(MENAFN- Kashmir Observer) Representational Photo
New Delhi: State-owned hydropower giant NHPC will form a joint venture with Jammu & Kashmir State Power Development Corporation Ltd (JKSPDCL), "Ratle Hydroelectric Power Corporation Ltd", to implement a 850-megawatt (MW) hydroelectric project in Chenab river basin.
"A promoter agreement was signed on April 13, 2021, between NHPC Ltd, JKSPDCL and the Government of Union Territory of Jammu and Kashmir," according to a BSE filing.
Under the pact, the parties have decided and agreed to jointly establish a company under the name of "Ratle Hydroelectric Power Corporation Limited" for the implementation of Ratle hydroelectric project. It 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 & Kashmir.
The joint venture (JV) shall be formed in the shareholding ratio of 51 per cent (NHPC Ltd) and 49 per cent (JKSPDCL).
According the pact, the company shall have an authorised share capital of Rs 1,600 crore divided into 160 crore equity shares of the face value of Rs 10.
The initial paid-up share capital shall be Rs 100 crore divided into 10 crore equity shares of the face value of Rs 10 each, which shall be subscribed by the promoters as early as possible but not later than 90 days from the date of incorporation of the company.
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"The chief executive officer (CEO) shall be responsible for day-to-day management of the JV. The post of CEO shall be below board level and shall be the nominee of NHPC," it added.
Initially, the board shall comprise seven directors. JKSPDCL nominated three part-time directors, including chairman, and NHPC nominated four part-time directors on the board of the company.
JKSPDC is also a party to another JV of NHPC — Chenab Valley Power Projects Private Ltd.
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