The Union Ministry of Finance has recommended that 850 MW Ratle Hydro project be developed in Jammu and Kashmir through Joint Venture Company (JVC) between JK Power Development Corporation (JKPDC) and National Hydroelectric Power Corporation (NHPC), according to the Jammu and Kashmir Department of Information and Public Relations.
The Public Investment Board (PIB), in the Ministry of Finance also recommended an investment approval for Rs 5,281.94 crores for the project including an Infusion of Equity of Rs 808.14 crores by NHPC in the joint venture company.
The department said that 850 MW Ratle HEP was the first project in India which was awarded through tariff-based bidding. However, the project was stalled due to the unilateral withdrawal by the erstwhile developer from the project.
"All the clearances for the project are already in place and the project is expected to be completed within 36 months of the start of work. The initiation of the project will be yet another step in adding to the revenues of the UT from its abundant hydro resources," read the department's release.
Jammu and Kashmir have over 20,000 MW of hydropower potential, out of which 16,000 MW has been identified.
( With inputs from ANI )
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