New Delhi: NHPC Limited signed an MoU with Investment Board Nepal (IBN) to develop 750 MW West Seti and 450 MW SR-6 hydroelectric projects in Nepal. The MoU has been signed and exchanged by NHPC Limited's Chairman & Managing Director (CMD) AK Singh and IBN's Chief Executive Officer Sushil Bhatta on August 18 at Kathmandu, Nepal in the presence of Prime Minister of Nepal Bahadur Deuba. Cabinet Ministers from the Government of Nepal and officials from the Indian Embassy in Nepal were also present on the occasion.

Speaking on the occasion, Rt. Prime Minister of Nepal Sher Bahadur Deuba appreciated the cooperation of India in Nepal's development including in tapping the hydropower potential. He said that the agreement would serve as an important instrument in enhancing Nepal-India energy cooperation.

NHPC CMD in his address expressed his gratitude to the Govt. of Nepal, Ministry of Power, Govt. of India, the Ministry of External Affairs, Govt. of India and the Indian Embassy in Nepal for reposing faith in NHPC for the development of these projects. Expressing NHPC's commitment to the development of West Seti & SR-6 projects, he said that "It's our history that once we enter a project, we complete it. The development of these projects will boost NHPC's credentials as a global hydropower player."

The Investment Board Nepal (IBN), established in 2011 is a high-level institution of the Government of Nepal under the chairmanship of the Hon'ble Prime Minister tasked with attracting and facilitating private investments, including Foreign Direct Investment (FDI) and managing Public Private Partnership (PPP) in Nepal.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)