Nagarjuna Agrichem to invest $19m in 300MW Indian hydro power project

India-based Nagarjuna Agrichem plans to invest INR1bn ($19m) for the development of a hydro power project in the northeastern state of Sikkim.

Nagarjuna’s proposed investment in the hydro power project represents 20% of the equity capital required.

Located on the Tolung Chu River in north Sikkim, the 300MW facility is currently in its preliminary stages of development.

The company is a unit of the Nagarjuna Group with interests in refining, power generation and life sciences.

Another of Nagarjuna’s group companies, Himagiri Hydro Energy is executing the implementation of the project.

The project is scheduled to be commissioned in FY2014-2015.