GMR Infra gains on pact with IFC for hydropower project

Company has signed pact with IFC to jointly develop hydropower project in Nepal

Shares of GMR Infrastructure were up nearly 2% at Rs 23.40 after the company said it has signed a joint development agreement with International Finance Corporation for the construction of the prestigious 600MW Upper Marsyangdi-2 hydropower in Nepal.

The 600MW Upper Marsyangdi-2 Project is located on the Marsyangdi River, in the Manag and Lamjung districts of Nepal, which is in an advanced stage of development. The project is currently being undertaken by M/s Himtal Hydro Power Company Pvt. Ltd, a subsidiary of GMR Energy Ltd., which in turn is a subsidiary of GMR Infrastructure Ltd.

The stock opened at Rs 23.20 on the Bombay Stock Exchange and hit a high of Rs 23.65. Over 3.7 million shares were traded so far on both the stock exchanges.