"The Parties hereby decide and agree to jointly establish a Company under the name of "Odisha Solar Power Development Company Limited" or any other name as may be approved by Registrar of Companies upon the terms & conditions contained in Promoters Agreement, for implementation of 500 MW Floating Solar Power Projects in Odisha and explore further potential of installing floating solar projects after joint identification in subsequent periods in Odisha State and plan such other Solar Projects as a developer or under any other arrangement as may be decided by the JVC from time to time as per Gol directions," NHPC said in a regulatory filing.
NHPC will hold 76 percent stake in the JV, while GEDCOL will hold 26 percent.
At 10:46 am, shares of NHPC were trading at Rs 32.20 apiece on the BSE, up 2.22 percent, while the benchmark Sensex tanked 890.6 points or 1.48 percent to 59,332.55.
The share touched a 52-week high of Rs 37 and a 52-week low of Rs 22.90 on 18 October, 2021 and 28 January, 2021, respectively.
Currently, it is trading 13.51 percent below its 52-week high and 39.74 percent above its 52-week low.