By IANS
Shimla : GMR energy has been formally awarded a major hydropower project in Himachal Pradesh, after the company paid the state government Rs.820 million as premium upfront money here Monday.
The 180 MW Holi-Bajoli hydel project is to be built on the Ravi river in the Chamba valley, some 400 km from here, said company officials.
GMR Energy director B.V.N. Rao handed over the cheque for Rs.820 million to Chief Minister Virbhadra Singh.
“Work on the project will start some time next year and it will be completed by 2014,” he said.
“It will be a run-of-the-river project and on completion will supply power to the northern region of the country. The region has recorded high demand growth but faces a large power deficit,” said Rao.
The project has been awarded on the build-own-operate-transfer (BOOT) basis for a period of 40 years from the commencement of commercial operations. During this period, GMR Energy will provide 12 percent free power to Himachal Pradesh.
Bangalore-based GMR Energy won the mandate in a two-stage competitive bid that attracted many bidders from major companies all over the country.