The Indian National Thermal Power Corporation (NTPC), India's largest electricity producer, has submitted an official proposal to the Indian government and is looking forward to buy the government's stake in India's hydro power producer SJVN.
The Indian government owns a 64.5% share in the hydro power company and the valuation of a potential purchase deal could amount as much as INR87.2bn (US$1.3 bn). SJVN operates two hydropower plants in northern India, with a cumulated capacity of 1.9 GW, and a 48 MW wind park in Maharashtra. The company is also planning to develop a 900 MW hydropower project in Nepal.
This move is part of NTPC's current strategy to increase the share of its non-fossil fuel generating capacity. If the deal goes forward and succeeds, NTPC would reduce its reliance on fossil fuel by 27%, from 97% now down to 70%. At the moment, NTPC only has one hydro power plant with a capacity of 800 MW.
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