NHPC to acquire 2% equity shares of PTC India in CVPPPL

New Delhi: State-run NHPC Limited on Wednesday said that the government has approved the proposal for the acquisition of additional 2 percent shares of PTC India in the Chenab Valley Power Projects Private Limited (CVPPPL). "The Ministry of Power in consultation with the Department of Investment & Public Asset Management (DIPAM) has conveyed approval to NHPC for taking over of 2 percent equity of PTC India Limited in Chenab Valley Power Projects Private Limited (CVPPPL)," NHPC said in an official statement.

"After the acquisition of additional 2 percent shares CVPPPL will become a subsidiary company of NHPC Limited with a total shareholding of 51 percent," it added.

NHPC is buying 40,80,000 equity shares of CVPPPL held by PTC amounting to Rs 4.08 crore at a book value of nearly Rs 4.19 crore and expects to complete the transaction within six months after obtaining approval from the Ministry of Power.

CVPPPL is a joint venture company among NHPC (49%), JKSPDC (49%) and PTC India Limited (2%), formed at the initiative of the government of Jammu & Kashmir and the Government of India to harness the vast hydro potential of Chenab River. Presently, Pakal Dul, Kiru and Kwar HE projects are being developed by the Company. Pakal Dul and Kiru HEPs are under constructions and Kwar HEP works are in tendering phase.

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NHPC Limited

NHPC Limited is a hydropower generation PSU under the administrative control of the Ministry of Power. Earlier, it was known as National Hydroelectric Power Corporation. The company was incorporated in the year 1975 with an authorised capital of Rs 2,000 million and with an objective to plan, promote and organise an integrated and efficient development of hydroelectric power in all aspects.

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