SJVN Ltd
Chairman Speech
TO THE SHAREHOLDERS
Dear Shareholders,
I consider it my privilege and honor to address our valued shareholders and present the
Annual Report of the Company for the financial year 2022-23.
As I look back and recollect the achievements of the Company ever since I was entrusted
with the task of leading this esteemed organization, I am filled with overwhelming
feelings of pride and joy with the progress, performance, and position of the Company over
the last few years. I also find myself optimistic and energized by the golden future that
lies ahead.
Cruising ahead towards our cherished Shared Vision for achieving 5,000 MW by
2023-24, 25,000 MW by 2030 and 50,000 MW by 2040, o expand, grow and diversify its
Project Portfolio exponentially pan India and abroad.
On completion of yet another exemplary year, the Audited Financial Statements of the
company along with the Reports of the Auditors and Directors for the year 2022-23 are
presented for your approval. Also, I take this opportunity to share with you the company's
achievements and future plans.
HIGHLIGHTS OF THE YEAR 2022-23
Dear Friends,
Keeping in mind the economic challenges being faced across the globe, it gives me great
satisfaction and pride to announce that the company has achieved excellent results not
just financially but also on operational as well as business expansion fronts.
Financial Year 2022-23 would be remembered as one of the most momentous year in the
history of the Company as SJVN created numerous records and has achieved a number of
significant milestones during this period. Our decisive actions, innovative measures,
pro-active management and sustained efforts over the past few years have started yielding
the visible results.
OPERATIONAL PERFORMANCE
Dear Shareholders,
Our Power Stations are catalyst of our growth and have consistently delivered
exceptional performance. This is the result of unparalleled efforts of our employees
and best- in-class O&M practices that we have emerged as a record- setter in power
generation year after year. They are the engines that propel our growth plans and generate
revenues & profits which in turn sustain and mobilize other resources of the Company
contributing towards the attainment of "24 X 7 Power for All" vision of our
Hon'ble Prime Minister Sh. Narendra Modi.
Despite significantly low water discharge and below-normal wind flow during the
financial year 2022-23, our Power Stations have been able to perform reasonably well. The
Plant Availability Factor remained at an optimum level in all our operational Power
Stations. Surpassing the total Design Energy of 8705 Million Units, our Power Stations
generated 9335 Million Units of energy which is Third Highest Generation ever
achieved by the Company.
Continuing the record-breaking spree, our Power Stations created many milestones and
records during the year. Nathpa Jhakri Hydro Power Station achieved the Highest ever
PAF of 106.653%. Nathpa Jhakri and Rampur Hydro Power Stations have achieved the Highest
ever Single Day Generation of 39.526 MU and 10.9082 MU respectively during the year.
The total generation recorded from all operational Power Stations for September month of
FY 2022-23 is 1338.5 MU which is the Highest ever Generation achieved in September month.
Charanka SPS has achieved the Highest ever Yearly Generation of 8.75 MU. The total
earning from Deviation Settlement Mechanism during the year is 7 43.63 crores, which is
the Second Highest in the last 5 years. The total generation recorded from all
operational Power Stations for the Q4 and Q3 of FY 2022-23 is 863 MU and 1407 MU
respectively which is the Second Highest for the respective Quarter.
FINANCIAL PERFORMANCE My Dear Friends,
Your Company has clocked the Highest ever Income from Operations of 72935.41 crores during
the financial year 2022-23 which is an increase of 7513.45 crores over the earnings of
previous fiscal. The Total Revenue of the Company has touched a Record High of 73298.84
crores which is an increase of 7673.30 crores compared to 72625.54 crores earned
during the previous year. The standalone Profit After Tax (PAT) increased by 7385.93
crores to 71363.45 crores against 7977.52 crores for the previous year.
An Interim dividend of 71.15 per share was paid in the month of February 2023.
In addition, your Board has recommended a Final dividend of 70.62 per share. Thus, subject
to your approval, a Total dividend of 71.77 per share is proposed to be paid for
the financial year 2022-23.
Trade receivables during the FY 2022-23 is 35 days against the MOU target of 45 days
which is the Best ever performance of the Company till date.
BUSINESS EXPANSION
Dear Shareholders,
From the Business Expansion perspective, Financial Year 2022-23 has cast its place as
the Most Significant year in the History of the Company during which our Project
Portfolio took a quantum leap and scaled astronomical heights.
Since the last annual report, 24 Projects aggregating 23,909 MW have been added
to the portfolio of the company. This is the Highest Portfolio addition since the
incorporation of the Company.
The Project Portfolio of SJVN & its associate Companies now stands at an
All-time High with 79 Projects aggregating 55814 MW & 3 Transmission lines totaling
340 Kms spread across 13 States and 2 countries of Indian sub-continent.
The complete details of the Project Portfolio is provided in the Annual Report, hence I
would only like to summarize for our shareholders that as on date:-
2 Hydro Plants of 1912 MW & 5 Renewable Plants of 179.5 MW and 1
Transmission line of 86 km are Operational;
5 Hydro Projects of 1618 MW, 1 Thermal Project of 1320 MW, 8 Renewable Projects
of 1500 MW and 2
Transmission lines of 254 kms are under Construction;
2 Hydro Projects of 713 MW and 10 Renewable Projects of 2478 MW are in the
Pre-Construction stage;
16 Hydro Projects of 8231.9 MW, 1 Thermal Unit of 660 MW and 4 Renewable
Projects of 505 MW are under Survey and Investigation.
For the current financial year, projects of 1455 MW and a Transmission Line of 37 km
are in pipeline for commissioning.
In the next three fiscals, annual revenue of more than Rs.10,000 crores are expected to
be generated from the operational Power Stations.
In addition, as a part of its long-term Corporate Strategy, SJVN and its associate
Companies have entered into a series of Memorandums of Understanding with various
Government and Non-Governmental agencies for allotment of the projects. Such Projects
under Allotment include 10 Hydro Projects of 2507 MW, 5 Renewable Project of 21,000 MW and
10 Pumped Storage Projects of 13,190 MW.
It gives me great satisfaction to share with our shareholders that, the complete
blue-print for accomplishing our Shared Vision of achieving 5,000 MW by 2023-24, 25,000
MW by 2030 and 50,000 MW by 2040 has been elaborately charted out. I take great pride
in stating that my Vision for this Company which was once thought to be unrealistic by
some skeptics is now being translated into a tangible reality. It is all due to the
relentless efforts of my team of extremely competent people, unwavering faith and
co-operation of my colleagues on the Board and trust of our Shareholders & Investors.
PROJECT EXECUTION
Dear Shareholders,
Displaying remarkable perseverance, the progress of our under-construction projects is
on track despite some geographical and climatic challenges & surprises. The detailed
status and progress of the Power Stations and Projects have been amply covered in the
Directors' Report. Hence, I am only highlighting some noteworthy accomplishments.
In 2022-23, we were given the mammoth CAPEX target of Rs. 8000 crores which was the
third highest amongst all the power CPSEs. However, it is a matter of great pride that
your Company has not just attained but surpassed the assigned target with flying colors
and has achieved Record CAPEX of Rs.8,240 crores during the year.
75 MW Parasan SPP was commissioned on 22.11.2022 and is under commercial operation. The
installed capacity of the Company has been enhanced to 2091.5 MW (07 Power Stations).
Hon'ble President of India has laid the foundation stone of 1000 MW Bikaner SPP on
03.01.2023. Investment approval for 382 MW Sunni Dam HEP was accorded by Government of
India in January 2023 and award of major works (Civil & HM) was completed in the same
month. Investment approval for pre-construction activities of 234 MW Purthi HEP & 456
MW Reoli Dugli HEP was accorded by Ministry of Power in December 2022. Financial closures
of the 66 MW Dhaulasidh HEP, 70 MW Bagodara SPP and 1000 MW Bikaner SPP were achieved
during the year. Company has also secured green finance of Rs. 915 crores from Japan Bank
for International Cooperation to fund 90 MW Omkareshwar Floating SPP and 100 MW Raghanesda
SPP.
SJVN's advocacy for One Basin, One Developer' approach for Integrated River Basis
Development for optimum utilization of resources has found widespread acceptance and
support not only within the country but also internationally and is now part of hydro
development policies of many State Governments & Government of India as well as
Government of Nepal. In this sequence, MoU for 490 MW Arun-4 HEP was signed in the august
presence of Hon'ble Prime Ministers of India and Nepal on 16th May 2022. Investment
approval for pre-construction activities of Arun 4 HEP, Nepal has been accorded by
Ministry of Power, Government of India in December 2022.
SJVN is re-writing the rules of the game by focusing on the completion of its projects
without time & cost overruns. Riding on the strength of the dedicated team, we aspire
to set the benchmark by completing the projects within scheduled timelines. We are
cruising ahead and demonstrating our mettle & competitive edge in the domestic and
international markets amongst the toughest of the competitors.
OTHER DEVELOPMENTS
Dear Shareholders,
SJVN has been selected as 4th Renewable Energy Implementing Agency in addition to SECI,
NTPC and NHPC by Government of India.
The excellence and accomplishments of your Company and Management have been recognized
and rewarded by different institutions at various forums. Some of the major awards
conferred upon the Company during the reporting period include - CBIP Award for Best
Performing Utility in Hydro Power Sector; Achievement Award for creating Social
Development and Impact and CIDC Partners in Progress Trophy at 14th CIDC Vishwakarma
Awards, 2023; Greentech International Environment, Health & Safety Best Practices
Award, 2023; Most Progressive Growth Oriented Company in the Midcap Category by Dalal
Street Investment Journal for the year 2022; Greentech Award for Outstanding
Achievements In Environment Protection; Gold Awards in 12th Exceed Environment, HR &
CSR Awards, 2022 for Mobile Health Van services and for extensive efforts in the
preservation of Environment etc.
RISK MANAGEMENT
It is a matter of pride for us that your Company has obtained ISO 31000:2018
certification for implementation of Risk Management System in November 2022 and it has
become the First CPSE to implement ISO 31000:2018 for Risk Management System.
The Company has upgraded and implemented a robust Risk Management Framework as per ISO
31000:2018 comprising of elaborate Risk Management Policy, Plans and Procedures for Risk
identification, assessment, mitigation, review, reporting, preventive actions &
continuous improvement, training and awareness programmes etc.
CORPORATE SOCIAL RESPONSIBILITY
SJVN has always been at the forefront of its role as a responsible corporate citizen
and has been pioneering Corporate Social Responsibility (CSR) activities for its
stakeholders and society.
SJVN has formulated and adopted a dynamic CSR & Sustainability Policy, which is in
consonance with the Companies Act, 2013 and CSR guidelines issued by the Department of
Public Enterprises, Government of India. Time to time, the policy is revisited to include
revised government guidelines and provisions. Till now, the policy has been updated four
times, latest being in December 2022.
During financial year 2022-23, the Company has spent a total amount of Rs.59.84 crores
on CSR activities which is Rs.23.38 crores more than the statutory obligation of Rs.36.46
crores. Since inception, SJVN has spent more than Rs.340 crores on various CSR activities
in the verticals of health & hygiene, education & skill development, women
empowerment, infrastructure development, community development, promotion of culture,
sustainable development, assistance during natural disasters, protection of heritage etc.
The particulars of our CSR initiatives & impact assessment thereof are detailed in
the Annual Report.
CORPORATE GOVERNANCE
Your company believes in the importance of developing a robust governance framework and
embracing best governance practices. As a listed company, SJVN has been complying with the
requirements of Corporate Governance under the SEBI LODR Regulations and also Guidelines
issued by Department of Public Enterprises, Government of India.
Your Company takes pride in its consistent record of achieving "Excellent"
ratings every year ever since its listing, for Compliance with DPE Guidelines on
Corporate Governance' under the Corporate Governance Grading System' prescribed by
DPE.
HIGHLIGHTS OF THE YEAR 2023-24
Dear Friends,
We have embarked on a new financial year to take the Company to greater heights by
drawing strength from cooperation of the stakeholders and commitment of the employees.
Due to abnormal climatic factors, company's flagship hydro Power Stations had to deal
with exceptionally low water flows during FY 2023-24. Notwithstanding the conditions
beyond our control, we have ensured the best plant availability which is in our hands. In
the first quarter of the Financial Year 2023-24, our Power Stations have generated 2107 MU
out of which, NJHPS generated 1564 MU, RHPS generated 442 MU and Renewable Power Stations
have generated a total of 101 MU till 30th June 2023.
A new all-time high record of 50.534 MU in Single-Day power generation has been set by
our two flagship hydro Power Stations in Himachal Pradesh. 1500 MW Nathpa Jhakri Hydro
Power Station has set a new record with 39.570 MU and 412 MW Rampur Hydro Power Station
with 10.971 MU energy generation in a single day. Also, 50 MW Sadla Wind Power Station
has achieved the Highest ever June month's generation of 15.039 MU breaking the
previous record of 11.119 MU in fiscal 2021-22.
Amongst other major developments during the current fiscal, Government of Arunachal
Pradesh has allotted five hydro projects totalling 5097 MW namely 3097 MW Etalin, 680 MW
Attunli, 500 MW Emini, 420 MW Amulin and 400 MW Mihumdon Hydro Electric Projects to SJVN.
Public Investment Board meeting for Investment approval of 669 MW Lower Arun HEP was
held in May 2023.The Project Development Agreement for the project has been signed with
Investment Board of Nepal, Government of Nepal in the benign presence of Hon'ble Prime
Minister of India, Sh.
Narendra Modi and Prime Minister of Nepal, Sh. Pushpa Kamal Dahal on 1st June 2023.
Power Purchase Agreements have been signed for 200 MW Solar Power Project Capacity with
Maharashtra State Electricity Distribution Company Limited and with Solar Energy
Corporation of India Limited for 100 MW Wind Power Capacity. Power Usage Agreement for
supply of 500 MW Solar power from ongoing 1000 MW Bikaner SPP has been signed with Punjab
State Power Corporation Limited.
