Northeast India’s Only English and Hindi Satellite News Channel

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

First Published: 7th February, 2024 19:46 IST

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

COMMENTS

WE RECOMMEND

Banner
Key Meet of Northeast CEMs In Delhi for 125th Amendment of 6th Schedule

The royal scion of Tripura, Pradyot Debbarma said that the meeting's goal is to ensure that the indigenous people get their rights.

22nd July 2024
Banner
Sikkim Govt To Announce Pension Scheme, Medical Insurance For Journalists

The announcement came in response to an appeal made by Subash Rai, a recipient of the Kanchenjunga Kalam Puraskar, who advocated for improved welfare measures for journalists

21st July 2024
Banner
Students to Spend Only 7 Days for Independence Day Preps: Sikkim Education Dept. Directive

The Circular directs all schools to strictly follow the order

20th July 2024
Banner
Critical Food Shortage Hits South Sikkim; Government Scrambles to Address Crisis

Sources reveal that the FCI godown in Siliguri has not delivered the necessary supplies, resulting in a deficit of 6,804 quintals of rice

19th July 2024
Banner
From Rs 4 lakh profit to almost zero, that is how badly hit Sikkim hotels and lodges are

Hotels and lodges which rake in a lot of mullah during this season, is running dry as the flow of tourists into the state has plummeted because of the floods and landslides

17th July 2024