SRINAGAR: The 850-MW Ratle Power Project on Chenab is now being implemented by a Joint Venture of NHPC and JKSPDL. They share a partnership of 51 and 49 per cent respectively, reports appearing in media said.
The project was lying abandoned after an earlier contractor left the spot after implementing some basic spadework.
Now the brand new JV will take over the job. It is one of the series of projects that NHPC has secured after the central government started ruling Jammu and Kashmir remotely.
Media reports said the agreement between the two companies was inked on April 13, 2021, which led to the formation of the JV named Ratle Hydroelectric Power Corporation Limited. The company will have an authorised share capital of Rs 1,600 crore divided into 160 crore equity shares of the face value of Rs 10.
The initial paid-up share capital shall be Rs 100 crore divided into 10 crore equity shares of the face value of Rs 10 each, which shall be subscribed by the promoters as early as possible but not later than 90 days from the date of incorporation of the company.
“The chief executive officer (CEO) shall be responsible for the day-to-day management of the JV. The post of CEO shall be below board level and shall be the nominee of NHPC,” the NHPC has informed the Bombay Stock Exchange.
The JV Board will comprise seven directors. JKSPDCL nominated three part-time directors, including the chairman, and NHPC nominated four part-time directors on the board of the company.