The Company has signed key MOUs during current financial year including MoU with - REC
Limited for financing the projects of the Company and its Subsidiaries & Joint
Ventures to the extent of Rs.50,000 crores; and with Government of Goa for development of
Renewable Energy, Hydro Power Projects, PSPs and Ocean floating Solar Projects in the
state.
Letter of Intent for 100 MW Grid connected Wind Power Project in Gujarat has been
received from Gujrat Urja Vikas Nigam Limited on 4th June 2023. The Company has bagged
another 200 MW Grid connected Wind Power Project from SECI. Letter of Intent has also been
received from the PSPCL for procurement of 1200 MW of solar power.
MACRO ECONOMIC SCENARIO AND GOVERNMENT INITIATIVES
India's growth continues to be resilient as it was rated as the fastest-growing major
economy during FY 2022-23. The country's gDp has reached $3.75 trillion in 2023, from
around $2 trillion in 2014; moving from 10th largest to 5th largest economy in the world.
India is now being called a Bright Spot in the global economy. Indian economy in FY23 has
nearly "recouped" what was lost, "renewed" what had paused, and
"re-energized" what had slowed during the pandemic and since the conflict in
Europe.
A range of pragmatic and transformational policies of the government, which continued
through the pandemic helped catalyze a sharp economic recovery. The growth that India is
witnessing, apart from the CAPEX push by the government, is coming from healthy balance
sheets of the corporates and a well-capitalized financial system.
Electricity (Late Payment Surcharge and Related Matters) Rules, 2022 gave relief to the
DISCOMs, as well as electricity consumers and at the same time generating companies are
also benefiting from assured monthly payments, which will help the whole power sector to
become financially viable.
For removing the barriers in availability and utilization of renewable energy and to
address the issues that have hindered the growth of open access for a long time, Green
Open Access Rules, 2022 have been issued. The Rules reduces the Open Access limit from 1
MW to 100 kW, which paved the way for small consumers to purchase renewable energy and
there is no limit for captive consumers.
Revised scheme for flexibility in generation and scheduling of Thermal/Hydro Power
Station through bundling with renewable energy and storage power is showing its positive
impact.
Dispute Avoidance Mechanism for avoidance/ resolution of contractual disputes at
initial stage by engagement of an Independent Engineer and Dispute Resolution Mechanism
for resolution of disputes through Conciliation Committees have been devised by Ministry
of Power.
These transformative reforms and initiatives in recent years have propelled forward the
nation on its journey to achieve its twin goals of universal access to affordable power
and acceleration of clean energy transition.
FUTURE PROSPECTS
My Dear Friends,
The GDP growth figures in 2022-23 reflect the resilience of the Indian economy amidst
global challenges. In global scenario, the inflation has begun to slow down in both
developed and emerging economies. In FY 2023-24 this growth will be supported by solid
domestic demand and pickup of capital investment. Compensating for private sector's
caution in capital expenditure, government has substantially raised the capital
expenditure.
The CAPEX target for SJVN for FY 2023-24 has been set once again to a historic high of
Rs.10,000 crore and the Company is geared up to accomplish the same.
FY 2023-24 shall be especially significant as Projects totaling 1455 MW are lined up
for commissioning and commencement of commercial operations during the year which
include - 60 MW Naitwar Mori HEP, one unit of 660 MW of Buxar TPP, 250 MW (Phase-1) of
Bikaner SPP, 100 MW Raghanesda SPP, 100 MW Pojewal & Rurki SPP, 90 MW Omkareshwar
floating SPP, 75 MW Gurhah SPP, 70 MW Bagodara SPP and 50 MW Gujrai SPP. In addition,
Double Circuit 220 kV Mori Snail Transmission Line in Uttarakhand & Himachal Pradesh
is also expected to be commissioned during the year.
As a premier power utility, SJVN is spearheading the current transformative paradigm
shift of Indian Power Sector from fossil fuel energy base to renewable energy base. We at
SJVN are performing our duty towards the nation by strengthening the energy sector.
Under the Paris Agreement-2015 for carbon neutralization, Government of India has
committed to reduce the Greenhouse gases emissions intensity by 45% below 2005 levels. For
this, 50% of installed electric power capacity is planned to be generated from non-fossil
sources by 2030. Government has also permitted 100% FDI under automatic approval in
renewable sector.
In the Union Budget 2023, some path breaking announcements have been made towards
net-zero emission by 2070. The government intends to reduce the country's estimated total
carbon emissions by 1 billion tonnes by the end of the current decade. Rs.35,000 crores
have been earmarked for energy transition and net-zero carbon emission. Also, Rs.19,700
crores have been earmarked for the National Green Hydrogen Mission. By 2030, India is
committed to reduce carbon intensity of its GDP by 45% of 2005 level.
All these policy decisions are bound to drive up the growth of renewable sector which
in turn will open new vistas for the Company.
ACKNOWLEDGMENT
Dear Shareholders,
As my present tenure as CMD of this esteemed Company nears completion, it gives me
tremendous satisfaction to report to our shareholders that all key parameters of the
Company be it Project Portfolio, Networth, CAPEX, Share
Price, Market Capitalization, Revenue, Book Value, etc. have scaled their All-Time
Highs during recent months. Nothing is more gratifying than to see the Company scale
the lofty peaks of success and accomplishments each day. I consider myself fortunate to
have witnessed and participated first-hand in the dawn of this Golden Era of the Company.
On this occasion, I would like to remember the contribution and express my deep
gratitude for all the founding fathers and architects who conceived and built this Company
and laid a strong foundation of which we are reaping the benefits today.
I would also like to place on record my deepest appreciation for my colleagues on the
Board - past & present. My fellow Board Members have always stood by me and extended
their unfaltering trust and co-operation.
A tree's beauty lies in its branches but its strength lies in its roots. Similarly, the
strength of SJVN lies in its employees. Our grit combined with our attitude has brought us
where we are today - Strong and Proud with a 55814 MW Portfolio. I feel highly
privileged to be leading the Company that is breaking barriers and conquering new
frontiers.
I take this opportunity to place on record my sincere gratitude for the guidance and
cooperation extended by Ministry of Power, Government of India. Your support has motivated
us to exceed the expectations and to set our sight high on bigger goals.
I also express my thanks to various Ministries / Departments of Government of India -
Ministry of New & Renewable Energy, Ministry of Finance, Ministry of External Affairs,
Ministry of Environment & Forest, Central Electricity Authority, Central Water
Commission, Geological Survey of India; State Governments of Himachal Pradesh, Rajasthan,
Maharashtra, Uttar Pradesh, Odisha, Gujarat, Uttarakhand, Bihar, Punjab, Madhya Pradesh,
Arunachal Pradesh, Assam, and Mizoram; Government of Nepal; other Governmental and
Non-Governmental agencies; Statutory, Cost, Secretarial and Internal Auditors; our
Customers; Business associates; various Financial Institutions & Bankers and
Regulatory authorities.
Above all, I thank all our Shareholders & Investors for placing faith in the
Company. I look forward to your continued support, trust and cooperation.
I look forward to further raising the bar and setting standards even higher for
ourselves. I expect my team to commit their untiring efforts and unflinching commitment to
achieve the goals we have aspired for ourselves. I believe our well-poised strategy,
combined with our relentless execution, will continue to create long-term sustained value
for our shareholders and stakeholders.
Thanking you all, |
|
|
Yours Sincerely |
Date: 9th August, 2023 |
(Nand Lal Sharma) |
Place: New Delhi |
Chairman & Managing Director |
|
DIN: 03495554 |
SJVN Ltd
Directors Reports
DIRECTORS' REPORT 2022-23 '
Dear Members,
Your Directors are pleased to present the Thirty Fifth Directors' Report of the Company
for the year ended 31st March, 2023 along with the Audited Statement of
Accounts, Report of Auditors and Comments of the Comptroller and Auditor General of India.
The following financial highlights for the year ended 31st March 2023
briefly encapsulate the performance of your company: -
1. FINANCIAL HIGHLIGHTS
|
|
(Rs. in crore) |
|
Standalone |
Consolidated |
|
2022-23 |
2021-22 |
2022-23 |
2021-22 |
REVENUE |
|
|
|
|
Revenue from Operations |
2935.41 |
2421.96 |
2938.35 |
2417.00 |
Other Income |
363.43 |
203.58 |
344.15 |
217.78 |
Total Revenue |
3298.84 |
2625.54 |
3282.50 |
2634.78 |
EXPENSES |
|
|
|
|
Electricity Purchased for Trading |
0.17 |
- |
0.17 |
- |
Employees' Benefits Expenses |
294.85 |
289.41 |
286.86 |
290.62 |
Finance Cost |
432.23 |
161.34 |
414.88 |
161.34 |
Depreciation and Amortization Expenses |
390.59 |
404.29 |
396.40 |
404.29 |
Other Expenses |
419.24 |
403.80 |
421.15 |
399.94 |
Total Expenses |
1537.08 |
1258.84 |
1519.46 |
1256.19 |
Profit before exceptional items, net movement in regulatory deferral account
balance and tax |
1761.76 |
1366.70 |
1763.04 |
1378.59 |
Exceptional items |
29.63 |
23.26 |
29.63 |
23.26 |
Share of Net Profit of Joint Ventures accounted for using equity method |
- |
- |
4.25 |
4.49 |
Profit before net movement in regulatory deferral account balance and tax |
1732.13 |
1343.44 |
1737.66 |
1359.82 |
Tax Expenses: |
|
|
|
|
- Current Tax |
297.00 |
229.09 |
299.09 |
232.86 |
- Tax expense pertaining to earlier years |
15.59 |
- |
15.59 |
0.33 |
- Deferred Tax |
45.79 |
93.01 |
53.38 |
93.01 |
Profit before regulatory deferral account balances |
1373.75 |
1021.34 |
1369.60 |
1033.62 |
Net movement in regulatory deferral account balances (net off tax) |
(10.30) |
(43.82) |
(10.30) |
(43.82) |
Profit for the year |
1363.45 |
977.52 |
1359.30 |
989.80 |
Other comprehensive Income/(Expense) (Net off tax expense) |
(2.02) |
(163) |
(2.03) |
(163) |
Total Comprehensive Income for the year |
1361.43 |
975.89 |
1357.27 |
988.17 |
2. GENERATION
Gross Energy Generation from various operational plants of the Company, including
subsidiaries during FY 2022-23 is as under: -
|
(Million Units (MU |
Plant |
Design Energy |
2022-23 |
2021-22 |
NJHPS |
6612 |
7133.002 |
7067.373 |
RHPS |
1878.08 |
1997.454 |
1981.193 |
KWPS |
85.65 |
50.977 |
47.230 |
CSPS |
7.6032 |
8.749 |
8.595 |
SWPP |
120.05 |
92.778 |
102.677 |
Wadhal SPS |
1.5 |
1.317 |
1.404 |
Parasan SPS |
-- |
50.886 |
-- |
Total |
8704.8832 |
9335.163 |
9208.472 |
Generation Records & Milestones achieved during FY 2022-23 include: -
1. NJHPS has achieved highest ever PAF of 106.653% surpassing previous high of 106.596%
achieved in FY 2021-22.
2. NJHPS has achieved highest single day generation of 39.526 MU on 29.08.2022.
3. RHPS has achieved highest single day generation of 10.9082 MU for FY 2022-23 on
26.08.22.
4. CSPS has achieved highest yearly generation of 8.751 MU surpassing previous high of
8.5954 MU achieved in FY 2021-22.
5. Total earning from DSM upto 12.03.2023 is Rs.44.19 Cr, which is highest in last 5
years.
6. Total generation recorded from all operational plants for September month of FY
2022-23 is 1338.5 MU which is highest ever generation achieved in September month.
7. Total generation recorded from all operational plants for FY 2022-23 is 9335.166 MU
which is 3rd highest generation achieved. Highest is 9678 MU achieved in FY
2019-20.
8. Total generation recorded from all operational plants for 4th Quarter of
FY 2022-23 is 863.453 MU which is 2nd highest for 4th Quarter.
Highest is 887.054 MU achieved in FY 2021-22.
9. Total generation recorded from all operational plants for 3rd Quarter of
FY 2022-23 is 1407.412 MU which is 2nd highest for 3rd Quarter.
Highest is 1480.502 MU achieved in FY 2019-20.
3. REVENUE AND PROFITS
The standalone revenue from operation increased by Rs.513.45 crore to Rs.2935.41 crore
during the financial year 2022-23 compared to Rs. 2421.96 crore during the previous year.
The standalone Profit After Tax (PAT) increased by Rs.385.93 crore to Rs.1363.45 crore
against Rs.977.52 crore for the previous year.
The projects of Subsidiary companies - STPL & SAPDC are presently under
construction. Some projects of SGEL and CPTC, are in operation. One of the projects of
SGEL of 75 MW started commercial generation in the month of November 2022 and revenue of
Rs.12.53 crore has been earned. Consolidation of accounts has resulted in decrease in
profit of consolidated group by Rs.4.15 crore (P.Y. Profit of Rs.12.28 crore) as compared
to standalone financial statements mainly due to loss in SGEL. The loss is due to 2-3
months' time taken for stabilisation of plant for optimum generation.
4. TRANSFER TO RESERVES
During the year no amount was transferred to Reserves of the Company.
5. DIVIDEND
During the year, an interim dividend of Rs.1.15 per share has been paid in the month of
February 2023. In addition, your Board has recommended a final dividend of Rs.0.62/- per
Share. Thus, subject to your approval, a total dividend of Rs.1.77 per share ( Rs.695.58
crore) is proposed to be paid for FY 2022-23 against Rs.1.70 per share ( Rs.668.07 crore)
paid during the previous year.
