HYDROPOWER COMPANY FORMALLY LAUNCHED Kathmandu, 30 July; : The Hydropower Investment and Development Company Limited has formally begun its operation from Mondaym RSS reports. An announcement to this regard was made in the capital today in the presence of Chief Executive Officers and representatives of various banks and financial institutions, shareholders of the Company and journalists. The Nepal Rastra Bank (NRB) had given a certificate of approval to the company recently. On the occasion, member of the Company, Maheshwor Prasad Dahal called for investment in the hydropower sector. The Company has been given authority to develop hydropower projects with a capacity of over 25 megawatt. Chief Division Engineer Sanjeev Baral said that the new projects would be developed with the financial backup from national and international companies, commercial banks and other financial institutions. The company has an authorized capital of Rs 50 billion, issued capital worth Rs 10 billion and paid up capital of Rs 8 billion. In the initial phase, the company will have a share of Rs 5 billion from the government side, Rs 3 billion from organized institutions and Rs 2 billion from the general public. So far, the Company has received Rs 2 billion from the Ministry of Finance and Rs 1 billion each from the Ministry of Energy, Ministry of Law and Justice, Financial Comptroller General Office and Employees´ Provident Fund Nnnn