GMR signs pact with investor Groupto sell off Hydel project

GMR Energy Ltdhas signed a definitive agreement with a consortium of international investor Group for divesting its entire stake in Himtal Hydropower Company Pvt Ltd and its associated transmission company Marsyandgi Transmission Company Pvt Ltd, in Nepal.

Sources in GMR Group told PTI that the project is currently under development stage and is expected to be commissioned by 2021-22.

According to a filing to bourses yesterday, GMR said it signed the agreement with SCIG International Nepal Hydro Joint Development Company Private Limited, SCIG International limited, Xingcheng International Investment Co. Limited and QYEC International Co. Limited and a Nepal-based Butwal Power Company Limited.

GMR Energy, a subsidiary of GMR Infrastructure Ltd, is developing the 600 MW Upper Marsyangdi -2 Hydro Electric Power Project (UMHEP) on the river Marsyangdi in Lamjung and Manang districts of Nepal.

A Joint Development Agreement (JDA) has been executed with IFC as co-developer with 10per centequity rights.

According to GMR's official website, the Directorate General of Foreign Trade has already granted a long term license which is valid for 30 years for the import of power from this project.