news details |
|
|
| J&K power generation suffered major jolt | | GVK & L&T windup construction operation at 850 MW Rattle HEP | | Report published in
Early Times edition of
30-06-2012 vindicated
Asif Iqbal Naik
Kishtwar, Aug 19: The ambitious 850 MW Rattle Hydro Power Project of Jammu and Kashmir government inaugurated by the former Prime Minister of India Dr. Manmohan on 25th of June 2013 has fallen prey to the official and political apathy as the principal company GVK Power limited that won the bid for the construction of the project along with sublet company L&T limited finally wound-up the construction work at project site and ordered for retrenchment of over 600 employees engaged by both the companies in last three years since the company established its office in Kishtwar District.
As per the details available with "Early Times", both the companies issued retrenchment notice to its employees intimating them to clear all its dues as the both companies has decided to close down the site establishment of Rattle Power project w-e-f 18-08-2014.
"This is to inform to all the workmen working under provider M/s Mark-out sourcing, that due to close down the site establishment of Rattle project, management has decided to retrench all the workmen with effect from 18-08-2014--- All are requested to submit their stores clearance and collect their legal dues from time office between working hours from 18-08-2014 onwards" read the retrenchment notice issued by the companies to its employees.
The project was awarded to GVK limited in a joint venture with Jammu & Kashmir State Power Development Corporation Ltd (JKSPDC) for procurement of power on a long-term basis from project constructed on river Chenab in mountainous Kishtwar District under Build, Own, Operate and Transfer (BOOT). As per the agreement, GVK was to hand over the project to the state government after the period of 35 years from the date of commission of the power project and was slated to be commissioned by 2017.
At the time of awarding the contract to GVK limited by the state government, Rattle Power Project became the first hydel power project in the country that was awarded through a tariff based competitive bidding process. This project also has the unique distinction of being the first private sector investment in the power sector in the state of Jammu & Kashmir that will get 16% of free power from the GVK Power and Infrastructure Limited which includes 1.5 % for local area development and out of the remaining power the company will sell power to the state at a cost of Rs 1.44 per unit, which is less than the unit price paid by the state government while purchasing the power from Northern grid thus will save approximately an amount of Rs. 1200-1400 Cr annually to the state government once the power project will start generating the power.
While talking to "Early times", the sources quoted various factors behind the decision of winding up of the project work by GVK and L&T managements including weak financial position of GVK, internal rift between GVK and L&T, besides local political interference with regard to the appointments of the unemployed youths affiliated with these political parties.
The sources said that GVK limited was looking forward for an opportunity to windup its business, added that the company got the opportunity for the same when some BJYM activists forced the company to stop the work demanding jobs for the local unemployed youths of Kishtwar district. After the BJYM incident, district administration held various meetings with the unemployed youths, project management and other stake holders, but the project management remained defied and refuse to continue the work despite assurance from the Deputy Commissioner Kishtwar Mohammad Javed Khan, DIG DKR range Ashkoor Ahmed Wani and other stake holders.
It is pertinent to mention that "Early times" in its 30-06-2012 first reported about the weak financial position of the GVK limited and also the company plan of availing the loan from reputed finance companies at National and International level by way of mortgaging of 5418 Kanal of land given to company on lease bases by the state government for project construction.
GVK while trying to avail the loan for the project also uses its good office in political circle at that time to get no objection certificate from the government on account of mortgage of the state owned land to a finance company, which according to legal expert cannot be done under law and special power to the state under article 370 of the constitution. |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
|
|
STOCK UPDATE |
|
|
 |
| BSE
Sensex |
 |
| NSE
Nifty |
|
|
| |
CRICKET UPDATE |
|
|
|
|
| |
| |
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
