State-owned SJVN shares surged more than 13 percent on Thursday after the Cabinet Committee approved investment in Buxar Thermal Power Project.

The project will be completed at an estimated cost of Rs 10,439.09 crore and implemented by SJVN Thermal Private Limited.

The Buxar TPP will be based on Supercritical Technology with two units of 660 MW each.

While addressing press conference after the Cabinet Committee on Economic Affairs, Finance Minister Arun Jaitley said Cabinet has given its approval for investment approval for 2X660 MW Buxar Thermal Project in Bihar.

The Government of Bihar has already signed Power Purchase Agreement for supply of not less than 85 percent of generated power.

At 13:40 hours IST, the stock was quoting at Rs 25.10, up Rs 0.90, or 3.72 percent amid high volumes on the BSE.