High level committee constituted at Upper Karnali to suggest extension of tenure of Indian company

Investment Board approves Rs 73 billion for two hydroelectric projects

23 September, Kathmandu. The Investment Board has constituted a high level committee to suggest whether to go ahead with the agreement with Indian company GMR in 900 MW Upper Karnali.

In a meeting of the Investment Board held on Saturday with the participation of Prime Minister Sher Bahadur Deuba and the Energy and Finance Ministers, a committee headed by National Planning Commission Deputy Chairman Biswa Poudel has been constituted to suggest that the agreement with GMR should be done. to expand or not. No.

The committee has been directed to study the Upper Karnali Hydroelectric Project and submit its report with recommendations within 45 days.

The committee will have representatives from the Ministry of Finance, the Ministry of Power, the Ministry of Water Resources and Irrigation, the Ministry of Law, Justice and Parliamentary Affairs, the Chief Executive Officer of the Investment Board and an expert member. Similarly, the Joint Secretary of the Investment Board Office will act as the Member Secretary.

The government had signed a Project Development Agreement (PDA) with the Indian company GMR in 2014 for the construction of the Upper Karnali project. But GMR has not been able to raise investment for the project.

The government had earlier extended the deadline for increasing investment till 2018. But GMR is waiting for another extension as it has not been able to raise investments even within the extended period of time.

“Whether to extend this period or not is important. The committee will make important suggestions on whether the extension is appropriate or not,” said a source in the investment board.

Also read: Investment of Rs 73 billion approved by Investment Board for two hydroelectric projects

Source: OnlineKhabar