October 11, 2008

GMR Infrastructure to buy Himtel in Nepal

GMR Infrastructure Ltd announced that it's 100% subsidiary GMR Energy Ltd has entered into a share purchase and JV agreement to acquire 80% stake of a Himtal Hydro Power Co (P) Ltd having its registered office at Kathmandu in Nepal.

Himtal have subsisting survey license issued by the department of electricity development of Nepal government for undertaking the feasibility study and EIA for setting up a 250 MW Upper Marsyangdi 2 hydro power project located at Upper Marsyangdi in Nepal.

GMR also informed that the necessary application has been submitted to the Investment Promotion Board, Department of Industries of Government of Nepal, seeking their approval for the same.