SJVN Ltd

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The SJVN Ltd (formerly Nathpa Jhakri Power Corporation Limited or NJPC ) was incorporated on May 24, 1988 as a joint venture of the Government of India ( GOI ) and the Government of Himachal Pradesh (GOHP) to plan, investigate, organize, execute, operate and maintain Hydro-electric power projects. The Nathpa Jhakri Hydro – Electric Power Station– NJHPS (1,500 MW ) was the first project undertaken by SJVN for execution. In addition to the financial assistance from the World Bank, SJVN has also been financed as loan by a Consortium of European Banks, the Power Finance Corporation ( PFC ) and various domestic commercial banks. As of 2010, SJVN was constructing the 412 MW Rampur Hydro Electric Project in the state of Himachal Pradesh. SJVN was also implementing three hydro projects (252 MW Devsari, 60 MW Naitwar Mori and 51 MW Jakhol Sankri) in the state of Uttarakhand. In addition, SJVN was allocated Luhri Hydro Electric Project (775 MW) and Dhaulasidh HEP (66 MW) in the state of Himachal Pradesh for preparation of Detailed Project Report and subsequent execution. Further, SJVN entered into a Joint Venture for the implementation of 1500 MW Tipaimukh HE Project in Manipur with an equity participation of 26%. SJVN Ltd also won the right to develop 900 MW Arun III hydroelectric project in Nepal through, competitive bidding. The Government of India disinvested 41.500 billion of equity shares of the Company (about 10% of the Capital) at Rs.10 each through an Initial Public Offer (IPO) in April to May 2010. The total proceeds rose from this IPO amounted to INR4.15 billion (US$90.75 million). SJVN came out with an IPO which was oversubscribed by over 6.6 times. The shares of the Company were listed on the recognized Stock Exchanges on 20th May 2010.