Energy and Power major, SJVN Ltd (BOM:533206), formerly known as Satluj Jal Vidyut Nigam Ltd is reported to be considering a 30% stake in a 638 MW hydroelectric project in Georgia at an estimated cost of Rs.345 crore.
According to media reports the large-cap hydropower plant operator, SJVN is looking to acquire stake in one of the overseas hydropower projects.
SJVN is looking to partner Britain's Continental Energy in the Khudoni hydropower plant on Inguri river, which was once abandoned and is now being revived by Continental Energy.
The company stocks gained as much as 1% on the BSE on Wednesday. The stock hit a high of Rs 24.80 and a low of Rs 24.50 so far during the day. The stock had underperformed the market over the past one month till 6 July 2010, gaining 0.41% compared with the Sensex's 2.90% rise.
On Tuesday, 6 July 2010, SJVN declared its results for the first time since its May 2010 listing. It reported 4.2% decline in net profit to Rs 972.74 crore on 0.6% increase in net sales to Rs 1769.74 crore in the year ended March 2010 over the year ended March 2009.