NHPC takes over Lanco Teesta Hydro Power Ltd

NEW DELHI: State-run hydro power giant NHPC on Wednesday said it has completed formalities for taking over 500 MW Teesta VI hydro power project, which it has bagged under corporate insolvency resolution process.

"NHPC has completed the formalities for the takeover of the 500 MW (125 MW x 4) Teesta VI HEP on Teesta River by remitting the resolution plan consideration of Rs 897.50 crore to the account of Lanco Teesta Hydro Power Limited for distribution to all the creditors as per the approved resolution plan," NHPC said in a statement.

The company would supply power at a levelised tariff of Rs 4.07 per unit and the project would be completed in next five years, NHPC Chairman and MD Balraj Joshi had said.

The company will tie-up with state discoms for entering into power purchase agreements (PPAS) because its existing PPA with Maharashtra is not valid anymore, he had said.

A K Singh, Executive Director (PMSG) on behalf of NHPC as the Chairman of the Taking Over Committee in the presence of Balraj Joshi, Chairman & Managing Director, NHPC and other functional Directors, completed the takeover from the Resolution Professional, of Lanco Teesta Hydro Power Limited, Huzefa Fakhri Sitabkhan at New Delhi on Wednesday. SAIL Safety & Remembrance Day was observed at Durgapur Steel Plant also at ED (Works) building on Wednesday. AV Kamlakar, CEO, ISP with additional charge of CEO, DSP & ASP was present on the occasion including other senior officials, departmental safety officers, union representatives etc. The observance started with a two minutes silence in memory of 14 employees who died in a major fire accident that had occurred at Bhilai Steel Plant on October 9, 2018 . Thereafter safety pledge was administered