NHPC signs pact to acquire Teesta VI hydro power project
NEW DELHI: With Lanco’s 500-MW Teesta hydropower project under its umbrella, state-run NHPC Limited has become the first public sector firm to win an asset under the insolvency resolution framework. The company on Friday signed a definitive agreement for implementation of the approved resolution plan for takeover of Lanco Teesta Hydro Power Limited.
Under the aegis of the agreement, NHPC will take over 30 per cent equity in Lanco Teesta Hydro Power Limited in Sikkim. The remaining equity will be held by the banks and the company will become a subsidiary of NHPC Limited.
“The project will be completed in the next five years and would generate 2,400 million units of electricity in a 90 per cent dependable year with an installed capacity of 500 MW (4x125MW),” said Balraj Joshi, chairman and managing director of NHPC Limited.
