GMR Group bags 180 mw HP hydel power project

The Hyderabad-based GMR group, one of the country’s fastest growing infrastructure companies, has bagged the job of execution of the 180 mw...

The Hyderabad-based GMR group, one of the country’s fastest growing infrastructure companies, has bagged the job of execution of the 180 mw Bijoli Holi hydel power project in Chamba district, Himachal Pradesh, bordering Jammu and Kashmir. The company, which has been selected through competitive global bidding, has offered the highest premium of Rs 91.18 lakh per mw to the state government. “This is the highest ever premium offered by any company for a hydel project in the country,” confirmed Himachal Pradesh additional chief secretary (power) J P Negi.

The GMR Group, which is involved in the construction of Delhi International Airport as well as hydro-power generation in Uttrakand and Orissa, will be paying more than Rs 160 crore to the state government even before taking up the actual project execution work. In all, the Himachal Pradesh government has allotted five new hydel power projects — all above 100 mw capacity — to Independent Power Producers. They have been chosen out of 50 bidder companies

For the first time, Jindal Steel and Power Ltd (JSPL) — earlier mainly into thermal power generation— has won a hydel power project — the 260 mw Kuther unit.The project had earlier been allotted to DS Constructions, whose inability to pay the upfront premium and demand for a change of conditions in power policy, led to cancellation of the allotment. “The company offered to pay an upfront premium at the same rate (Rs 52.90 lakh per mw) as DS Contructions and was finally invited for the allocation of the project,” Negi told The Indian Express.

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Another big winner is Malana Power Company, a hydro-power firm belonging to the LNJ Bhilwara Group, which has been allotted two mega hydel projects — Chango Jangthan (140 mw ) in Lahaul-Spiti district and Bara Bengal (200 mw). The company already owns the 70 mw Manala-II hydel project and is currently executing the 192 mw Allaign Duhanghan project in Kullu district.

To get the two projects, the company offered an upfront premium of Rs 36 lakh per mw and Rs 61.20 lakh per mw respectively. The 108 mw Chhatru Hydel project on Chandra-Baga (Upper Chenab) basins has gone to DCM Sriram Infrastructure Ltd as the company offered an upfront premium of Rs 40.50 lak per mw.

The concept of upfront premium was introduced in the state’s power policy this year for all hydel projects above 100 mw capacity. In the allotment of just five projects, the government has realised Rs 516 crore as simply as upfront premium. The other benefits offered are 12 per cent free power from the projects as royalty for the first 12 years and 18 and 30 per cent up to 18 years and beyond respectively.

… And SEZ in TN

CHENNAI: GMR Infrastructure Ltd on Monday entered into a joint venture (JV) with the Tamil Nadu government to set up a multi-product Special Economic Zone (SEZ) in the state with Rs 2,300 crore investment. An MoU in this regard was signed between Tamil Nadu Industrial Development Corporation (TIDCO) chairman and managing director S Ramasundaram and GMR Infrastructure director B V Nageswara Rao here, in the presence of chief minister M Karunanidhi.

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