Shimla: The central government has set the ball rolling for disinvesting 10 percent stake out of the 75 percent shareholding it has in power utility SJVN Ltd after it sought proposals for merchant bankers to act as book running lead managers on Tuesday.
Formerly known as Satluj Jal Vidyut Nigam Ltd, the state sector power company that operates the largest hydropower plant in the country has been re-christened as SJVN Ltd.
The state – centre joint venture has a 25:75 shareholding in the profit making Mini-Ratna company with the Himachal Pradesh holding onto its 25 percent share and not participating in the disinvestment being proposed.
Freed of silt related troubles that the turbines at the 1500 MW Nathpa Jhakri plant has been facing over the years, SJVN in this financial has surpassed 6000 MU of generation ahead of schedule and is on it way to achieve a record generation for the year.
Company spokesman Vijay Verma disclosed that SJVN was targeted to touch 6000 MU generation on 13th January, 2010 but the milestone had been reached 52 days ahead of schedule.
Whereas generation in other hydropower plants was affected because of a weak monsoon, but lesser silt flows in Satluj River enabled the Jhakri plant to generate over 1000 MUs for three consecutive months of June, July and August
This power station feeds the northern grid states namely, Himachal Pradesh, Punjab , Haryana, J&KL, Rajasthan, Uttar Pradesh, Delhi Uttarkhand & Chandigarh. Out of total generation, Himachal Pradesh alone has a share of 36.5% being a equity share holder in the project.
NC Bansal, GM Jhakri plant said the record generation could be achieved because of excellent management of silt, water and machines both in terms of operation & maintenance.
The 412 MW Rampur project, also a venture of SJVN, would utilize the tail waters of the Jhakri plant and is an advanced stage of construction, scheduled for commissioning in January 2012.