SJVN Mulls Selling Stake In Green Energy Unit To Raise Funds
The green energy unit was incorporated for capacity addition in new and renewable energy sources.
The board of directors of SJVN Ltd. will consider in a meeting on Aug. 13 a proposal to raise funds through securitisation of assets and stake sale in its wholly owned subsidiary, SJVN Green Energy Ltd., according to an exchange filing on Thursday.
The company had earlier rescheduled the board meeting for consideration and approval of financial results for the quarter ended June 30 on Aug. 13. It was previously due to announce its earnings on Aug. 5.
The Union government currently owns 81.85% equity in the Miniratna company. The green energy unit was incorporated for capacity addition from new and renewable energy sources.
SJVN plans to become a 25,000-megawatt company by 2030 and a 50,000 MW company by 2040. Currently, the company’s total project portfolio is 56,663 MW. This includes 2,377 MW in operation, 4,858 MW under construction and 35,642 MW of projects under allotment.
Shares of SJVN were trading 1.1% lower at Rs 139 apiece on the BSE, compared to a 0.54% decline in the benchmark Sensex at 3:15 p.m.
