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20 October 2004 - Companies from Norway and India are to set up a joint venture to carry out hydroelectric projects in India. The JV between Statkraft Norfund Invest and Bhilwara Group involves Bhilwara selling a 49 per cent stake in Malana Power Company to the Norwegian company for Rs 2.07bn ($45.23m).
LNJ Bhilwara group chairman Ravi Jhunjhunwala said Tuesday the group already has a 86 MW hydroelectric plant at Malana in Himachal Pradesh, and the new venture would take up the 192 MW Allain Duhangan project in the state.
Malana Power Company would have 90 per cent equity in AD Hydro Power limited, amounting to Rs 2.82bn, while Washington-based International Finance Corporation would provide the remaining 10 per cent equity, agreeing to a loan of Rs 1.84bn.
Statkraft Norfund Invest AS is a Norwegian limited company owned by Statkraft SF and Norfund (Norwegian Investment Fund for Developing Countries). Statkraft SF is a 100 per cent state owned utility and Norway's largest power company with more than 12 000 MW installed hydropower capacity and 40 TWh annual generation.
Norfund is a leading Norwegian risk capital investor in emerging markets, funded by the Norwegian government, and closely cooperating with other international investment funds.
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