Indian government is planning to divest 10% stake in state-run hydroelectric power firm Tehri Hydro Development (THDC) India for INR5bn ($90.6m).

The sale of the interest through initial public offering is in line with the government’s plan to raise $7.3bn by divesting shares.

Commenting on the sale, Power Ministry official said the government is planning to offer 5% discount to retail investors during the stake sales.

THDC India, established in 1988, is a joint venture between Government of India and Uttar Pradesh State to develop, operate and maintain the 2,400MW Tehri hydro power project.

Currently, THDC has around 1,400MW installed capacity, besides three projects of 1,468MW that are under construction.