New Delhi State-owned hydroelectric power major NHPC plans to form joint venture companies with private sector hydel project developers to rehabilitate their projects hit by a shortage of funds and lack of technical expertise. Under a proposal being finalised by the NHPC management, the company will pick up stakes of up to 49% in private hydro projects. These projects were allocated by various state governments to private players on the basis of financial commitments and promise of free power to sections of consumers.