6. PROGRESS OF PROJECTS (HYDRO & THERMAL)
The progress of the projects of the Company and its subsidiaries are as follows: -
A) PROJECTS UNDER CONSTRUCTION
i) Arun-3 HEP (900 MW):
Arun-3 Hydro Electric Project (4 x 225 MW) is located on River Arun in District
Sankhuwasabha of Eastern Nepal. The Project is run-of- the-river scheme with 4 hours
peaking and is designed to generate 3924 MU energy annually in a 90% dependable year. SJVN
bagged the Project through International Competitive Bidding. Memorandum of Understanding
for the execution of this Project was signed with Government of Nepal (GoN) on 02.03.2008.
The Project was allotted to SJVN on BOOT basis, to be operated by SJVN for 25 years after
the commissioning and thereafter it will be handed over to the Government of Nepal. SJVN
Arun-3 Power Development Company Pvt. Ltd (SAPDC) was registered on 25.04.2013 under
Companies Act of Nepal, 2063 with an aim to plan, promote and execute the Project.
Techno-Economic approval of the Project was accorded by CEA, Government of India (Gol)
on 09.06.2014. Project Development Agreement (PDA) was signed with Investment Board of
Nepal (IBN), GoN on 25.11.2014. As per the PDA, Project is scheduled to be completed
within 5 years reckoned from the financial closure. Financial Closure was achieved on
06.02.2020 for Rs.6,333.48 Crores through consortium of five Indian and two Nepalese banks
with SBI as the lead.
Environment Impact Assessment report of the Project was approved by Ministry of
Science, Technology & Environment, GoN on 12.08.2015. Private land required for the
Project has been registered in the name of SAPDC. Lease agreement for diversion of 96.97
ha forest land was signed on 23.08.2017 and for balance 26.25 ha land lease agreement was
signed on 06.02.2018.
Government of India has accorded investment approval for the Generation component of
the Project at an estimated cost of Rs.5,723.72 Crores at May 2015 price level. Government
of Nepal has issued Generation License on 04.05.2018.
Hon'ble Prime Ministers of India and Nepal jointly laid the foundation stone of this
Project on 11.05.2018. Major works of the Project are divided in four main packages which
have already been awarded and the progress of each of these is discussed as under.
Civil Package- C1 comprising of Civil Works in Dam complex area and 3.1 km Head Race
Tunnel (HRT) was awarded to M/s Jaiprakash Associates Ltd. on 22.09.2017. Work is in
progress at all the fronts. Diversion of River was completed on 01.02.2021. Dam excavation
and concreting is in progress; 99% excavation and 24% concreting has been completed.
Construction of Intake structure is in progress. In HRT, 100% heading, 66% benching and
47% overt lining has been completed.
Civil Package- C2 comprising of Civil Works in Power House and 8.6 km Head Race Tunnel
(HRT) was awarded on 19.03.2018 to M/s Patel Engineering Ltd. All access adits to HRT,
Power House, Pressure Shafts, Machine Hall, Transformer Hall and Butterfly Valve House
have been completed. Excavation of Machine Hall, Transformer Hall, Butterfly Valve House
and Collection Gallery have also been completed. 67% excavation of Surge Shaft and 52%
widening of Pressure shafts has been completed. Excavation and lining of HRT is in
progress; 89% heading, 32% benching and 17% overt lining has been completed. Overall, in
both C-1 and C-2 packages 92% heading, 43% benching and 27% overt lining of HRT have been
completed.
HM Package- C3 was awarded to M/s OM Metals Infra Projects Ltd. on 11.04.2018. Design
and drawings of all major HM components approved and procurement, fabrication and supply
of components is in advance stage.
EM Package- C4 was awarded to M/s BHEL on 30.04.2018. Erection of DT liner in all units
of Machine Hall has been completed. Design and drawings of all major EM components
approved and procurement and supply of components is in progress.
Construction Power: Construction of 33 kV Transmission Line (46 km) for Construction
Power has been completed, line charged and construction power made available at site.
Power Evacuation System ofArun-3 HEP: Power Evacuation system consists of 253 km long
400 kV DC Transmission Line from Diding (Project area) in Nepal through Dhalkebar to
Sitamarhi Substation, India. Nepal portion of 217 km from Arun-3 Power House (Diding) to
Bathnaha (Nepal Border) is being constructed by SAPDC. Government of India accorded
investment approval amounting to Rs.1,236.13 Crores at June, 2017 price level on
08.03.2019 for the Nepal portion of Transmission Line to be constructed by SAPDC.
Government of Nepal has issued Transmission license on
12.02.2019.
MoU has been signed with PGCIL for Project Management consultancy for execution of
Transmission Line stretch in Nepal. Construction work is being carried out through five
packages. All packages i.e. two Tower packages, one Substation package and two Conductor
packages have been awarded and the work is in progress. 49% Tower foundations & 40%
erection of Towers have been completed and balance work is in progress.
ii) Naitwar Mori HEP (60 MW):
Naitwar Mori Hydro Electric Project (60 MW) is located on Tons River, a major tributary
of river Yamuna in Uttarkashi district of Uttarakhand. It is designed as run-of-the-river
Project and has a potential to generate 216 MU energy in a 90% dependable year.
Memorandum of Understanding for execution of Naitwar Mori HEP was signed with the
Government of Uttarakhand (GoUK) on 21.11.2005. Techno-economic approval of the Project
was accorded by CEA, GoI on 02.03.2010. Environment clearance was accorded on 16.06.2016
and Forest clearance Stage-II on 05.08.2016. For diversion of Forest land required for the
Project, lease agreement was signed on 01.12.2017. Investment approval for an estimated
cost of Rs.648.33 Crores was accorded by GoI on 16.10.2017 at December, 2016 price level.
Hon'ble Union Minister of State for Power (Independent Charge) and Hon'ble Chief
Minister of Uttarakhand laid the foundation stone of the Project at Mori on 30.03.2018.
Main works are divided into three packages namely - Civil works (Package-1) i.e. Barrage,
Desilting Tank, Intake and Power Channel, 4.33 km HRT, Surge Shaft, Power House, TRT;
Hydro Mechanical works (Package-2) and Electro Mechanical works (Package-3).
The Project has been substantially completed as on date and is likely to be
commissioned within second quarter of FY 2023-24.
Major Civil Works at all fronts have been completed. 96% Barrage concreting, 99%
Desilting tank concreting, 93% Intake concreting, 99% HRT overt lining and 91% HRT invert
lining has been completed. Concrete lining of Surge Shaft completed and grouting is in
progress. Excavation of both shafts for DT gates, Bus duct in Transformer Hall and lining
of both Draft tubes has also been completed.
Hydro-Mechanical works package was awarded on 18.04.2018 to M/s GMW Private Ltd.
Approval of design and drawings have been accorded. Major supplies for HM components have
been received at site and supply of remaining components is in progress. Erection of
Radial gates along with hoisting arrangement in all 3 bays of Barrage completed. All 4
Bonnet Gates for SFT have been placed, TRT outfall gate and both Draft Tube gates have
been erected. Erection of Pressure shaft Steel liner is in progress and 98% ferrules stand
erected.
Electro-Mechanical works package was awarded on 11.06.2018 to M/s Voith Hydro
Private Ltd. All major EM components have been received at site. EOT Crane was made
available on 04.01.2022 and is functional. Boxing-up of Unit-1 completed on 14.10.2022 and
Boxing-up of Unit-2 is in progress.
Power Evacuation System of NMHEP: LoA for construction of 220 kV Transmission line
from NMHEP Switchyard to HPPTCL network at Snail was issued to M/s KEC International Ltd.
on 30.04.2021. All the works of Transmission line (except LILO) has been completed.
iii) Buxar Thermal Power Project (1320 MW):
MOU was signed between SJVN, Bihar State Power Holding Company Limited and Bihar Power
Infrastructure Company for the development of 1320 MW Thermal Power Project at village
Chausa in District Buxar of Bihar on 17.01.2013. SJVN acquired the Project executing
Company Buxar Bijlee Company Private Limited on 04.07.2013. The name of Buxar Bijlee
Company Private Limited was changed to SJVN Thermal Private Limited (STPL), a wholly owned
subsidiary company of SJVN Limited on 17.10.2013.
Investment approval for carrying out pre-construction activities of the Project
amounting to '436.68 Crores was accorded by Gol on 26.05.2015. MoEF&CC accorded
Environment Clearance on 28.02.2017. 1058.33 acre land for Project components was
transferred in the name of STPL on 12.12.2017. Consent to Establish (NOC) was granted by
Bihar State Pollution Control Board on 03.09.2019.
CCEA accorded investment approval of Main Plant works on 08.03.2019 amounting to
'10,439.09 Crores. Foundation stone for the Project was laid by Hon'ble Prime Minister of
India on 09.03.2019.
Main Plant works: Single EPC package was awarded to M/s L&T on 22.06.2019 and
construction activities are in progress. Area grading work in Main Plant area is in
progress, 82% excavation and 81% filling has been completed. 78% erection for Boiler-I and
52% erection for Boiler-II has been completed. Structure erection work of Boiler-I &
II, ESP-I & II, STG I & II, DM plant and CHP system is in progress. Chimney outer
shell concreting has been completed and flue can fabrication is in progress.
Rail Infrastructure: The DPR for Rail infrastructure was approved by East Central
Railway (ECR), Hazipur on 05.09.2019. For Coal linkage, Amrapali and Magadh coal blocks
have been identified as source by Central Coalfields Ltd. (CCL) and Fuel supply agreement
was signed with Central Coalfields Ltd on 27.07.2021. Work is divided into seven packages
out of which 4 packages (Package- 1 to 4) have been awarded and tendering work for
remaining packages is in process. Supply of Rails (Package-1) and PSC Sleepers (Package-2)
has been completed. Railway infra works inside Plant (Package-3) and Civil works outside
plant (Package-4) are also in progress.
Power Evacuation System: Power Purchase Agreement (PPA) for the Project was signed
with Bihar State Electricity Board (later Bihar State Power Holding Company Limited,
BSPHCL) for 85% share of Power at bus bar rate. PPA (supplementary agreement) signed with
BSPHCL on 09.04.2021 for construction of Transmission Lines for Power evacuation. Grant of
Connectivity for Power Transmission from Buxar TPP was accorded by Bihar State Power
Transmission Company Ltd. (BSPTCL) on 11.03.2022. Connectivity agreement was signed on
03.02.2023. Power evacuation system is divided into four Transmission Line packages. LoA
for all four lines has been issued by BSPTCL. Tower foundation and erection work is in
progress. 98% tower foundations have been completed and 96% towers have been erected.
Work for construction power i.e. construction of 33 kV line & 33 kV/11 kV
sub-station has been completed and line is charged.
iv) Luhri HEP STAGE-1 (210 MW):
Luhri Hydro Electric Project Stage-1 is a Run-of-the-River (RoR) scheme with installed
capacity of 210 MW, located on river Satluj, near village Nirath spread over Shimla and
Kullu Districts of Himachal Pradesh. The project will generate 758 MU of electric energy
in a 90% dependable year. MOU for execution of the project was signed with Govt. of
Himachal Pradesh on 25.09.2019.
Investment approval amounting to Rs.1810.56 Cr for main works accorded on 20.11.2020
with completion period of 62 months from the date of investment approval. Foundation
stones laid by Hon'ble Prime Minister of India on 27.12.2021. Financial closure of the
project has been achieved on 28.02.2022 and agreement signed with State Bank of India.
Main Civil & HM works package was awarded on 24.11.2020 to M/s Luhri Hydro Power
Consortium and works at various fronts are in full swing. River diverted on 25.06.2022 and
construction of Coffer Dam has been completed. Dam excavation in right bank, left bank and
River bed is in progress and 54% completed. Concreting in dam block no. 10,11,12 and 13
has also been started. Excavation of Power House up to Service Bay & raft concreting
completed and further works for excavation up to unit pits & concreting of columns and
beams are in progress. Excavation of Tail Race Channel is in progress and 66% work
completed. Construction of flood protection wall is in progress. Erection of permanent
steel truss bridge (84m) for river crossing is also in progress.
EM package was awarded to M/s Voith Hydro Pvt. Ltd. on
16.07.2021. Manufacturing of draft tube liner for unit-1 (Main) and unit-3 (Auxiliary)
completed. Manufacturing of other EM Components is in progress.
Realignment work of NH-5 (1.36 km) has been completed on
28.02.2023 through HPPWD and left bank stripping for dam abutment has been taken up by
contractor from 04.03.2023.
For Power Evacuation work for construction of 220 kV Transmission Line from switchyard
to common pooling station (ISTS network) awarded on 06.07.2022. Detailed survey completed
and public
notice in Govt. of India Gazette u/s 164 of Electricity Act, 2023 has been published.
Cases for acquisition of private land and diversion of forest land are being processed.
v) Dhaulasidh HEP (66 MW):
Dhaulasidh Hydro Electric Project with installed capacity of 66 MW is located on river
Beas, in Hamirpur and Kangra districts of Himachal Pradesh. The Project is a
run-of-the-river scheme and will generate 304 MUs of electric energy in a 90% dependable
year. MOU was signed with Govt. of Himachal Pradesh on 25.09.2019.
Investment approval amounting to Rs.687.97 Cr for main works accorded on 01.10.2020
with completion period of 54 months from the date of commencement of construction works.
Foundation stone laid by Hon'ble Prime Minister of India on 27.12.2021. Financial closure
of the project was achieved on 18.04.2022 and agreement signed with H.P. State Cooperative
bank.
Main Civil & HM works package was awarded to M/s Rithwik Projects Pvt. Ltd.,
Hyderabad on 06.05.2021. River diverted on 15.02.2022 and construction of Coffer Dam has
been completed. Excavation for all the project components i.e. Dam, Power House and Tail
Race Channel has been completed in all respect. Dam concreting in Block no. 4, 5 and 6 is
in progress. Concreting in Power house started on 28.02.2023. Work for construction of
flood protection wall is also in progress.
