Nagarjuna Agrichem Ltd, an arm of Nagarjuna Group, today said its Board has approved investment of over Rs 100 crore to implement an hydro power project in Sikkim.

The Board of Directors has approved the investment of 20 per cent of the equity capital, which translates to about Rs 101 crore, to implement 300 MW hydro power project in Sikkim, the company said in a statement to the BSE.

The hydro power project being implemented by Himagiri Hydro Energy Pvt Ltd (HHEPL), a Nagarjuna group company, is on Tolung Chu river in north Sikkim district, it said, adding that the project is in very early stage.

The shares of Nagarjuna Agrichem Ltd, a pesticides manufacturer in Andhra Pradesh, fell by 3 per cent Rs 5.47 on the BSE.

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