The share price of the public sector SJVN Ltd is on the rise after the company announced that it had signed two MoUs with the Government of Maharashtra for the development of two mega projects. The SJVN share was trading at ₹132.10, which is ₹6.10 (4.84 per cent) higher than the previous close. The ‘buy’ quantity is 24.51 lakh shares against the ‘sell’ quantity of 5.53 lakh.
The two projects – a 505 MW floating solar project and 8,100 MW of pumped hydro projects at five different locations – will require an investment of ₹48,000 crore. A press release issued by SJVN did not mention the value of the order, but the announcement of the MoU has enthused the market.
The first MoU, signed by Sushil Sharma, Chairman and Managing Director of SJVN, and Deepak Kapoor (IAS), Additional Chief Secretary, Water Resources Department, Government of Maharashtra, paves the way for SJVN to undertake the survey, and investigation, and preparation of the detailed project report (DPR), and the “further establishment of” five pumped hydro projects with a total capacity of 8,100 MW. These five are: 800 MW Kolmondapada, 1,500 MW Sidgarh, 2,000 MW Chornai, 1,800 MW Baitarni, and 2,000 MW Jalvara.
The second MoU was signed between Sushil Sharma and Dr P Anbalagan, Chairman and Managing Director of MAHAGENCO, which is Maharashtra’s electricity utility, for the development of a 505 MW floating solar project at the Lower Wardha Dam in Maharashtra. This is to be developed in two phases—100 MW and 505 MW, respectively.
“The total estimated investment in these projects will be to the tune of ₹48,000 crore and will generate 8400 direct and indirect employment opportunities,” says an SJVN press release, which also notes that the projects would support eco-tourism and skill development initiatives.