SJVN Director Discussions


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: -


(Rs. in crore)



2022-23 2021-22 2022-23 2021-22
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
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


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.


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.


During the year no amount was transferred to Reserves of the Company.


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.


The progress of the projects of the Company and its subsidiaries are as follows: -


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.

Honble 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


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.

Honble Union Minister of State for Power (Independent Charge) and Honble 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 Honble 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 Honble 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 Honble 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 Honble Prime Minister of India on


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 HPSEBs 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.


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 Honble 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


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


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


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 Honble Prime Ministers of India & Honble 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.


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).


i) Charanka Solar Power Station

SJVNs 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.


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.


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).


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



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.


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.


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.


An annual report of Corporate Social Responsibility, highlighting the Companys 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.


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.


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).


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


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 SJVNs Projects/offices located Pan India and abroad.

3. Training program(s) on occasion of International Womens Day 2023 were organised at two locations viz Shimla and Rampur (i.e. on 7th March, 2023), which were attended by SJVNs Women employees posted at various projects/offices located across.


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.


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


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.


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.


The Company has complied with the applicable Secretarial Standards during the Financial Year ended 31.03.2023.


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.


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.


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.


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.


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


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.


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 companys 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.


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 arms 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 UploadFiles/Page/1215774526 PageDocument 845666099 PageDocument Policv%20on%20Materialitv%20of%20and%20 Dealing%20with%20Related%20Party%20Transactions.pdf.


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.


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 Directors 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.


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.


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


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. Companys 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.


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.


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- Honble President of India, Smt. Droupadi Murmu, laid the foundation stone of SJVNs 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.


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


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.


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.)


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 Companys 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.


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