EM package for main works awarded to M/s Voith Hydro Pvt. Ltd. on 19.01.2022. Power
house layout approved on 04.08.2022. Fabrication of draft tube liners for both units has
been completed. Design and fabrication of balance components is in progress. Work for
supply and erection of EOT crane has been awarded on 01.04.2023. Design and drawings have
been approved and manufacturing is in progress.
3616 kanal private land required for project has been directly purchased from land
owners while 2301 kanal of Govt. land is proposed to be taken on lease basis and the same
is under process of approval with GoHP.
For Power Evacuation, work for construction of 17.2 km Transmission Line from
switchyard to HPPTCL network in Alampur awarded on
14.06.2022. Detailed survey completed and cases for acquisition of private land and
diversion of forest land are being processed.
vi) Sunni Dam HEP (382 MW):
Sunni Dam HEP is a run-of-the-river (RoR) scheme on river Satluj located near Khaira
village in Shimla and Mandi districts of Himachal Pradesh. The Project will generate 1382
MU of energy in a 90% dependable year. Govt. of H.P. re-allotted the project on
"Stand Alone Basis" to SJVN on 29.08.2017. MOU was signed with Govt. of Himachal
Pradesh on 25.09.2019. Ground breaking ceremony of the project was presided over by
Hon'ble Prime Minister of India on
27.12.2021.
After obtaining all statutory clearances, investment approval amounting to Rs.2614.51
Cr accorded by GoI on 12.01.2023 with completion period of 63 months from the date of CCEA
approval.
EPC package for main Civil & HM works has been awarded to M/s Rithwik Projects
Private Limited on 14.01.2023. Initial mobilisation of manpower and machinery has been
completed by the Contractor. Topographical survey work completed on 19.02.2023.
Construction of approach road to adit of Diversion Tunnel & portal excavation has also
been completed. Excavation of Adit to Diversion Tunnel is in progress.
Various infrastructure works i.e. approach roads on left & right banks and
double-lane steel truss bridge over river Satluj were
awarded well before the award of main Civil & HM works to facilitate main works and
execution of the same is in full swing. Construction power for initial requirement has
been made available at site, while for peak requirement, work of 22 kV line from HPSEB's
substation at Gumma to dam site through HPSEB Ltd. is in progress.
For acquisition of private land as required, notification under Section-11 of LARR Act
was issued by GoHP on 19.01.2021. R&R plans for both Mandi and Shimla districts have
been approved on
25.03.2023 and 28.03.2023 respectively and R&R cost has been deposited with
District Administration for disbursement.
For power evacuation, location of common pooling station at village Ogli has also been
finalised with CTU/CEA. Land required for transmission line up to common pooling station
has been identified.
B) PROJECTS UNDER PRE-CONSTRUCTION, SURVEY & INVESTIGATION STAGES:
i) Lower Arun HEP (669 MW), Nepal:
Lower Arun HEP was allotted to SJVN by Govt. of Nepal with an installed capacity of 679
MW on 04.02.2021. The project is located in the Sankhuwasabha and Bhojpur districts of
Eastern Nepal on river Arun, d/s of existing Arun-3 HEP (900 MW) which is under
construction by SAPDC (wholly owned subsidiary of SJVN). The project is envisaged to be
operated in Tandem with Arun-3 HEP.
Investment approval for Rs.74.60 Cr for pre-construction activities of the project was
accorded by GoI on 02.03.2022. DPR of the project has been approved by IBN, GoN on
31.03.2022. Techno-Economic Appraisal of the Project has also been accorded by CEA on
31.10. 2022. Project Development Agreement (PDA) to be signed with IBN, GoN is under
finalization.
For investment approval, revised PIB Memo has been submitted by MoP to DoE on
02.05.2023 for convening PIB meeting. Tender documents for major works of the project are
being finalised.
ii) Luhri HEP STAGE-2 (228 MW):
Luhri HEP Stage-2 is a Run-of-the-River (RoR) scheme proposed on river Satluj near
village Nanj, in Shimla, Kullu and Mandi districts of Himachal Pradesh. Govt. of H.P.
re-allotted the project on "Stand Alone Basis" to SJVN on 29.08.2017. Investment
approval for carrying out construction activities amounting to Rs.72.478 Cr has been
approved by GoI on 16.03.2018. MOU was signed with GoHP on 25.09.2019.
The project is in pre-DPR stage. After preliminary studies, a scheme in tandem
operation with upstream Luhri HEP Stage-1 has been identified with an installed capacity
of 228 MW and layout of the scheme submitted to CWC/CEA for approval.
iii) Devsari HEP (194 MW):
Devsari HEP is a Run-of-the-River (RoR) scheme located on river Pinder, a major
tributary of river Alaknanda in district Chamoli of Uttarakhand. DPR with 252 MW installed
capacity was concurred by CEA on 07.08.2012.
As per revised e-flows notified by MoJS, GoI on 09.10.2018, DPR of the project is being
revised and capacity reworked from 252 MW to 194 MW. However, all S&I work required
for revision of DPR are on hold in compliance to Ministry of Power letter dated 06.07.2021
due to stay ordered by Hon'ble Supreme Court of India for HEPs in Uttarakhand. Matter has
been taken up with MoP/ MoJS and PMO to consider the project for development.
Forest clearance stage-1 was accorded by MOEF&CC on 26.02.2018 with conditions.
Environmental Clearance was
recommended by EAC on 27.03.2018 subject to certain conditions applicable for FC
stage-1. For acquisition of private land, award has been issued by DM, Chamoli on
10.07.2019 and compensation amount deposited with District Administration.
iv) Jakhol Sankri HEP (44 MW):
Jakhol Sankri HEP with proposed installed capacity of 44 MW is located on River Supin,
a tributary of River Tons in Uttarkashi District of Uttarakhand. The project is designed
as run-of-the-river project and will generate 166 MU of annual energy. Investment approval
for carrying out pre-construction activities has been accorded by GoI at an estimated cost
of Rs.84.50 Cr. on 15.09.2017.
TEC of DPR issued by GoUk on 03.06.2019. Environmental clearance was recommended by
EAC, MoEF on 26.12.2019. Proposal for forest Clearance Stage-1 after recommendation from
REC, MoEF&CC has been submitted to MoEF&CC on 19.01.2022. For private land
acquisition, R&R plan approved by Commissioner, Garhwal on 15.06.2021 and land
compensation is under finalization.
In order to keep the tariff of power to be generated from the project within acceptable
limits, GoUk was pursued to extend certain concessions in terms of taxation and free power
etc. Concessions to make the hydro power projects viable have been granted by GoUk on
17.02.2023, however, the project cost/tariff is still on higher side. Consultant has been
hired on 25.04.2023 to optimize the project components to make it commercially viable. The
report is awaited for further progress.
v) Jangi Thopan Powari HEP (804 MW):
Jangi Thopan Powari HEP is located on river Satluj in Distt. Kinnaur of Himachal
Pradesh. The project with installed capacity of 780 MW was allotted by GoHP on 24.11.2018
and MoU signed on
25.09.2019. Investment approval for carrying out pre-construction activities of project
has been accorded by GoI at an estimated cost of Rs.93.24 Cr. on 20.05.2021.
Project is under S&I stage. After preliminary studies, capacity of project has been
proposed to be enhanced to 804 MW.
Drilling and drift works were awarded on 26.02.2021 and 17.03.2021 respectively.
However, S&I work were stopped by locals w.e.f.
04.04.2021. A Communication Plan has been prepared and is being implemented in the
project affected areas under which various activities are being carried out for
sensitization of locals about project benefits. Simultaneously, alternative project
scheme/layout proposing modifications such as possibility of Dam-Toe Power House, use of
TBM for HRT etc. are also being explored to address the concerns of local public.
vi) Reoli-Dugli HEP (456 MW):
Reoli Dugli HEP is a run-of-the-river project proposed to harness the hydel potential
of river Chenab in the Lahaul-Spiti district of Himachal Pradesh. GoHP allotted the
project to SJVN with capacity of 430 MW on 23.10.2019. Template MoU was signed with GoHP
on 06.11.2019. After feasibility studies, capacity of the project enhanced to 456 MW. DPR
of the project was submitted to CEA/ CWC on 28.12.2021. Additional investigations
suggested by GSI/ CWC are in progress.
For diversion of forest land, case has been submitted to MoEF&CC on 31.03.2022.
Identification of land for Compensatory Afforestation area and Tree enumeration is in
progress. EIA/EMP report and CAT plan are under finalisation.
Investment approval for pre-construction activities amounting to Rs.79.69 Crore has
been approved by MoP on 20.12.2022.
vii) Purthi HEP (234 MW):
GoHP allotted the project with capacity of 210 MW in Chenab basin on 09.08.2019 and
Template MoU was signed with GoHP on
25.09.2019.
Project is in pre-DPR stage. 1st consultation meeting was held in CEA on
20.10.2020. After preliminary studies, capacity of project has been enhanced to 234 MW.
Drilling and drift works for geotechnical investigations were awarded, however, same have
been stopped by locals w.e.f. 04.09.2022. Matter has been taken up with
Administration/locals.
ToR of the project has been approved by MoEF&CC on 26.03.2021. EIA/ EMP report and
CAT plan are under preparation. Investment approval for pre-construction activities
amounting to Rs.78.25 crore has been approved by MoP on 14.12.2022.
viii) Bardang HEP (166 MW):
GoHP allotted the project with capacity of 138 MW in Chenab basin on 09.08.2019 and
Template MoU signed with GoHP on 25.09.2019.
Project is in pre-DPR stage. 1st consultation meeting held with CEA on
06.11.2020. After preliminary studies, capacity of project has been revised to 166 MW.
Drift works completed on 09.02.2023 and drilling works are in progress.
ToR of the project has been approved by MoEF&CC on 26.03.2021. EIA/ EMP report and
CAT plan are under preparation.
ix) Sach Khas HEP (287 MW):
Sach Khas HEP is a run of the river project proposed to harness the hydel potential of
river Chenab in Chamba district of Himachal Pradesh. GoHP allotted the project with
capacity of 267 MW on
05.01.2021.
Project is in pre-DPR stage. 1st consultation meeting held on
06.01.2022. After investigation, capacity of project revised to 287 MW. Drilling and
drift works for geotechnical investigations are in progress.
ToR of the project approved by MoEF&CC on 04.03.2022. EIA/EMP report and CAT plan
are under preparation.
x) Tandi Rashil HEP (268 MW):
Tandi HEP and Rashil HEP were allotted by GoHP with capacity of 104 MW and 130 MW
respectively in Chenab basin on 05.01.2021. After preliminary studies, a single scheme of
268 MW Tandi-Rashil HEP has been proposed and same was approved by GoHP on
02.07.2022.
The project considered by CEA on 25.07.2022. Project is in pre- DPR stage and
Consultant for Environment studies is being hired.
xi) Tindi SHEP (4.4 MW):
Tindi hydroelectric project is a run-of-the-river scheme located on Harsar nala, a
tributary of river Chandrabhaga near village Tindi, in District Lahaul & Spiti of
Himachal Pradesh. DPR of the project has been submitted to GoHP/Himurja on 31.08.2022 for
approval.
xii) Chhoo SHEP (3.5 MW):
Chhoo SHEP is a run-of- the -river scheme on Mujar nallah, a tributary of Chenab River.
DPR of the project is under preparation.
xiii) Arun-4 HEP (490 MW), Nepal:
Arun-4 HEP is a run-of-the-river scheme proposed to harness the hydel potential of
river Arun in Nepal with an annual generation of 2758 MU. For the development of the
project in a Joint Venture, a
Memorandum of Understanding has been signed between SJVN and Nepal Electricity
Authority (NEA), in the esteemed presence of Hon'ble Prime Ministers of India &
Hon'ble Prime Minister of Nepal at Lumbini, Nepal on 16.05.2022.
Project registered with CEA on 08.07.2022. Inception report of the project has also
been submitted to NEA, GoN on 23.11.2022.
Investment approval for pre-construction activities amounting to Rs.41.36 crore has
been approved by MoP on 30.12.2022.
xiv) Hydro Power Projects in Arunachal Pradesh:
Ministry of Power, GoI has indicated basin-wise identification of projects in Arunachal
Pradesh to the Hydro CPSUs, wherein 5 projects (Emini-500 MW, Amulin - 420 MW,
Mihumdon-400 MW, Etalin-3097 MW and Attunli-680 MW) with a total installed capacity of
5097 MW were indicated to SJVN in the Dibang basin of Arunachal Pradesh.
Emini (500 MW), Amulin (420 MW) and Mihumdon (400 MW) HEPs: Projects have been
approved for allotment to SJVN by GoAP Cabinet on 10.01.2023. MoAs for development of the
projects are under finalisation with GoAP.
Etalin (3097 MW) and Attunli (680 MW) HEPs: Projects were initially allotted to M/s
Jindal Power Ltd. by GoAP and DPRs of these two projects were approved by CEA. Signing of
agreements is under finalisation with GoAP.
Oju HEP (1878 MW): Oju Subansiri Hydro Power Corporation Pvt. Ltd invited an EOI
for joint execution of Oju HEP (1878 MW) located in Upper Subansiri district of Arunachal
Pradesh. MoU for development of the Project signed with M/s Navyuga Engineering Company
Limited and Oju Subansiri Hydro Power Corporation Pvt. Ltd. on 31.01.2023. Concurrence of
NITI Aayog and DIPAM for development of the project is under process.
xv) Pumped Storage Projects:
Ministry of Power on 06.04.2022 has indicated 10 PSPs to SJVN with an estimated
capacity of 13950 MW and spread across four states which were further revised to 11
projects with estimated capacity of 12745 MW on 08.08.2022. After initial studies, total
potential worked out as 12790 MW with 10 projects.
PFRs of Jalvara PSP (2220 MW) falling in Maharashtra & Karnataka and Sadda
PSP (180 MW) falling in Himachal Pradesh have been submitted to CEA on 28.12.2022 for
registration /listing of the projects. Matter has been taken up with respective states for
allotment of the projects.
