“Teesta III hydel project to be completed soon”
The 1,200 MW Teesta III hydel project in Sikkim, that has been delayed due to multiple factors, is expected to be completed very soon. “we are having talks with all the stake holders to get off the bloc as it missed deadlines due to various problems. Now the talks are on the right track and hopefully it will see the light of the day very soon”, Piyus Goyal, minister of state for power and coal said at the sidelines of an interactive session organised by Bengal Chamber of Commerce at a city hotel.
Pressed further on the specific time frame of its completion, the minister however, only said, “Talks are on to end the logjam and hopefully a good news will emerge soon”.
The project, which has six units of 200 MW capacity each, was, however, scheduled to be commissioned by September 2012. But due to “unavoidable circumstances” it got delayed. Delayed by over two years due to natural calamities, the 1,200-Mw Teesta-III project- which has seen an over 100 per cent cost escalation due to delay, has an investment of Rs 7,000 crore from public institutions and over Rs 1,200 crore in the form of foreign direct investment (FDI) from major private equity players, including Morgan Stanley, Everstone Capital, General Atlantic, Goldman Sachs Investment Management, Ashmore Group and Norwest Venture Partners. It is considered to have the country’s largest foreign direct investment (FDI) inflow in the power sector. Teesta Urja Ltd (TUL), with 26 per cent equity from the Sikkim State Government. a joint venture company is implementing the project.