Shimla: Promoters of the 100 MW Sorang hydroelectric project on River Satluj basin, the infrastructure companies NCC and IL&FS are considering completely exiting from the project that is in an advanced stage of construction by divesting equity to an unnamed investor.
The project involving an investment of Rs 849.8 crore is about 85 percent complete. The transaction is expected to be completed by December.
A media report quoted YD Murthy, executive vice president NCC, “”We have identified an investor and signed the term sheet. The due diligence process is currently going on. The transaction may be consummated by December or so.”
NCC holds 67 percent equity in Himachal Sorang Power that is constructing the run of the river project on Sorang River, a tributary of Satluj River and IL&FS holds the balance 33 percent.