NHPC rose 2.22% to Rs 32.20 after the company said that it has signed a promoters agreement with Green Energy Development Corporation of Odisha (GEDCO) for the formation of a joint venture company.
The joint venture company will be formed under the name of Odisha Solar Power Development Company. NHPC will hold 74% stake in JV and the rest will be held by GEDCO.
The JV will undertake development of 500 MW floating solar power projects in various water reservoirs in Odisha.
NHPC is the largest organization for hydropower development in India. It has also diversified in the field of solar & wind power. As of 30 September 2021, the Government of India held 70.95% stake in the company.
The company's consolidated net profit grew 6.6% to Rs 1,386.81 crore on a 1.4% increase in net sales to Rs 2,940.63 crore in Q2 September 2021 over Q2 September 2020.
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