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Cabinet approves Rs 5,281Cr investment in Ratle Hydropower Project in J&K

By TIOL News Service

NEW DELHI, JAN 20, 2021: THE Cabinet today has given its approval for the investment of Rs.5281.94 crore in the 850 MW Ratle Hydro Electric Project located on the Chenab river in the Kishtwar district of Jammu and Kashmir, despite threats from Pakistan.

The Cabinet chaired by Prime Minister Mr Narendra Modi has sanctioned the project despite Pakistan's objections that it would take the issue to the International Court and the World Bank, arguing that it violated the Indus Water Treaty.

A new Joint Venture Company (JVC) will be incorporated between the National Hydroelectric Power Corporation (NHPC) and the Jammu and Kashmir State Power Development Corporation Limited (JKSPDC) with equity contribution of 51 per cent and 49 per cent, respectively, said the Cabinet.

"Government of India is also supporting the union territory of Jammu and Kashmir by providing grant of Rs. 776.44 crore for equity contribution of JKSPDC in the JVC to be set up for construction of Ratle. NHPC shall invest its equity Rs.808.14 crore from its internal resources," said an official statement.

In a press conference in Jammu, Lieutenant Governor Mr Manoj Sinha said the project will be commissioned within five years and will create 4,000 jobs directly and indirectly, contributing to the overall socio-economic development of the territory.

The power generated from the project will help in providing balancing of grid and will improve the power supply position, said the Cabinet.

"Jammu and Kashmir will be benefitted by getting free power worth Rs. 5,289 crore and through levy of water usage charges worth Rs.9,581 crore from Ratle Hydro Electric Project, during the project life cycle of 40 years," it stated.

Then-Prime Minister Mr Manmohan Singh had laid the foundation stone of the Ratle project in 2013 with the project set to be completed by 2018, but it was stalled due to Pakistan's action. Once the project construction restarted in 2019, it once again ground to a halt due to the unilateral withdrawal by the developer.


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