NHPC to take over Jal Power Corporation Ltd
05 April 2021
Ministry of Power, Government of India has conveyed the approval of President of India on 30th March 2021, for the investment of Rs.938.29 crore for acquisition of M/s Jal Power Corporation Ltd. and construction of balance works of 120 MW Rangit-IV Hydro Electric Project located on river Rangit, in West Sikkim district of Sikkim, by NHPC Limited.
The above includes Rs 165 Crores to be paid by NHPC for the acquisition of M/s. JPCL through Corporate Insolvency Resolution Process (CIRP). Hon'ble NCLT has already approved the resolution plan submitted by NHPC Limited.
The project is located in the West Sikkim district of Sikkim. Rangit Stage-IV Hydro Electric Project was identified as a part of the master plan evolved in 1974 for the development of hydropower potential of Teesta and Rangit rivers of Sikkim.