On 24 January 2008, GMR Infrastructure
signed an agreement with the Nepal government for setting up a 300 MW Upper
Karnali hydro-power project.
GMR has agreed to provide 12 percent
of power to the Nepal government. According to earlier estimates by Nepal
Electricity Authority (NEA), the cost of building Upper Karnali project is
around $ 468.6 million.
The company has set a target of two
years for preparatory works on the project and it is expected to take another
4.5 years to complete the project.