From rxpgnews.com
Dutch deal on Himachal hydel project delayed
By IANS,
Apr 24, 2007 - 3:57:00 PM
Shimla, April 24 - A 960 MW hydel project in Himachal Pradesh's Kinnaur district has been delayed as officials of the Dutch multinational Brakel Corporation have not turned up to sign the deal here.
The memorandum of understanding - on the Jangi Thopan project was to be signed between the state government and Brakel Corporation Monday but has been put off as the company is busy responding to FDI-related queries from the Reserve Bank of India -.
'The MoU could not be signed yesterday with Brakel as they are in the process of responding to RBI queries,' said state Power Minister Vidya Stokes said Tuesday.
Arun Sharma, an official of the Brakel Corporation, said here: 'Once we reply to the RBI queries in the next fortnight or so, we will be ready to sign the MoU.'
The project is to come up on the Sutlej river in tribal Kinnaur, some 250 km from here.
After global tenders were invited, the state government allotted this hydel project to the Dutch company some nine months ago. But Brakel has yet to deposit Rs.1.7 billion as upfront money, state government officials said.
Brakel Corporation has shown interest in investing upto $1 billion in the hill state's untapped hydel sector.
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