Last week – 16th to be exact – the Cabinet Committee on Economic Affairs in New Delhi decided that it would pay appropriate compensation to National Thermal Power Corporation (NTPC) for the abandoned Loharinag Pala hydel power project in Uttarakhand state.
The 600 MW hydelpower project was coming up in Uttarkashi district of Uttarakhand state, on the river Bhagirathi (a tributary of Ganga).
But, in Nov 2010, the National Ganga River BasinAuthority (NGRBA) declared that all under-construction hydro electric projects in the upper riches of the Bhagirathi would be scrapped, because, it was the only way to maintain the continuous flow of Bhagirathi river. Since, Loharinag Pala fell in the same zone this had to go as well.
But NTPC is a rich company and it has made substantial amount of investment already which it just can’t lose. Enters the government, deciding quickly to pay back the Navratna/ nine stars (the nine biggest public sector companies) co its money.
How wonderful! However, I can’t help asking a few questions.
