GMR Infrastructure Ltd (CMP – Rs 174)

GMR Infrastructure Ltd (CMP – Rs 174)

GMR Infrastructure Ltd has announced that the Govt. of Nepal awarded the prestigious 300 MW Upper Karnali Hydro electric Project in Nepal, to a consortium of GMR Group of Companies comprising GMR Energy Ltd (GEL) and the Company along with Italian-Thai Development Project Co. (ITD) of Thailand. GEL is the majority partner and Lead Developer. As per the terms of the M0U, the developers shall provide 12% free energy to Govt. of Nepal and 27% free equity to the Nepal Electricity Authority (NEA) in the SPV to be formed for this project. The project will be developed on a Build, Own, Operate and Transfer (BOOT) basis. The power generated from this Export Oriented Project is also expected to be exported to the Northern grid of India. We believe the company will react positively to this news