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Satluj stake sale on menu

Calcutta, Aug. 22: The power ministry is planning to divest equity in Satluj Jal Vidyut Nigam Ltd (SJVN) — a 75:25 joint venture formed with the Himachal Pradesh government in 1988.

“We have written to the government of Himachal Pradesh seeking their comments on the SJVN divestment proposal. We are yet to get a response from the state government,” Union power secretary Anil Razdan told reporters on the sidelines of an energy conclave organised by the Bengal Chamber of Commerce and Industry here today.

According to Razdan, the power ministry will go ahead with the divestment plan only after getting a response from the Himachal Pradesh government. “The government will look at divesting not more than 5 to 10 per cent in the power company,” Razdan said.

SJVN has a paid-up capital of Rs 4,108.81 crore, of which the Union government’s share is Rs 3,081.61 crore and the Himachal Pradesh government’s share is Rs 1,027.20 crore.

In 2007-08, the company reported a net profit of Rs 715.75 crore compared with Rs 732 crore in 2006-07.

The company is aiming to add 3,000MW to its current installed capacity of 1,500MW.

SJVN is executing projects at Rampur in Himachal Pradesh of 412MW capacity. It is also executing projects at Luhri (775MW) and Khab (1,020MW) in the state.

In Uttarakhand, SJVN is implementing projects at Devsari (252MW), Jakhol Sankri (45MW) and Naitwar Mori (56MW).

SJVN is also looking for projects in Arunachal Pradesh and Sikkim. In March this year, it signed a memorandum of understanding with the government of Nepal to develop the 402MW Arun–III project.

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