There are Wildlife Sanctuary issues in 04 projects i.e. Chornai PSP, Kolmondapada
PSP, Sidgarh PSP and Baitarni PSPs, while PFRs of balance four PSPs i.e. Chera
Khad, Dhurmu and Purthi & Sach Khas PSPs located in the state of Himachal Pradesh
and Daizo Lui PSP in Mizoram are under finalization.
In addition to above, some PSPs in Maharashtra and Bihar are also being explored. Four
PSPs i.e. Telharkund PSP, Sinafdar PSP, Panchgotia PSP and Hathiadah-Durgawati PSP in
Kaimur district of Bihar have been identified for further survey & investigation.
Requests letter have been sent to Eastern Coalfields Limited, Western Coalfields Ltd
and South eastern Coalfield Limited on 05.12.2022 for identification of abandoned coal
mines for developing PSPs.
7. PROGRESS OF PROJECTS (RENEWABLE ENERGY)
SJVN is fast expanding its foot prints in the field of Renewables and aims for adding 1
to 1.5 GW Capacity on annual basis. In order to
give a thrust to its renewable endeavours, SJVN has registered a Wholly owned
Subsidiary namely "SJVN Green Energy Limited" on 30.03.2022.
The Renewable portfolio at present stands at 4.25 GW which includes Operational (178.2
MW), Construction (1500 MW), Pre-Construction (1296 MW) and S&I (1280 MW).
A. PROJECTS UNDER OPERATION (178.2 MW)
i) Charanka Solar Power Station
SJVN's 5.6 MW Charanka Solar Power Station has been commissioned on 31.03.2017. The
project is located at Charanka Solar Park in Gujarat in an area of about 25.95 Acres. The
project has been conceived under REC Mechanism and the PPA for brown power has been signed
with GUVNL on 03.03.2017. Total 5051 RECs (Renewable Energy Certificates) have been traded
in FY 2022-23 and on cumulative basis 38356 RECs. The project has generated 8.751 MUs in
the FY 2022-23.
ii) Khirwire Wind Power Station
SJVN has set up its first Wind Power Project of 47.6 MW capacity at Khirwire /
Kombhalne villages of Ahmednagar district of state of Maharashtra. The Project comprises
56 Wind Energy Generators (WEGs) each of capacity 0.85 MW. The project started generation
w.e.f. 20th January 2014, with the commissioning of 1st lot of 25
WEGs and attained full generation capacity by commissioning the last 56th WEG
on 20.05.2014. The project has been registered with IREDA for availing Generation Based
Incentive @ Rs.0.50 / kWh with a cap of Rs.1 Crore per MW. Total energy Generation from
the plant for FY 2022-23 was 50.976 MU.
iii) Sadla Wind Power Project
SJVN has successfully commissioned its second Wind Power Project of 50 MW capacity,
comprising 25 WEGs each of capacity 2 MW at village Sadla, Distt. Surendranagar, Gujarat.
PPA was signed with Gujarat Urja Vikas Nigam Limited for 38 MW on 30.01.2018 and for
balance 12 MW on 30.03.2019. The project has been fully commissioned on 18.04.2019. Total
92.780 MU had been generated in FY 2022-23.
iv) Parasan Solar Park Project
Parasan Solar Park Project of 75 MW capacity was bagged through Open Competitive
Bidding conducted by Uttar Pradesh New & Renewable Energy Development Agency (UPNEDA)
on 17.05.2021 and PPA was signed with UPPCL at a tariff of INR 2.68 per unit. The annual
design energy for the project is 168.34 MU with a CUF 25.6. The EPC work was awarded to
M/s Solar World Energy Solution Pvt Limited. The project was commissioned and came into
operation on
22.11.2022. Total energy generation of 50.886 MU was achieved during FY 2022-23.
B. PROJECTS UNDER CONSTRUCTION (1500 MW)
Presently, SJVN Ltd has eight solar power projects under construction with total
capacity of 1500 MW located in Uttar Pradesh, Rajasthan, Gujarat, Madhya Pradesh, Punjab
and Himachal Pradesh. The details of the projects are listed below:
i) 70 MW Bagodra Solar Power Project
Bagodra Solar Park Project of 70 MW capacity was bagged through Open Competitive
Bidding conducted by Gujarat Urja Vikas Nigam Limited on 26.03.2021. PPA was signed with
GUVNL at tariff of INR 2.21 per unit. The EPC was awarded to M/s Refex Energy Limited. The
project is in construction stage and is likely to be commissioned by October 2023.
ii) 1000 MW Bikaner Solar Power Project under CPSU Scheme
SJVN during the month of September 2021 bagged 1000 MW Solar Project at a tariff of INR
2.57/Unit (maximum) and a Viability Gap Funding (VGF) of 44.72 Lakh/MW through competitive
bidding under the CPSU Scheme. The EPC was awarded to M/s TATA Power Solar System Limited.
The project is in construction stage and is likely to be commissioned by February 2024.
iii) 75 MW Gurhah Solar Power Project
SJVN through competitive bidding conducted by Uttar Pradesh New & Renewable Energy
Development Agency (UPNEDA) bagged 75 MW Solar Power Projects. PPA has been signed with
UPPCL at a tariff of INR 2.98/Unit. The EPC work was awarded to M/s Solar World Energy
Solution Pvt Limited. The project is in construction stage and is likely to be
commissioned by November, 2023.
iv) 50 MW Gujrai Solar Power Project
SJVN through competitive bidding conducted by Uttar Pradesh New & Renewable Energy
Development Agency (UPNEDA) bagged 50 MW Solar Power Projects. PPA has been signed with
UPPCL at a tariff of INR 2.98/Unit. The EPC work was awarded to M/s Solar World Energy
Solution Pvt. Limited. The project is in construction stage and is likely to be
commissioned by November, 2023.
v) 100 MW Raghanesda Solar Project
SJVN through Open Competitive Bidding conducted by Gujarat Urja Vikas Nigam Limited
(GUVNL) bagged 100 MW Solar Power Project to be developed in Raghanesda Solar Park in
Gujarat. PPA has been signed with GUVNL at a tariff of INR 2.64/Unit. Award has been
placed on 03.08.2022. Project is to be commissioned by December, 2023.
vi) 100 MW Punjab Solar Project
SJVN through Open Competitive Bidding conducted by Punjab State Power Corporation
Limited (PSPCL) bagged 100 MW Floating Solar Project in Punjab. PPA has been signed with
PSPCL at a tariff of INR 2.65/Unit. Award has been placed upon M/s BVG India Limited on
21.03.2023. Project is to be commissioned by March, 2024.
vii) 15 MW Nangal FSP
Award has been placed to M/s Hartek Solar Pvt. Limited on
24.03.2023 for construction of 15 MW floating SPP in the catchment area of BBMB DAM at
Nangal. Project is to be commissioned by March, 2024. PPA has been signed with BBMB on
23.12.2022 at a tariff of INR 3.26/Unit.
viii) 90 MW Omkareshwar Floating Solar Project
SJVN through Open Competitive Bidding conducted by Rewa Ultra Mega Solar ltd. (RUMSL)
bagged 90 MW Floating Solar Project at Indira Dam, Omkareshwar, Madhya Pradesh. PPA signed
with MPPMCL on 04.08.2022 at a tariff of INR 3.26/Unit. Award has been placed to M/s
Larsen & Toubro Limited on 29.11.2022. Project is to be commissioned by February,
2024.
C. PROJECTS UNDER PRE-CONSTRUCTION STAGE (1296 MW)
Following solar projects are under pre construction stage:
I. 125 MW Jamui Solar Project in Bihar.
II. 75 MW Banka Solar Project in Bihar.
III. 100 MW Gujarat SPP (Phase -XII) in Gujarat.
IV. 260 MW Gujarat SPP (Phase -XIV) in Gujarat.
V. 113 MW Solar Projects in Himachal Pradesh.
VI. 18 MW BBMB Solar Project
VII. 200 MW Maharashtra SPP (MSEDCL Phase VII) in Maharashtra.
VIII. 105 MW Maharashtra FSPV (Mahagenco) in Maharashtra
IX. 200 MW Maharashtra SPP (MSEDCL Phase IX) in Maharashtra
X. 100 MW SECI WPP (Tranche XIII).
8. POWER TRADING BUSINESS AND LICENSE
SJVN has ventured into power trading business as part of its business expansion and
diversification plan and has obtained Category-I license from CERC for interstate trading
of electricity in whole of India in the year 2022. SJVN is registered at DEPP (Discover of
Efficient Electricity Price) e-bidding portal and has obtained trader membership in Indian
Energy Exhange (IEX). During the FY 2022-23, Company had traded energy of 0.3 MUs with
turnover of Rs.16,89,000
9. SUBSIDIARIES AND JOINT VENTURE COMPANIES
A) SUBSIDIARY COMPANIES:
Company has three wholly owned subsidiary companies as on
31.03.2023. The details of the subsidiaries are as under:
1. SJVN Thermal Pvt. Ltd.
SJVN Thermal Pvt. Ltd (STPL) (earlier, Buxar Bijlee Company Private Limited) has been
acquired as 100% subsidiary company of SJVN Ltd on 04.07.2013. The Company has taken up
the development of 1320 MW Coal based Thermal Power Project located near village Chausa in
District Buxar of Bihar. The cumulative expenditure incurred up to 31.03.2023 is
Rs.7446.67 Cr. The paid-up share capital as on 31.03.2023 is Rs.2511.68 Cr. (previous
year: Rs.2511.68 Cr).
2. SJVN Arun-3 Power Development Company Pvt. Ltd.
SJVN Arun-3 Power Development Company Pvt. Ltd. (SAPDC) was incorporated in Nepal as a
wholly owned subsidiary company of SJVN Ltd on 25.04.2013. The company has been formed to
execute the 900 MW Arun-3 Hydro Electric Project in Nepal. This project is situated on
river Arun in Sankhuwasabha District of Nepal. The cumulative expenditure incurred up to
31.03.2023 is Rs.4166.76 Cr. The paid-up share capital as on 31.03.2022 is Rs.2105.41 Cr
(previous year: Rs.2105.41 Cr).
3. SJVN Green Energy Limited (SGEL)
SJVN Green Energy Limited (SGEL) has been incorporated as a wholly owned subsidiary
company of SJVN Ltd on 30.03.2022 with its registered office at Shimla, Himachal Pradesh.
SGEL shall work in the verticals of power generation from renewable sources such as Solar,
Wind & Hybrid Projects, Battery Energy Storage system, Biomass, small Hydro and Green
Hydrogen based business ventures.
B) JOINT VENTURES:
SJVN has one joint venture as on 31.03.2023. The details of the Joint Venture are as
under:
Cross Border Power Transmission Company Limited:
Cross Border Power Transmission Company Limited (CPTC) is a joint venture of SJVN Ltd.
with IL&FS Energy Development Company Ltd. (IEDCL), Power Grid Corporation of India
Ltd.
(PGCIL) and Nepal Electricity Authority (NEA) for implementation of Indian portion of
the transmission line from Nepal. Equity contributions by SJVN, PGCIL, IEDCL & NEA are
26%, 26%, 38% & 10% respectively in the Joint Venture Company. SJVN has invested
Rs.12.61 Cr. as on 31.03.2023 in the joint venture. Transmission line is under operation
since February 2016.
Note: Kholongchhu Hydro Energy Limited (KHEL) is a joint Venture Company formed on
12.06.2015 registered under the Companies Act of Bhutan. The JV was formed between SJVN
and DGPC for construction and operation of 600 MW KHEP in Bhutan with 50:50 equity
participation. SJVN had infused an equity contribution of INR 240 Cr towards project
execution till FY 2022-23. Considering the frequent delays in the decision making in the
JV due to no clear voting rights for either party in the JV, a bilateral meeting was held
between the two Govts. at Thimphu, Bhutan on Oct 31, 2022. Pursuant to the discussions
held during the aforesaid meeting and as desired by RGoB, the proposal for taking over of
the shareholding of SJVN in KHEL by DGPC was accepted by the two Govts. In line with the
mutually agreed terms & conditions, entire shareholding of SJVN in KHEL was taken over
by DGPC against payment of INR 354.71 Crore, received on 19.01.2023. Nomination of SJVN
Directors from the Board of KHEL has been withdrawn w.e.f. 24.01.2023.
10. ENVIRONMENT
SJVN is aware of its obligation to conserve and protect the environment. SJVN strictly
adheres to all policies and guidelines of the Ministry of Environment, Forest and Climate
Change (MoEF&CC), Govt. of India (GoI) concerning identification and mitigation of
environmental impacts of projects. To achieve sustainable development, studies like
Environmental Impact Assessment (EIA) and Environment Management Plan (EMP), which are a
part of the Comprehensive Environmental Impact Assessment Study, are carried out through
highly reputed organizations/NABET accredited-consultants. All environmental aspects are
suitably addressed in the Environment Impact Assessment. Accordingly, an Environment
Management Plan is prepared and suitable measures are adopted to negate any adverse impact
on the environment and ecology during construction and operation stages. Every care is
taken to implement and abide by the laws of the land in respect of the environment and
ecological safeguards.
SJVN has also been in consonance with "Mission Life" launched by MoEF&CC
and is striving to achieve its aims. SJVN commits to saving energy and water, reducing
plastic waste and avoiding single-use plastics, adopting sustainable food systems,
reducing waste and e-waste and encouraging employees for adopting healthy lifestyles.
