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| 850 MW Rattle HEP in jeopardy as GVK faces financial blues | | No decision yet on issues approved by Coordination panel | | early times report
Kishtwar, June 29: Future of 850 MW prestigious Rattle Power Project to be constructed on river Chenab in Drabshala village of Kishtwar district in Jammu and Kashmir seems to be heading for a road block as the reports coming in from various quarters indicate that GVK construction company which was awarded the contract by the government of Jammu and Kashmir for execution of construction of the said power project under Build, Own, Operate and Transfer (BOOT) basis is facing problem to arrange funds for the execution of work.
According to the report, GVK Company is looking for funding for the project but has yet not been successful. The reports said that despite state government handing over the possession of 5418 Kanals of land to GVK construction in the month of April this year, the company has failed to start the work on this prestigious power project and has not issued any notices inviting job applications from the unemployed youths of the area to be adjusted in the project work as per the state government agreement with the company. The sources said that the company also initiated the talks for mortgaging the land given to it by the state government on lease basis. Even though the state government completed the land acquisition process in record time and handed over the possession of land to the company, the company has failed to start the construction. The sources said that even though the land acquisition process was completed several months ago, the company failed to deposit atleast Rs 14 crore in the account of Collector Land Acquisition Kishtwar and the same was demanded by the collector during a meeting at Drabshala last week which was attended by MLA Inderwal Ghulam Mohammad Saroori and Rakesh Khali, head of 850 MW Rattle Power Project Kishtwar. The sources said that the company also owed money to some local contractors engaged by the company for construction of approach road up to construction site and also for construction of some residential buildings cum employees' quarters.
Sources said that the company even failed to deposit the requisite amount of Rs. 120 Crore for rehabilitation of affected families. The sources said that among the amount Rs. 32 Crore deposited by the GVK construction with collector land acquisition Kishtwar was provided to them by Jammu and Kashmir power Development Corporation, a state owned company. The sources said that the GVK is using its good office in political circle 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 since. The legal expert said that under article 370 as well as under law lease out land cannot be mortgaged. The experts divulge in case the GVK Company was declared as defaulter at any later stage, the financer can take over the possession of the said land any time. The sources said that the company with the help of some local people is spreading rumours blaming the government for delay in execution of work on power project.
It is worthwhile to mention here that District Administration Kishtwar along with officials of Jammu and Kashmir State Pollution Control Board held a public hearing for environment clearance at project venue site on 8-4-2012 and the same was attended by thousands of local people from all strata of life including N.G.Os, social workers , educationist , environmentalists who shows satisfaction over the steps taken by the authorities in terms of prevention of environmental hazards in the area once the construction of the project was set into motion, but despite clearance of major hurdles by the state government through District Administration Kishtwar, the construction work on project is yet to take off prolonging the wait of thousands of unemployed youths of Kishtwar District who are eying for job opportunities in under shadow 850 MW Rattle power project.
The project will be constructed in a joint venture with Jammu & Kashmir State Power Development Corporation Ltd (JKSPDC) for procurement of power on a long-term basis under Build, Own, Operate and Transfer (BOOT). As per the agreement, GVK will hand over the project to the state government after the period of 35 years from the date of commission of the power project. The project that will require an investment of around Rs 5000 crore is slated to be commissioned by 2017.
Rattle Power Project is the first hydel power project in the country that has been 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.
Jammu and Kashmir will get 16 percent 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 Cr annually to the state government once the power project will start generating the power.
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