Sikkim Government decides to sell SPICL’s stake in Sikkim Urja Limited and its subsidiary

Further, the management and operational control of both SUL and SPTL will be transferred to Greenko Limited

The Sikkim government has decided to sell the entire 60.08 per cent stake of Sikkim Power Investment Corporation Limited (SPICL) in Sikkim Urja Limited (SUL) and its subsidiary Sikkim Power Valley Transmission Limited (SPTL) to M/S Greenko Energies Private Limited (Greenko Limited) with immediate effect during a cabinet meeting held on February 3.

Further, the management and operational control of both SUL and SPTL will be transferred to Greenko Limited.

The sale of SPICL’s entire stake to Greenko Limited will also involve the takeover of the entire SPICL-PFC loan and the appointment of a Chairman and board of directors in both SUL and SPTL by Greenko Limited, withdrawing the appointments made by the Sikkim Government in SUL and its subsidiary project.

The sale of the SPICL’s stake was hastened because of the losses incurred by the government due to the washing away of the Teesta-III hydel power plant in a flash flood last year. The now-defunct 1200 MW project is run by the Sikkim Urja Limited. The dam was situated at the confluence of Lachen and Lachung, two tributaries of the Teesta river.

Also Read: Sikkim: Teesta-III Dam damaged due to SKM Govt’s failure to follow rules and take precautions, alleges SDF

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