SJVN has two hydro power stations, viz 1500 MW Nathpa Jhakri Hydro Power Station
(NJHPS) and 412 MW Rampur Hydropower Station (RHPS) in Himachal Pradesh which are under
operation wherein management measures such as Catchment Area Treatment (CAT), Compensatory
Afforestation (CA), Muck Management, Restoration of muck disposal sites, quarry sites and
construction areas, Green Belt Development, Biodiversity Management, Fisheries Management,
etc. were successfully undertaken. Regular environmental monitoring is done at SJVN
projects and six- monthly compliance reports of Environment Clearance are sent to
MoEF&CC and other concerned authorities
SJVN has three hydroelectric projects in construction stage in Himachal Pradesh - 210
MW Luhri Stage-I HEP, 66 MW Dhaulasidh HEP and 382 MW Sunni Dam HEP and one project 60 MW
Naitwar Mori HEP in Uttarakhand, which is poised for commissioning shortly.
At Luhri Stage-I HEP, Environment Management Plan amounting to
' 148.60 crores along with a Corporate Environment Responsibility (CER) plan amounting
to Rs.8.6 crores) is being implemented. Various Environment Management measures taken at
project sites are as follows:
An amount of Rs.80.43 lakh has been utilized in construction of Drinking Water
Supply Scheme in Nirath.
Under Fisheries Management plan, an amount of Rs.30 lakhs have been utilized in
construction of fish landing centre in Kol- dam Reservoir at Sunni by HP Fisheries
Department.
An amount of Rs.12.5 lakh has been sanctioned for construction of stage at
Government Sr. Secondary School, Neether, District Kullu and Rs.5.0 lakh has been
sanctioned for construction of play ground in Government Primary School, Koel.
For PHCs of Neether, Koel, Nirath and Shamathala an amount of Rs.6.90 lakh has
been issued for purchase of first aid and other items to provide medical treatment to
locals.
At Dhaulasidh HEP, Environment Management Plan amounting to Rs.34.14 crores are being
implemented. Environment Management System (ISO 14001:2015) is also being implemented to
maintain the sustainability.
This year 170 nos. solar lights and 10 nos. high mast solar lights have been installed
in Hamirpur, Kangra and Mandi districts to save the energy.
For effective Solid Waste Management, 2 STPs in the project site and 1 STP near office
building, Bachelor accommodation area have been installed.
Sunni Dam HEP, is in early stages of construction. An amount of Rs.305.46 cr. has been
kept for implementation of various Management measures proposed in Environment Management
Plan.
In Uttarakhand, 60 MW Naitwar Mori Hydroelectric Project, which is located on Tons
River in Uttarkashi Districts is in advance stage of construction.
An amount of '45.44 crores have been spent so far against a financial provision of
Rs.32.48 crores on implementation of various environmental management measures, which were
also appreciated by Government officials during the last Multi-disciplinary Committee
(MDC) meeting. The details have been briefly brought out below:
For the implementation of the CAT plan, Rs.12.96 Crores have been deposited
against the CAMPA fund. An amount of about Rs.1.41 cr have been utilized by Uttarakhand
Forest Department against implementation of CAT Plan till date.
As part of the diversion of forest land, Compensatory Afforestation (CA) over
80.00 ha of civil soyam and forest land has been carried out for which out of Rs.1.84
crores deposited in CAMPA fund, an amount of Rs.76.67 lakh have been spent so far against
CA works by Forest Department.
Biodiversity Conservation and Management Plan has been prepared by the State
Forest Department, against which an amount of Rs.43 lakhs have been deposited by SJVN with
the Uttarakhand Forest Department. An amount of about '18.60 lakh have been spent so far
against Biodiversity Conservation and Management Plan by the Uttarakhand Forest
Department.
Under the Fisheries Management Plan, a fish pass, for migratory fish species in
the river, is proposed. SJVN has engaged Central Inland Fisheries Research Institute
(CIFRI), Barrakpore, West Bengal who has vetted the design parameters for an effective and
sustainable fish pass.
Muck management is being implemented as per the MoEF&CC guidelines.
To avoid landslides and soil erosion, Reservoir Rim Treatment Plan is being
implemented.
Noise levels, ambient air quality and water of the project area are being
regularly monitored by Pollution Control Research Institute, BHEL at Haridwar. The
monitored data shows reportable values below the permissible limits defined by regulatory
bodies. Further, all high noise generating equipment have been provided with mufflers as
per the manufacturers' specifications.
Rain water harvesting system along with a 60 KLD sewage water treatment has been
setup at project colony to control water pollution.
Bio composter & Plastic waste bailing machine have been procured for
treatment of solid waste of project affected villages and project colony.
Towards sustainable development, AAC bricks (having fly ash content about 68%)
was used in the construction of township and office buildings.
Canteen facility is being provided by contractor to the labour force engaged in
construction activity of the project.
For energy conservation, energy efficient BEE 5 Star rating electrical
appliances have been procured.
Environment Management System/ISO 14001 is also being implemented.
At Nathpa Jhakri HPS, all household old tube fixtures consuming more energy have been
replaced with LED type fixtures around residential colonies, and old ACs at transit camps
have been replaced with new energy efficient ACs. In addition to the above, SJVN has put
up a Grid-connected, 1 MW Solar power plant near Wadhal.
SJVN Corporate Headquarters (CHQ) is designed and constructed with state-of-the-art
technology with green building concept equipped with Sewage treatment plant of 90 KLD per
day capacity for waste water recycling, rain water harvesting system with capacity of 50
kL, natural lighting with provision of sky light glasses, fully centralized HVAC system,
intelligent/automatic sensor-controlled illumination system for conservation of
electricity, etc.
120 kWP On-Grid Solar Power Plant has been installed and successfully operating
in CHQ, Shimla. Further, Water Solar Heating System of 5000 Ltr. Capacity has also been
installed.
A recycling plant is also installed at CHQ building to convent kitchen waste
such as vegetables, fruits etc. into compost which can be used to condition and the soil.
Owing to these efforts, CHQ Building has obtained four-star GRIHA rating.
AAC blocks (eco-friendly building material that comes from industrial waste and
is made from non-toxic ingredients) are being used in construction of Auditorium Block and
Guest House.
Bio-Diversity Park, has been developed near Corporate head quarter in
association with Municipal Corporation Shimla to create mass awareness and sensitivity for
the environment.
Beautification of SJVN CHQ Complex is in progress and work involves various
horticulture activities. In this regard, 50 golden cypress trees have been planted on the
road from National Highway to Auditorium block.
Energy Audit of SJVN CHQ has been conducted in FY 2021-22 and is being conducted
regularly every three years and recommendation of Energy Audit like improvement of power,
use of LED lights in automation system etc. are being implemented.
SJVN celebrated World Environment Day on 5th June 2022 across its projects
and offices with much zeal and fervour. Pledge for environment protection/conservation and
talks on environmental aspects were also delivered by heads of project / power stations to
spread awareness and sensitivity about environmental issues among employees. In addition
to above, Slogan-writing, Drawing, Photography, best out of waste competitions, awareness
programmes, etc. were also undertaken and environmental awareness films were also screened
for employees. Large scale plantation programs were also undertaken across various project
sites.
11. CSR AND SUSTAINABILITY
An annual report of Corporate Social Responsibility, highlighting the Company's CSR
Policy, details of expenditure on CSR and overview of projects/ programs/ activities
undertaken by the Company during FY 2022-23 and Impact Assessment in format prescribed
under Companies (CSR Policy) Rules 2014 is annexed as Annexure-V and forms an
integral part of this Directors' Report.
12. REHABILITATION AND RESETTLEMENT
SJVN, being conscious of its responsibilities towards society, is committed to execute
and operate power projects in a socially responsible manner by adopting generous
Resettlement & Rehabilitation measures for the benefits of project affected families
(PAFs) and by investing in the socio-economic development of communities to continually
minimize potential negative impacts as well as to establish the sustainable positive
impact of projects on them.
Well before any project is taken up for execution, Social Impact Assessment (SIA) study
is carried out to ensure that the potential socio-economic benefits accrued from the
project outweigh the likely social costs and adverse social impact. Public consultation
meetings with the stakeholders are held by the project authorities to make the local
communities aware of developmental facilities to be created in the fields of health,
education, sanitation, drinking water, approach roads and other community assets of the
project and their benefits to the society. Subsequently, the R&R plan is devised based
on conclusive findings derived from the socio-economic survey carried out by an
independent expert agency. The R&R plan thus devised and approved essentially
prescribes mitigation measures for reconstruction and regeneration of economies of the
PAFs. During the implementation stage of the R&R plan, regular monitoring of R&R
activities is conducted through an external independent agency to ensure the timely
extension of R&R benefits to the PAFs. Subsequently on completion and implementation
of the R&R plan, social impact evaluation is carried out by an independent external
agency to assess various tangible and intangible benefits accrued in the area of
socio-economic development. To have constant interaction with local people, a Project
Information Centre is set up at project level.
Nathpa Jhakri Hydro Power Station (NJHPS) and Rampur Hydro Power Station (RHPS):
The R&R plans have been successfully implemented in 1500 MW Nathpa Jhakri Hydro
Power Station (NJHPS) and 412 MW Rampur Hydro Power Station (RHPS) both located in
Himachal Pradesh. Several R&R benefits like employment subject to availability of
employment and suitability of the candidates or financial assistance in place of
employment to start a tailor-made self-business, land for land, constructed house in
rehabilitation colony or house plot with construction assistance or cash package with
shifting allowance and shifting house rent, shop plot for shop in market complex, shop in
project township, cattle shed grant Rehabilitation grant to landless families (i.e
Rs.45,000 to 65,000) as per the eligibility have been provided to the PAFs. Land based
employment opportunity is encouraged through farm training and non- land based employment
opportunity is encouraged through skill development training and financial assistance for
selfbusiness. To support the weaker section of the society financial assistance to
vulnerable group families is being provided. To promote indirect employment, vehicles
required for Project works are hired from PAFs and Locals on preference basis and petty
contracts are offered to PAFs/ local contractors on a preference basis. In addition to
these benefits, with a view to develop the area infrastructure community development
facilities are provided to the local communities. The infrastructure development work
includes construction of village paths, roads, rain shelters, bus stand, Panchayat Bhawan,
Community Centers, Mahila Mandal Bhawans, Crematorium etc. The community development works
includes health, education, safe drinking water & sanitation etc. The health facility
is provided through mobile health van, project hospitals and health awareness campaign.
Promotion of education is being done through aiding school infrastructure, Technical
Education Scheme to the local youth, Merit scholarship schemes, promotion of sport
infrastructure for the students etc. Drinking water facility is being provided through
renovation of natural water sources, financial assistance to Jal Shakti Vibhag for laying
of water supply scheme (WSS) and lying of sewerage system. The local farmers around RHPS
have been adequately compensated for the reduction in crop yield as per the crop
compensation policy of the government of HP. The PAFs under RHPS are being provided 100
units of free electricity benefit per month for ten years as per the MoP guidelines.
Besides this, funds of '55.26 Cr. have been spent for carrying out various infrastructural
development works in RHPS area under the Local Area Development Fund (LADF) policy of
GOHP.
Naitwar Mori Hydro Electric Project (NMHEP):
The R&R plan is in the execution stage in 60 MW Naitwar Mori Hydro Electric Project
(NMHEP), Uttarakhand. Various provisions of R&R Plan i.e rehabilitation grant,
subsistence allowance, widow pension, scholarship to the wards of PAFs, technical
education scheme to the local youth, grant on birth of girl child, grant on marriage of
daughter etc. are being provided. The Project R&R Grievance Redressal Committee has
been constituted under the Chairmanship of R&R Administrator Uttarkashi. As per the
recommendations of the Committee, various infrastructural and community development works
like construction of community hall, marriage halls, construction of toilets, installation
of solar street lights & solar fencing, infra aids to the schools, modern agricultural
and horticultural equipments to the farmers etc. are being carried out in the project
affected villages. Simultaneously, for the concurrent monitoring of implementation of
aforesaid provision of R&R Plan of NMHEP, the External Monitoring Committee i.e M/s
DAV PG College Dehradun has been appointed. The report is being finalized.
Luhri Hydro Electric Project Stage-I (LHEP Stage-1): The land acquisition process
under RFCTLAR&R, Act, 2013 and mutual negotiation has been completed. The R&R Plan
for project affected families (PAFs) have been approved by GoHP and being implemented.
Sunni Dam Hydro Electric Project (SDHEP): The R&R plan has been prepared and
approved by GoHP. The same is being expedited with GoHP for implementation.
Dhaulasidh Hydro Electric Project (DSHEP): Land compensation has been paid to the
land owners. The entitlement for R&R benefits are being determined by GoHP.
Buxar Thermal Power Project (BTPP): In 1320 MW Buxar Thermal Power Project (BTPP)
in Bihar, the acquisition of private land has been completed and compensation of land has
been paid as per the provision under RFCTLARR Act, 2013. Rehabilitation and Resettlement
policy formulated by Indian Institute of Social Welfare Business Management (IISWBM),
Kolkata has been approved by Govt. of Bihar.
Jakhol Sankri Hydro Electric Project (JSHEP): In 44 MW Jakhol Sankri Hydro Electric
Project (JSHEP) Uttarakhand, the Land acquisition as per RFCTLARR Act, 2013 is under
process. The R&R plan for Project Affected Families (PAFs) has been prepared in line
with RFCTLARR Act, 2013 and approved by Govt of Uttarakhand. Devsari Hydro Electric
Project (DHEP): In Devsari Hydro Electric Project (DHEP)194 MW, Uttarakhand, the land
acquisition process under RFCTLARR Act, 2013 is in progress. The R&R plan for Project
Affected Families (PAFs) is prepared in line with RFCTLARR Act, 2013 and is approved by
the Govt. of Uttarakhand. District Administration, Govt.UK is collecting the details of
PAFs for R&R entitlements.
Social Impact Evaluation (SIA): The Social Impact Evaluation (SIA) studies of
R&R implementation of NJHPS was carried out by the Agriculture Economic Research
Centre (AERC) of HPU Shimla. Similarly, SIA studies have been carried out in RHPS by
RITES. The reports reveal that R&R implementation in the project affected areas has
substantially enhanced the socio-economic standard of the local population on various
development parameters like economy, health, education etc.
