (624 MW) by Chenab Valley Power Projects Private Limited (CVPPPL).
CVPPPL is a Joint Venture Company of NHPC Limited, JKSPDC and PTC (India) Limited for execution of 3 hydroelectric projects namely Pakal Dul, Kiru and Kwar with agrregate capacity of 2,164 MW at Chenab River Basin in Kishtwar of Jammu & Kashmir, with equity participation of 49 percent, 49 percent and 2 percent by NHPC, JKSPDC & PTC respectively.
The Kiru hydro electric project will be implemented at an estimated cost of Rs 4,287.59 crore and is scheduled to be completed in a period of 4 1/2 years.
The Cabinet has also given its approval for the investment sanction for acquisition of Lanco Teesta Hydro Power (LTHPL) and execution of balance work of the Teesta Stage-VI hydro electric project by NHPC in Sikkim.
The project will be implemented at an estimated cost of Rs 5,748.04 crore. Teesta Stage-VI HE project is a Run of River Scheme in Sirwani village of Sikkim to utilise the power potential of Teesta River Basin in cascade manner.
At 13:23 hours IST, the stock was quoting at Rs 25.15, up Rs 1.25, or 5.23 percent amid high volumes on the BSE.
