India’s NHPC Limited to incorporate new subsidiary for energy projects
NHPC Limited, an Indian government enterprise, is set to form a subsidiary company for developing renewable energy, small hydro, and green hydrogen projects.
The hydropower company said that its board of directors has sanctioned the proposal of incorporating a fully-owned subsidiary company for the energy projects, subject to the approval of the Indian government.
NHPC Limited stated: “In compliance to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is to inform that the Board of Directors of Company in its meeting held today i.e. Friday, September 24, 2021 inter-alia has considered and approved the proposal regarding formation of a Wholly Owned Subsidiary Company· for development of renewable energy, small hydro and green hydrogen projects, subject to approval of Government of India.”
Additionally, the company’s board has granted its investment approval to make initial equity of INR 20 crore in the proposed hydropower subsidiary.
NHPC Limited has also announced the formation of another fully-owned subsidiary, which will operate as an investment vehicle and
company for commissioned hydropower projects for facilitating the monetization of investment made. The subsidiary formation will be subject to the approval of the Indian government.
The company’s board had sanctioned an initial equity investment of INR 5 crores in the proposed subsidiary.
Recently, NHPC Limited had started commercial operations of Unit 3 of the 180MW Bairasiul Power Station in Himachal Pradesh.