SJVN Limited, a joint venture between the Government of India and Himachal Pradesh, announced today that its Director and Chief Financial Officer, Akhileshwar Singh, has retired upon reaching superannuation age on December 31, 2024. Singh’s departure comes as the company makes significant strides in expanding its pumped storage projects (PSPs) portfolio.

The shares of SJVN Limited were trading at ₹110.50 up by ₹6.09 or 5.83 per cent on the NSE today at noon.

In a separate development yesterday, SJVN signed a Memorandum of Understanding (MoU) with the Bihar government to develop the 1000 MW Hathidah Durgawati Pumped Storage Project. The project, located on the Durgawati river in Kaimur district, is expected to generate 6.325 Million Units of daily peak energy and 2308.65 MU annually. The estimated cost is ₹5,663 crore, with a levelized tariff of ₹9.39 per kWh.

• Also read: HAL is negotiating price with US for supply of GE F-414-INS6 engines

The Bihar expansion is projected to create employment opportunities for 5,000 people and attract investments worth ₹10,000 crore. The MoU signing was attended by Bihar’s Deputy Chief Minister Vijay Kumar Sinha, Energy Minister Bijendra Prasad Yadav, and SJVN’s CMD Raj Kumar Chaudhary.

SJVN, which was appointed as the nodal agency for developing PSPs in Bihar in August 2022, is currently developing approximately 12,000 MW of PSPs across various states including Maharashtra, Karnataka, Mizoram, and Himachal Pradesh.