GMR Group announced the finalization and execution of the project development agreement for the 900 MW Upper Karnali Hydro Power Project with the Government of Nepal. The agreement was signed in the presence of Prime Minister of Nepal, Sushil Koirala, Deputy Prime Minister and Home Minister of Nepal Bamdev Gautam and Home Minister of India, Rajnath Singh and other dignitaries.

The agreement, which is a major milestone for the project, was signed after due approvals of the board of Investment Board of Nepal and the cabinet of Govt. of Nepal. This is the largest FDI for Nepal and also the largest investment for GMR Group outside India. 

G M Rao, group chairman of GMR Group expressed, ''The signing of the Project Development Agreement for the Upper Karnali Hydro Power Project reinforces the strong ties between India and Nepal. The development of the Upper Karnali project will be a beneficial for both countries leveraging on each other's strengths and resources. We are committed to the development of the project and the betterment of the communities in the region.''

Shares of the company declined Rs 0.1, or 0.44%, to trade at Rs 22.85. The total volume of shares traded was 97,211 at the BSE (9.35 a.m., Monday).