NTPC board approves Rs 3,104-crore solar projects; shares down over 1%

Power major NTPC said the board has approved investment proposals worth Rs 3,104 crore for solar PV projects in Madhya Pradesh and Rajasthan.

"The Board of Directors of the Company at its meeting held on March 30, 2016, has accorded investment approval" for Rs 3,104.04 crore projects, the company said in a BSE filing.

The projects involve Mandsaur Solar PV Project (5x50 MW) in the state of Madhya Pradesh at an estimated cost of Rs 1,502.77 crore, it said.

The second project pertains to "Bhadla Solar PV Project (4x65 MW) in the state of Rajasthan at an appraised estimated cost of Rs 1,601.27 crore," it added.

The company's shares were trading down 1.3% or Rs 2.75 at Rs 128.30 per share from the previous day's close. The benchmark Sensex is trading down over 400 points on Tuesday. At 1355 hours, Sensex was at 24,973.03, down 426.62 or 1.68% lower from the previous day's close.