NHPC said it has received the government's approval for investing Rs 938.29 crore for acquisition of Jalpower Corporation (JPCL).
The above cost includes Rs 165 crore to be paid by NHPC for acquisition of JPCL through Corporate Insolvency Resolution Process (CIRP).Further, NHPC also received an approval for construction of balance works of 120 megawatt Rangit-IV HE project in West Sikkim.
Shares of NHPC declined 2.78% to Rs 24.45 on BSE.
The PSU company posted a 50.5% rise in consolidated net profit to Rs 961.64 crore on a 9.3% rise in net sales to Rs 2359.68 crore in Q3 FY21 over Q3 FY20.
NHPC is engaged in electric power generation by hydroelectric power plants. The firm is also engaged in contracts, project management and consultancy works. As of 31 December 2020, the Government of India held 70.95% stake in the company.
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