NHPC signs agreement for acquisition of 500 MW Teesta VI Hydropower project

NHPC Limited has signed a definitive agreement for implementation of the approved resolution plan for takeover of Lanco Teesta Hydro Power Limited. Under the agreement signed on Friday, NHPC will be taking over 30 per cent equity in Lanco Teesta Hydro Power Limited, and complete the 500 MW Teesta VI Hydropower project on Teesta river in Sikkim. The remaining equity will be held by the banks and the company will become a subsidiary of NHPC Limited.

NHPC has become the first public sector undertaking to bag a project under the Insolvency and Bankruptcy Code and was awarded the project after a bid of ₹ 897.50 crore. The total project cost is estimated at ₹ 5,748.04 crore (at July 2018 price level).