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.
COMMENTS
TOPMOST STORY NOW
Live Lok Sabha Polls 2024: Repolling underway in 6 polling stations in Ukhrul, Chingai, Karong of Outer Manipur seat
30th April 2024Live KKR skipper Shreyas Iyer completes 3,000 IPL runs
30th April 2024Live In 3 days, the ethnic unrest in Manipur will complete a year. Here is what the affected people want. A special report
30th April 2024Live BJP North Tripura President Kajal Das arrested for manhandling polling official, gets bail
30th April 2024WE RECOMMEND
4.2 magnitude quake hits China’s Xizang, tremors felt in Sikkim
The epicentre of the earthquake was located at Latitude 28.28 and Longitude 87.87, at a depth of 30 kilometres, the NCS stated.
29th April 2024World 10K Bengaluru Marathon: Sikkim’s Marathon girl Phurba Tamang wins Silver
Phurba won the silver in the women's 25-29 age category.
28th April 2024Archery World Cup 2024: Sikkim’s Tarundeep Rai among India’s gold medal winning archery team, CM Tamang congratulates TARUNDEEP
The Indian men's recurve archery team stunned the reigning Olympic champions South Korea and won gold medal at the Archery World Cup Stage 1.
28th April 2024SKM leader KD Kafle attacked, party accusing SDF for the attack
The SKM said that the incident took place at Neya Brum village under Rangang Yangang constituency late last night.
28th April 2024Peaceful voting underway in Sikkim: 147 candidates are in fray for 32 Assembly seats, 14 for lone LS seat
4 lakh 63 thousand 929 voters out of which 2,32,381 are male voters and 2,31,545 are female voters will decide the fate of the total 161 candidates in fray.
19th April 2024