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GMR Energy Ltd, a subsidiary of GMR Infrastructure Ltd, has announced the signing of a definitive agreement to divest its entire stake in Himtal Hydropower Company Pvt Ltd and its associated transmission company Marsyandgi Transmission Company Pvt Ltd.
The company has inked an agreement to divest its stake to a consortium investor group, SCIGInternational Nepal Hydro Joint Development Company Pvt Ltd, Xingcheng International Investment Company Ltd and QYEC International Co. Ltd and the Nepal-based Independent Power Producer Butwal Power Company Ltd. In a filing to the BSE, the diversified infrastructure company has spoken about its move to divest stake in the hydel project.
GMR Energy is developing the 600 MW Upper Marsyangdi-2 Hydro Electric Power Project (UMHEP) on the river Marsyangdi in Lamjung and Manang districts of Nepal. A Joint Development Agreement (JDA) was executed with IFC as co-developer, with 10 per cent equity rights. IFC has the right to act as the lead lender or arranger of debt financing for the project. The power project received environment clearance in December 2012. The Directorate-General of Foreign Trade has granted a long-term licence valid for 30 years, for the import of power from this power project.
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