GE Power India Ltd (GEPIL) has secured an additional contract worth Rs 2,735 million ($33 million), excluding taxes, from GREENKO KA01 IREP Private Ltd. This contract is an extension of its existing agreement for the Saundatti Hydro Project in Belagavi, Karnataka.

"…we would like to notify that there has been an addition in the scope of the aforementioned contract with GREENKO KA01 IREP Pvt. Ltd," GE Power India stated in a regulatory filing.

The new contract covers the engineering, manufacturing, procurement, supply, installation, and testing of electromechanical equipment for an additional 320 MW unit at the Saundatti pumped storage project (PSP).

The original contract, awarded on April 29, 2022, was valued at approximately $113 million and involved supplying and installing the complete electro-mechanical package for 3 x 320 MW + 2 x 160 MW vertical Francis pump turbine fixed-speed machines, totaling 1,280 MW.

This expansion falls under GE Power’s hydro business and will be managed as per the business transfer agreement with GE Power Electronics (India) Private Ltd, which has been renamed GE Vernova Hydro Power India Private Ltd following the sale and transfer of its hydro business.

Meanwhile, shares of GE Power India Ltd closed at Rs 245, down 3.54% on the BSE.