The World Bank Mission has monitored the R&R activities carried out in NJHPS and
RHPS. For NJHPS they have appreciated the R&R implementation as under:
The success of the resettlement activity undertaken in this project is quite rare
for India, and can be considered as one of the best examples of resettlement
implementation in bank assisted projects in India. It should be considered as an example
for other project.'
13. RESEARCH AND DEVELOPMENT
SJVN has been continuously striving for excellence in its core area of power generation
by showing commitment towards research and development, innovation, technology
up-gradation, and product development.
Specific areas in which R&D/Innovations have been carried out during FY 2022-23
are:
1. To reduce the downtime of Annual Machine Maintenance from 100 days to 20 days,
R&D works of Bottom Removal of Kaplan Turbine & its components is being carried
out at LHEP-1 Project.
2. Collaboration with CPRI under R&D Scheme of MoP on "Development of IoT
enabled Online Health Monitoring and Maintenance System at Rampur Hydro Power
Station."
3. Pilot project for producing 20 NM3/hr Green Hydrogen and 25 kW of Green Power at
NJHPS, Jhakri.
4. To find out optimum lift height for pre-cooling condition, a study for the optimum
height of lift for mass concreting in concrete dam structures is being carried out in
collaboration with IIT Mandi.
5. SJVN has established partnerships with several academic institutions for the fiscal
year 2022-23, as detailed below: -
a. MOA signed with IIT Madras on 28.07.2022 for conducting Studies on using of
Alternative material other than tungsten carbide/HVOF in Hard Coating for the development
of improved Silt and Cavitation Erosion Resistance Coatings for Hydro Turbine components.
b. MOU signed with NIT Hamirpur on 05.11.2022 for establishing SJVN Chair
Professorship for the period of 6 years on research and development, teaching and training
in the areas of Hydro, Pumped Storage Hydro (PSH), Solar, Wind, Hydrogen and Battery
Energy Storage System (BESS) development in the country.
c. MOU signed with IIT Delhi in December, 2022 Conducting R&D studies on
High performance concrete for high sluice spillways of Dams and Barrage.
d. MOA signed with IIT Roorkee on 21.03.2023 for Development of Prototype
Hydrokinetic Turbine based on lab scaled model.
Apart from above R&D, 23 no. innovative/ technological upgradation measures were
also taken at Project sites & Corporate Headquarter of SJVN to enhance the operational
efficiency of the company. The total expenditure by SJVN for R&D/ innovations
initiatives works for the FY 2022-23 was INR 14.80 Cr. (including taxes).
14. HUMAN RESOURCES
The total Manpower on the rolls of SJVN (Direct Recruits/Absorbed Employees and Fixed
Term Appointees) as on 31.03.2023 was 1526 and the strength of HPSEB/HP Govt. Employees on
deputation on the above date was 41.
(i) Representation of Women employees:
Group |
Total Employees as on 31.03.2023 |
Number of Women employees |
Percentage of overall staff strength |
SJVN Direct / Absorbed /FTAs |
1526 |
167 |
10.94 |
Deputationist from HPSEB/GOHP |
41 |
3 |
7.31 |
Total |
1567 |
170 |
10.84 |
(ii) Representation of Physically Challenged Employees:
Group |
Total Employees as on |
Physically Challenged Employees |
Percentage of Physically challenged employees |
|
31.03.2023 |
VH |
HH |
OH |
Total |
|
SJVN(DR+ Absorbed +FTAs) |
1526 |
6 |
9 |
20 |
35 |
2.29 |
(iii) Representation of SC/ST & OBC employees:
Group |
Total Employees as on 31.03.2023 |
Representation |
|
|
SC |
SC% |
ST |
ST% |
OBC |
OBC% |
SJVN(DR+ Absorbed +FTAs) |
1526 |
331 |
21.7 |
100 |
6.6 |
237 |
15.53 |
Organization gives utmost importance to the enrichment of employee skills and knowledge
and is committed to continuous growth and development. During the financial year 2022-23,
07 Online programs, 86 In house programs and 100 External programs were conducted.
The trainings were imparted through organizations of national repute like IIMs, IITs,
NPTIs, NAHRD, ESCI, ASCI, CBIP, and Tunneling Association of India, India Energy Storage
Alliance (IESA), The Institute of Company Secretaries of India (ICSI), Directorate of
Energy, H.P, Institute of Non- Destructive Testing, Kolkata, National Institute of
Hydrology, etc.
The training programs were conducted on topics like Ultrasonic Testing, Policy &
Procedures on GFR Rules, GeM & E-Procurement, Latest Investigation, Repair &
Rehabilitation Technology for Dams, Importance of Water Quality Assessment for Durability
of Concrete Structures, Emotional intelligence for Performance Management, Tunnelling with
Tunnel Boring Machines, Preventive Vigilance, Solar, Wind, Thermal Power Plant Operation
& Maintenance, Corporate Social Responsibility, Corporate Governance, AutoCAD, HV-Gas
Insulated Switchgear, Power System Protection and Coordination, Training Program on
Contract Management with Particular reference to Dispute Resolution Mechanism Pump Storage
Technology & Safety by Design, Operations & Maintenance of Thermal Power Plant,
Primavera P6, Workshop on Corporate Governance & Resilient Leadership for SJVN
Management & Sr. Officers, ARC GIS, Linking Spirituality with Management, 5S &
Kaizen and Gender Sensitivity, Power Trading & Transmission for SJVN, Power Plant
Digitalization, Application of Geophysical Methods for Water Resource Projects, Training
on Hydrologic Hydrodynamic Flow Analysis using HEC-HMS& HECRAC etc. to mention a few.
1. To effectively percolate the Shared Vision and motivate employees, a series of
training programs namely Drishti- Sharing the New Shared Vision' were organized for
all SJVN Executives.
2. Motivational Talk(s)- 03 No. programs were organized through renowned Motivational
Speaker(s) namely, Mr. Pawan Girdhari Aggarwal, Mr. Shiv Khera and Mr. Chetan Bhagat,
which were also relayed through Facebook live for employees posted at various SJVN's
Projects/offices located Pan India and abroad.
3. Training program(s) on occasion of International Women's Day 2023 were organised at
two locations viz Shimla and Rampur (i.e. on 7th March, 2023), which were
attended by SJVN's Women employees posted at various projects/offices located across.
15. INDUSTRIAL RELATIONS
Regular Meetings are held with the representatives of the various Associations / Unions
to sort out the local issues as well as policy related matters. Recreational, Cultural and
Sports functions on different occasions were also held, thus, resulting in better
employee-employer relations and cordial industrial relations were maintained during the
year.
16. STATUTORY AND OTHER INFORMATIONS
The information required to be furnished as per the Companies Act 2013, SEBI (Listing
Obligations & Disclosure Requirements) Regulations, 2015, Government Guidelines, and
Code of Corporate Governance of your Company, on the following matters is placed at
respective annexures and form integral part of Directors Report: -
a. Management Discussion and Analysis - Annexure - I
b. Report on Corporate Governance - Annexure - II
c. Certificate from Practicing Company Secretary on Corporate Governance- Annexure -
III
d. Information on Conservation of Energy, Technology Absorption and Foreign Exchange
earnings and out go - Annexure - IV
e. Annual Report on Corporate Social Responsibility & Sustainability - Annexure
- V
f. Business Responsibility and Sustainability Report - Annexure- VI
g. Certificate regarding Non-Disqualification of Directors - Annexure - VII
h. Secretarial Audit Report - Annexure - VIII
17. DIRECTORS' RESPONSIBILITY STATEMENT
The Directors' state that:
in the preparation of the annual accounts for the year ended March 31, 2023, the
applicable Accounting Standards read with requirements set out under Schedule III to the
Act, have been followed along with proper explanation relating to material departures, if
any;
the Directors have selected such accounting policies and applied them
consistently except as disclosed in the Notes on Accounts and made judgment and estimates
that are reasonable and prudent so as to give a true and fair view of the state of affairs
of the Company as at March 31,2023 and of the profit of the Company for the year ended on
that date;
the Directors have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting fraud and other irregularities;
the Directors have prepared the annual accounts on a going concern' basis;
the Directors have laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and are operating
effectively; and
the Directors have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems are adequate and operating
effectively.
18. DECLARATION OF INDEPENDENCE BY INDEPENDENT DIRECTORS
Your Company has received declarations from all the Independent Directors confirming
that they meet the criteria of independence as provided under Section 149(6) of the
Companies Act, 2013 and under Regulation 25 (8) of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015.
19. SECRETARIAL STANDARDS
The Company has complied with the applicable Secretarial Standards during the Financial
Year ended 31.03.2023.
20. SEXUAL HARASSMENT PREVENTION
SJVN has implemented the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 in its entirety.
Internal Complaints' Committees as per the provisions of the act have been constituted
at Corporate Office and Projects sites of SJVN.
Summary of Sexual harassment issues raised, attended and dispensed during the year
2022-23 has been disclosed in Report on Corporate Governance.
21. RISK MANAGEMENT FRAMEWORK
SJVN has implemented Risk Management Framework as per ISO 31000:2018 consisting of the
following: -
1. Risk Identification and Assessment: SJVN conducts thorough risk
identification and assessment processes across its projects, and departments. This
includes evaluating both internal factors (such as operational risks, financial risks, and
compliance risks) and external factors (such as market risks, regulatory risks, and
environmental risks).
2. Risk Mitigation Plan: Once risks are identified, SJVN develops risk
mitigation plan for each risk. These plans involve implementing preventive measures,
establishing control mechanisms, and implementing best practices to minimize the
likelihood and impact of risks. For opportunities, SJVN devises action plans to maximize
their potential benefits and value.
3. Regular Risk Review and Reporting: SJVN conducts periodic reviews of risks
and opportunities to ensure their relevance and effectiveness. Frequency of Project level
Risk steering committee meeting is quarterly basis and for corporate level Risk steering
committee meeting is half yearly basis. The Risk Management committee of SJVN board
convenes on biannual basis.
4. Preventive Actions and Continuous Improvement: SJVN emphasizes the
implementation of preventive actions to address potential risks proactively. This involves
conducting risk assessments, identifying control gaps, and implementing measures to
strengthen controls and reduce the likelihood of risks occurring. The organization also
fosters a culture of continuous improvement, regularly evaluating and enhancing risk
management practices.
5. Training and Awareness: SJVN provides training and awareness programs to its
employees to enhance risk management capabilities. This ensures that employees across the
organization understand their roles and responsibilities in managing risks and
capitalizing on opportunities.
22. SECRETARIAL AUDIT
The Board appointed Shri Santosh Kumar Pradhan, Practicing Company Secretary, to
conduct Secretarial Audit for the Financial Year 2022-23. The Report of the Secretarial
Auditors for the year ended 31.03.2023 is placed at Annexure-VIII. Reply of Board
to observations of Secretarial Auditor is placed at Annexure-IX.
23. STATUTORY AUDIT
M/s APT & Co. LLP, Chartered Accountants, were appointed by Comptroller &
Auditor General as Statutory Auditors of the Company for the financial year 2022-23.
The Report of the Statutory Auditors to the Members on the Standalone and Consolidated
Accounts for the year ended 31.03.2023 is placed at Annexure-X and Annexure-XI respectively.
Reply of Board to observations of Statutory Auditor on Internal Financial Control on the
Standalone and Consolidated Accounts are placed at Annexure-XII and Annexure-XIII
respectively. Observations/ Comments of the Comptroller and Auditor General (C&AG)
of India on the Standalone and Consolidated Accounts for the year ended 31.03.2023 are
placed at Annexure-XIV and Annexure-XV respectively. Comments of C&AG
being NIL the reply by the Board thereto is not applicable.
24. ANNUAL RETURN
The Draft Annual Return in Form MGT-7 as required under Section
92(3) of the Companies Act, 2013 can be accessed at Investor Relation Section on SJVN
website www.sjvn.nic.in.
25. COST RECORDS AND AUDIT
Pursuant to the Central Government directions to audit Cost Accounting Records as
maintained by the Company, your Company appointed M/s A.J.S. & Associates, Cost
Accountants, as Cost Auditor for the financial year 2022-23. The Cost Audit Report for the
year ended 31st March 2022 was filed with MCA on 26.09.2022.
26. INTERNAL FINANCIAL CONTROL SYSTEM
Internal controls are the mechanisms, rules, and procedures implemented by a company to
ensure the integrity of financial and accounting information, promote accountability and
prevent fraud. Financial controls are processes, policies, and procedures that are
implemented to manage finances.
The company has adequate internal control system and the transactions/processes are
guided by delegation of powers, policies, rules, guidelines and manuals framed in
compliance with relevant laws and regulations. The organizational structure is well
defined in terms of structured authority/responsibility involved at each particular
hierarchy/level.
The company has sufficient internal control over financial reporting to ensure
assurance regarding the reliability of financial reporting and in the preparation of
financial statements for external purposes in accordance with generally accepted
accounting principles.
In order to ensure adequacy of internal control system, internal audit is conducted by
the independent Chartered Accountants firms in close co-ordination with company's own
internal Audit Department. The internal Audit process includes review and evaluation of
effectiveness of existing processes, controls and compliances. It also ensures adherence
to rules, procedures, policies and systems and mitigation of the operational risks
perceived for each area under audit.
It is also informed that significant Audit observations and Action Taken reports are
placed before the Audit Committee headed by Independent Directors. The recommendation and
directions of the Audit Committee are carried out and complied with.
27. RELATED PARTY TRANSACTIONS & POLICY
In compliance with the provisions of Regulation 23 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 and Section 188 of Companies Act 2013, the
company has formulated a Policy on Materiality of Related Party Transactions and dealing
with Related Party Transaction, duly approved by the Board of Directors and the same has
come into force with effect from 1st October 2014.
