The board has also accorded its investment approval to contribute initial equity of Rs 5 crore by NHPC in the proposed subsidiary company.

Meanwhile, the board has also considered and approved the proposal regarding formation of a wholly-owned subsidiary company for the development of renewable energy, small hydro and green hydrogen projects, subject to approval of Government of India (GoI).

The board of NHPC has accorded its investment approval to contribute initial equity of Rs 20 crore by NHPC in the proposed subsidiary company.

On the same day, NHPC considered and approved the proposal to initiate the process of merger of Jalpower Corporation, a wholly-owned subsidiary of NHPC, with NHPC as per applicable provisions of the Companies Act, 2013 subject to approval of GoI.

On a consolidated basis, the company's net profit jumped 14.9% to Rs 982.86 crore on 13% decline in net sales to Rs 2,417.12 crore in Q1 June 2021 over Q1 June 2020.

NHPC is the largest organization for hydropower development in India. It has also diversified in the field of solar & wind power. As of 30 June 2021, the Government of India held 70.95% stake in the company.