Cupboard approves funding proposal of Rs. 5281.94 crore for Ratle Hydro Energy Challenge

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India

oi-Vicky Nanjappa

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Revealed: Wednesday, January 20, 2021, 18:18 [IST]

New Delhi, Jan 20: The Union Cupboard, chaired by the Prime Minister, Narendra Modi, has given its approval for the funding of Rs.5281.94 crore for 850 MW Ratle Hydro Electrical (HE) Challenge situated on river Chenab, in Kishtwar district of Union Territory of Jammu and Kashmir, by a brand new Joint Enterprise Firm (JVC) to be included between Nationwide Hydroelectric Energy Company (NHPC) and Jammu & Kashmir State Energy Improvement Company Ltd (JKSPDC) with fairness contribution of 51% and 49% respectively.

Cabinet approves investment proposal of Rs. 5281.94 crore for Ratle Hydro Power Project

Salient Options

Authorities of India can also be supporting the Union Territory of Jammu and Kashmir by offering grant of Rs. 776.44 crore for Fairness contribution of JKSPDC within the JVC to be arrange for building of Ratle HE Challenge (850 MW). NHPC shall make investments its fairness Rs.808.14 crore from its inner assets. The Ratle Hydro Electrical Challenge shall be commissioned inside a span of 60 months. The Energy generated from the Challenge will assist in offering balancing of Grid and can enhance the facility provide place.

Implementation Technique

Authorities of Union Territory of Jammu and Kashmir, to make the Challenge viable, will prolong exemption from levy of Water Utilization Expenses for 10 years after commissioning of the challenge, reimbursement of State’s share of GST (i.e. SGST) and waiver of free energy to the Union Territory of Jammu and Kashmir in a decremental method, i.e., the free energy to the Union Territory of Jammu and Kashmir can be 1% within the 1st 12 months after commissioning of the Challenge and rising @1% per 12 months to 12% within the 12th 12 months.

Goals

The development actions of the Challenge will lead to direct and oblique employment to round 4000 individuals and can contribute in general socio-economic improvement of the Union Territory of Jammu and Kashmir. Additional, Union Territory of Jammu and Kashmir can be benefitted by getting free energy price Rs. 5289 crore and thru levy of Water Utilization Expenses price Rs.9581 crore from Ratle Hydro Electrical Challenge, throughout challenge life cycle of 40 years.

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