All contracts/ arrangements/ transactions entered by the company during the financial
year with related parties were in the ordinary course of business and on arm's length
basis. During the year, the company had not entered into any contract/ arrangement/
transaction with related parties, which could be considered material in accordance with
the policy of the company on materiality of related party transactions or provisions of
SEBI (LODR) Regulations, 2015. Your attention is drawn to the Financial Statements, which
sets out the Related Party Disclosures under Note no. 2.46.
The Policy on Materiality of Related Party Transactions and dealing with Related Party
Transaction has been disclosed on website of the Company and may be accessed at
https://sjvnindia.com/ UploadFiles/Page/1215774526 PageDocument 845666099 PageDocument
Policv%20on%20Materialitv%20of%20and%20
Dealing%20with%20Related%20Party%20Transactions.pdf.
28. CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the Indian Accounting Standard (Ind AS)- 110 on Consolidated
Financial Statements read with Ind AS-111 on Joint Agreements and Ind AS-112 on Disclosure
of Interest in other entities, the Audited Consolidated Financial Statements are provided
in the Annual Report. Directors Report / Financial Statements in respect of following
Subsidiary Companies are also included in this Annual Report: -
a) SJVN Thermal Private Limited.
b) SJVN Arun-3 Power Development Company Private Limited, Nepal.
c) SJVN Green Energy Limited.
Statement containing salient features of the financial statements of Subsidiaries/
Joint Ventures of SJVN Ltd. pursuant to first proviso to sub-section (3) of Section 129
read with Rule 5 of Companies (Accounts) Rules, 2014, in form AOC-I forms part of the
Consolidate Financial Statements.
29. DETAILS OF DIRECTORS OR KMP APPOINTED/ RESIGNED
During the FY 2022-23, the following changes took place in the composition of the Board
of Directors or KMP of the Company: -
a. Shri Raghuraj Madhav Rajendran, Joint Secy., Ministry of Power, Government of India
(GoI) ceased as Part Time Official Director (GoI Nominee) on withdrawal of Nomination by
appointing authority w.e.f. 30th November 2022.
b. Shri Ajay Tewari, Additional Secretary, Ministry of Power, Government of India (GoI)
was appointed as Part Time Official Director (GoI Nominee) w.e.f. 01st December
2022.
c. Shri Ram Dass Dhiman, Additional Chief Secretary (Power) ceased as Part-Time
Official Director (GoHP Nominee) on withdrawal of Nomination by appointing authority
w.e.f. 31st December 2022.
d. Shri Rajeev Sharma, Secretary (MPP & Power) was appointed as Part Time Official
Director (GoHP Nominee) w.e.f. 21st February 2023.
e. Dr. Shashikant Jagannath Wani was appointed as Independent Director w.e.f. 13th
March 2023.
The following changes took place during the current financial year 2023-24 till the
date of the Director's Report:
Shri S.P. Bansal, Director (Civil), who was suspended by Ministry of Power, Government
of india Order No. C-13011/52/2022-V&S dated 28 July, 2022 ceased as Director (Civil)
consequent to attaining the age of superannuation on 31st July, 2023.
None of the Directors are inter-se related to each other.
The Board Meetings held during the Financial Year 2022-23 and the attendance of the
Directors therein is mentioned in the Report on Corporate Governance.
30. BOARD LEVEL COMMITTEES
The composition of the Statutory Committees required to be constituted as per the
Companies Act 2013 and the SEBI Listing Regulations and the meetings held therein are
mentioned in the Corporate Governance Report.
31. KEY MANAGERIAL PERSONNEL
In compliance with Section 203 of the Companies Act, 2013, following have been
designated as Key Managerial Personnel: -
1. Shri Nand Lal Sharma, Chairman & Managing Director
2. Shri Akhileshwar Singh, Director (Finance) & Chief Financial Officer
3. Shri Soumendra Das, Company Secretary
32. IMPLEMENTATION OF OFFICIAL LANGUAGE
In order to ensure the implementation of the Official Language Policy of the Govt. of
India, all possible efforts have been made by the company to achieve the targets as
specified by the Department of Official Language.
Under section 3.3(i) of Official Language Act cent percent documents were issued
bilingually & all the letters received in Hindi were replied to in Hindi. Company's
website is already in bilingual form and it is updated from time to time.
To encourage executives and non-executives to do their entire work in Hindi, number of
incentive schemes are under implementation namely Payment of increment of three months
during the year, for doing his/ her whole office work in Hindi and during the year and
under this scheme a total 207 Employees/ Officers were awarded cash prizes amounting to
Rs.13,84,140/- (Approx.).
15 Hindi workshops / seminars have been organized and 326 no. of executives and
non-executives have been trained. Organising of Hindi quiz competitions on national /
important occasions and other competitions (i.e. Nibhand (Essay writing), Kahani,
Notingdrafting, Shabdarth gyan, Sulekh, Hindi Vyakaran Rajbhasha Niti & Shodhpatra
competition) is a regular feature and besides this number of competitions were also
organised during "Hindi fortnight". In these competitions 286 no. of employees
were awarded cash prizes amounting to Rs.3,22,800/-.
To popularise Hindi in a big way a Akhil Bhartiya Kavi Sammelan' was organised on
22.09.2022 at Shimla, 26.09.2022 at NJHPS & 27.09.2022 at RHPS.
Half yearly meetings of the Town Official Language Implementation Committee, Shimla
(Office-2) constituted for the CPSUs & Banks etc. were held on 15.07.2022 &
29.12.2022. Similarly, Rajbhasha Seminar has been organised on 23.09.2022 for TOLIC,
Shimla (Office-2) employees and the awards of TOLIC Rajbhasha Shield were given to the
members of TOLIC, Shimla (Office-2) on 29.12.2022 for the best performance in Official
Language Hindi.
To give impetus to the multi-facet talent of employees an in-house bi-annual Hindi
magazine "Himshakti" was published and circulated. Out of total expenditure on
purchase of books, 89.47% of amount was spent on purchase of Hindi books.
33. AWARDS & ACHIEVEMENTS
1. 8th April 2022- SJVN conferred with 13th CIDC
Vishwakarma Awards 2022 in the categories of Corona Warriors Award' and
Partners in Progress.'
2. 8th May 2022- SJVN conferred with Most Efficient &
Profitable Mini Ratna of the Year' Award.
3. 12th May 2022- SJVN awarded NTPC Rajbhasha Shield Third Prize for
best implementation of Official Language Policy during 2018-19 & 2019-20.
4. 10th June 2022- Sh. Nand Lal Sharma, Chairman & Managing
Director, SJVN honoured with PSU Award of the Year' 2021.
5. 27th June 2022- SJVN bagged first position in Swachhta
Pakhwada Award 2022' conferred by MOP.
6. 25th August 2022- SJVN conferred with Greentech Award for
outstanding achievements in Environment Protection'.
7. 28th August 2022- SJVN won Two Gold Awards' in 12th Exceed
Environment, HR & CSR Awards 2022.
8. 18th January 2023- Sh. Nand Lal Sharma, Chairman and Managing
Director, SJVN conferred with prestigious Leading Director Award' during 2nd
Annual Greentech Awards 2023.
9. 19th January 2023- SJVN awarded Greentech International
Environment, Health & Safety (EHS) Best Practices Award' 2023.
10. 20th February 2023- Sh. Nand Lal Sharma, Chairman and Managing
Director, SJVN Limited honoured with Individual Award for outstanding contribution
for development of the Water, Power & RE Sector' by CBIP.
34. OTHER MAJOR DEVELOPMENTS
1. 11th April 2022- DPR for 669 MW Lowe Arun HEP approved by IBN,
Nepal
2. 16th May 2022- MoU for 490 MW Arun-4 Hydro Electric Project in
Nepal signed in benign presence of Prime Minister of India and Nepal.
3. 24th June 2022- Corporate Head Quarters Shakti Sadan' rated
Four Star by GRIHA' Council.
4. 5th August 2022- SJVN secured 200 MW Solar Power Project through
e-reverse auction by MSEDCL.
5. 24th August 2022- SJVN signed MoU with Govt. of Rajasthan for
developing 10 GW renewable energy projects/parks in the state.
6. 15th September 2022- Sh. Nand Lal Sharma, Chairman & Managing
Director, presented with Token of Appreciation in recognition of his valuable contribution
for the development of energy sector in Nepal.
7. 18th October 2022- MoU signed between SGEL and Assam Power
Distribution Company Limited for developing 1000 MW Floating Solar Power Projects in
Assam.
8. 19th October 2022- SJVN obtained 105 MW Floating Solar Project
through e-reverse auction held by MAHAGENCO.
9. 24th November 2022- Successful commissioning of 75 MW Parasan
Solar Power Project, Uttar Pradesh.
10. 25th November 2022- SJVN is now ISO 31000:2018 Company with
successful implementation of Risk Management System.
11. 1st December 2022- SJVN signed MOU for 3000 MW Hydro & Solar
Power Projects in Odisha.
12. 3rd December 2022- SJVN secured 200 MW Solar Power Project in
Maharashtra.
13. 23rd December 2022- SJVN won 100 MW Wind Power Project @ Rs.2.90
per unit on build own and operate basis through e- reverse auction by SECI.
14. 3rd January 2023- Hon'ble President of India, Smt. Droupadi
Murmu, laid the foundation stone of SJVN's 1000 MW Bikaner Solar Power Project at Jaipur,
Rajasthan.
15. 4th January 2023- CCEA approved the investment of Rs.2614 crore
for 382 MW Sunni Dam Hydro Electric Project in Himachal Pradesh.
16. 25th February 2023- SJVN bagged CBIP Award for Best
Performing Utility in Hydro Power Sector'.
17. 15th March 2023- SJVN entered into an MoU with IOCL for formation
of Joint Venture for developing of renewable energy projects & energy storage systems.
35. PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE GUARANTEES GIVEN AND SECURITIES
PROVIDED UNDER SECTION 186 OF COMPANIES ACT, 2013
Particulars of loans given, investments made, guarantees given and securities provided
along with the purpose for which the loan or guarantee or security is proposed to be
utilized by the recipient are as under: -
Particulars |
Details |
Loans given |
Refer Note 2.6 and 2.14 to standalone financial statements |
Investments made |
Refer Note 2.5 to standalone financial statements |
Guarantees given |
Refer Note 2.50 |
Securities provided |
Nil |
36. DETAILS OF NON-CONVERTIBLE SECURITIES ISSUED
In the previous year (FY 2021-22) Company has raised the fund of Rs.1000 Cr. through
private placement of Non-Convertible, Redeemable Debenture at a coupon rate of 6.10% p.a
having maturity at 5-year tenor. No new NCD raised in the FY 2022-23.
37. DETAILS OF EXTERNAL COMMERCIAL BORROWINGS (ECB)
SJVN has tied up the USD 500 Million from PNB Dubai in FY 202122 out of which USD 300
Million has been disbursed and utilized towards capital expenditure in ongoing projects.
Further, during FY 2022-23, Company has decided not to avail the balance amount of USD 200
million. The total outstanding borrowings of PNB, Dubai was Rs.2431.64 Cr. as on
31.03.2023 (Previous Year 2230.28Cr.)
In addition to above during the FY 2022-23, SJVN has also tied-up the ECB amounting to
JPY 15 Billion at an interest rate of TORF Plus 1.10 Bps p.a. and upfront processing fee
of 0.80% of total commitment. The entire ECB will be utilized to meet out the Capital
expenditure of 100 MW Raganesda Solar Power Power Project in the state of Gujarat and 90
MW Omkareshwar Floating Solar Power Project in the state of Madhya Pradesh. The loan
amount is yet to be disbursed.
The outstanding foreign currency loan from World Bank for Financing RHPS was '1423.92
Cr. as on 31.03.2023 (Previous Year Rs.1534.40 Cr.)
38. GENERAL
Directors of your Company state that no disclosure or reporting is required in respect
of the following items as there were no transactions/ events on these items/ matters
during the year under review:
1. The Company has not accepted any deposits during the year under review.
2. Issue of equity shares with differential rights as to dividend, voting or otherwise.
3. Neither the Managing Director nor the Whole-time Directors of the Company receive
any remuneration or commission from any of its subsidiaries.
4. No significant or material orders were passed by the Regulators or Courts or
Tribunals which impact the going concern status and Company's operations in future.
5. There have been no Material Changes and Commitments affecting the financial position
of the company which have occurred between the end of the financial year 2022-23 and the
date of this report.
6. The company has not made any buyback of shares during the year under review.
7. There have been no changes in the nature of business of the company during the year.
8. No application was made or any proceeding was pending against SJVN Limited under the
Insolvency and Bankruptcy Code, 2016 during the financial year 2022-23.
39. ACKNOWLEDGEMENT
The Board of Directors acknowledge with deep appreciation, the co-operation and
guidance extended by various Ministries/ Departments of the Government of India,
particularly, Ministry of Power, Ministry of Finance, Ministry of External Affairs,
Ministry of Environment & Forest, Central Electricity Authority, Central Water
Commission, Geological Survey of India, the Government of Nepal, the Government of
Himachal Pradesh, State Governments of Bihar, Uttarakhand, Gujarat, Uttar Pradesh,
Maharashtra, Assam, Arunachal Pradesh, Jharkhand, Rajasthan, Punjab and Madhya Pradesh the
State Electricity Boards and the World Bank.
Your Directors also convey their gratitude to the shareholders, various international
and Indian banks and financial institutions for the confidence reposed by them in the
Company. The Board also acknowledges and appreciates the contribution made by Contractors,
Vendors, Consultants and others for achieving the planned goals of the Company.
The Board also places on record its deep appreciation of valued cooperation extended by
the Office of the Comptroller and Auditor General of India and the Auditors. Last but not
least, the Board commends the hard work and dedicated efforts put in by the employees of
the Corporation including the employees on deputation at all levels.
|
For and on behalf of Board of Directors |
Date: 9th August, 2023 |
(Nand Lal Sharma) |
Place: New Delhi |
Chairman and Managing Director |
|
DIN:03495554 |