NHPC will form a joint venture with the Jammu & Kashmir State Power Development Corporation (JKSPDCL) to implement 850 MW hydroelectric project in Chenab river basin.
A promoters’ agreement has been signed on 13 April 2021 between NHPC, JKSPDCL and the government of Union Territory of Jammu and Kashmir.
Under the pact, the parties have decided and agreed to jointly establish a company under the name of the Ratle Hydroelectric Power Corporation for implementation of the 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) will be formed in the shareholding ratio of 51 percent (NHPC) and 49 percent (JKSPDCL).
The company will have an authorised share capital of Rs 1,600 crore divided into Rs 160 crore equity shares of the face value of Rs 10.
The initial paid-up share capital will be Rs 100 crore divided into Rs 10 crore equity shares of the face value of Rs 10 each, which will be subscribed by the promoters as early as possible, but not later than 90 days from the date of incorporation of the company.
Initially, the board will comprise seven directors. JKSPDCL nominated three part-time directors, including chairman, and NHPC nominated four part-time directors on the board of company.
JKSPDC is also a party to another JV of NHPC -- Chenab Valley Power Projects.
