NEW DELHI: GMR Infrastructure LtdBSE 0.00 % rallied as much as 2.1 per cent in trade on Friday after Nepal’s centre-left cabinet on cleared the way for Indian firm GMR to build a $1.4 billion hydroelectric plant in the northwest of the country, a cabinet minister said, the Himalayan republic’s biggest foreign investment scheme.
At 09:40 a.m.; GMR Infrastructure was trading 1.5 per cent higher at Rs 23.30. It hit a low of Rs 23.10 and a high of Rs 23.45 in trade today. The Nepalese government agreed to allow GMR in 2008 to construct the 900-megawatt Upper Karnali hydroelectric power plant in the northwest, Reuters reported.
“Officials said GMR and another Indian firm, Satluj Vidyut Nigam, plan to construct other hydroelectric plants in Nepal with a potential to generate up to 42,000 megawatts of electricity,” said the report.
As per the report, the GMR plant, set for completion in 2021, will provide 12 percent energy free to Nepal to ease a crippling power shortage and help its economy emerge from a decade-long civil war that scared away investors and slowed infrastructure projects.
Source : The Economic Times