SJVN Limited , a joint venture between the Government of India and the Government of Himachal Pradesh, has announced a significant change to its Board of Directors. The company has appointed Shri Shubh Karan Singh as a Part Time Official Director, representing the Government of Himachal Pradesh.

Appointment Details

The appointment, effective immediately, was made by the Ministry of Power through order No. 15-22/1/2018-HYDEL-II(MoP) dated September 11, 2023. This move strengthens the representation of the Himachal Pradesh government on SJVN's board, potentially bringing valuable insights from the state's perspective to the company's decision-making processes.

About Shri Shubh Karan Singh

Shri Shubh Karan Singh brings a wealth of experience to his new role at SJVN:

• 2015 batch Indian Administrative Services (IAS) Officer
• Currently serves as Special Secretary (MPP & Power) and Non-Conventional Energy Sources in the Government of Himachal Pradesh
• Previously held the position of Chief Executive Officer at HIMURJA
• Career spanning more than 26 years in various administrative positions within the Himachal Pradesh Government

Implications for SJVN

The appointment of Shri Singh is expected to enhance the synergy between SJVN and the Government of Himachal Pradesh. His extensive experience in the power sector and non-conventional energy sources aligns well with SJVN's operations as a prominent player in the hydroelectric power generation industry.

Compliance and Transparency

In compliance with regulatory requirements, SJVN has confirmed that:

• Shri Singh is not related to any existing director on the company's Board
• He has not been debarred from holding a directorship by any authority, including SEBI

This appointment underscores SJVN's commitment to maintaining strong governance practices and fostering close ties with its government stakeholders. As the company continues to expand its renewable energy portfolio, Shri Singh's expertise in non-conventional energy sources could prove particularly valuable in shaping future strategies and initiatives.

SJVN Limited, a prominent player in the energy sector, has announced a significant move towards expanding its renewable energy portfolio. The company's Board of Directors has given the green light for a Joint Venture Agreement with Indian Oil Corporation Limited (IOCL), aimed at developing Green RTC (Round The Clock) and Renewable Projects, along with other New Technology based initiatives.

Key Details of the Joint Venture

• Partnership Structure: The joint venture will be an equal partnership, with SJVN and IOCL each holding a 50% stake.
• Capital Structure:

  Component	Amount
  Authorized Capital	₹250.00 crores
  Initial Paid-up Capital	₹2.00 crores
  Share Details	20 lakh shares at ₹10.00 each

Regulatory Approvals

The formation of this new entity is subject to approvals from several government bodies:

• Ministry of Power
• NITI Aayog
• Department of Investment and Public Asset Management

Strategic Implications

This collaboration between SJVN and IOCL, both Government of India promoted companies, marks a significant step in the country's push towards sustainable energy solutions. The joint venture is poised to leverage the expertise of both entities in developing cutting-edge renewable energy projects and exploring new technologies in the sector.

Transaction Nature

Given that both SJVN and IOCL are promoted by the Government of India, this joint venture formation is classified as a related party transaction. However, it's important to note that the deal has been structured on an arm's length basis, ensuring fairness and transparency in the agreement.

The partnership between SJVN and IOCL represents a strategic alignment of resources and expertise in the renewable energy sector. As India continues to prioritize green energy initiatives, this joint venture is well-positioned to contribute significantly to the country's sustainable energy goals.