Shimla: Satluj Jal Vidyut Nigam Ltd, (SJVN) a Mini-Ratna company that operates the largest hydropower plant in the country is all set to go public with off-loading of 10 percent equity.
Cabinet Committee on Economic Affairs at its meet in Delhi today approved 10 percent disinvestment in SJVN, Anand Sharma, Commerce & Industry minister disclosed after the meeting.
SJVN is a joint venture between the Centre and the Himachal Pradesh government. The Centre holds 75 per cent stake in the JV, while the rest is owned by the state government.
The paid-up equity capital of the company at present is Rs 4108.81 crore.
The power generating Public Sector Company targets a revenue of Rs 1436 crore during 2009-10 from its underground 1500 MW Nathpa-Jhakri power station, which in all likelihood it is expected to achieve.
Against a target of 6600 MU generation for 2008-09, the countryâ€™s largest hydropower station had a generation of 6609 MU, making it the highest energy generating hydro station in the country.
In 2007-08 it achieved a generation of 6449 MU, in 2006-07 it was 6041 MU and during 2005-06 it was 4104 million units. All six turbines of the plant were commissioned in May 2004.
On an expansion mode SJVN, a cash surplus company is ahead of schedule in executing the downstream of Nathpa-Jhakri project i.e. 412 MW Rampur project, which would work in tandem with it and use the tail race water of the upstream project.
The Rampur project is scheduled to be completed by 2012.
Other projects SJVN kitty include the 775 MW Luhri project and 40 MW Dhaulasidh project in Himachal; 252 MW Devsari project and 59 MW Naitwar Mori projects in Uttarakhand; and 402 MW Arun III project in Nepal.
The Nigam is also eyeing the 486 MW Kholongchu project and 900 MW Wangchu projects in Bhutan.
Given the high profitability achieved by SJVNL, it was accorded a â€˜Mini Ratnaâ€™ status.