Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Nepal Scraps $2.5 Billion Hydropower Plant Deal With Chinese Company

"The cabinet has cancelled the irregular ... agreement with Gezhouba Group to build the Budhi Gandaki hydroelectric project," Energy Minister Kamal Thapa, who is also the country's deputy prime minister, said on Monday in a twitter post in Nepali after a cabinet meeting. He did not give further details.

Reuters

Updated:November 14, 2017, 10:35 AM IST
facebookTwitterskypewhatsapp
Nepal Scraps $2.5 Billion Hydropower Plant Deal With Chinese Company
Representative image/REUTERS
Loading...

Kathmandu: Nepal has scrapped a $2.5 billion deal with China Gezhouba Group Corporation to build the country's biggest hydropower plant, citing lapses in the award process, the energy minister said.

"The cabinet has cancelled the irregular ... agreement with Gezhouba Group to build the Budhi Gandaki hydroelectric project," Energy Minister Kamal Thapa, who is also the country's deputy prime minister, said on Monday in a twitter post in Nepali after a cabinet meeting. He did not give further details.

Nepal's rivers, cascading from the snow-capped Himalayas, have vast, untapped potential for hydropower generation, but lack of funds and technology have made Nepal lean on neighbour India to meet annual demand of 1,400 megawatts (MW).

In June a Maoist-dominated coalition government awarded a contract to China Gezhouba Group Corporation to build a 1,200 MW plant on the Budhi Gandaki river, about 50 km (32 miles) west of Kathmandu, to address acute power shortages.

Critics say the $2.5 billion project was handed to the Chinese company without any competitive bidding, which is required by law, and a parliamentary panel asked the government that succeeded the Maoist-led coalition to scrap the deal.

Officials of the Chinese company were not immediately available for comment.

China and India jostle for influence with aid and investment in infrastructure projects in Nepal.

Kathmandu has cleared a 750 MW project to be built on the West Seti River in the western part of the country by China's state-owned Three Gorges International Corp.

It has also permitted two Indian companies - GMR Group and Satluj Jal Vidyut Nigam Limited - to build one hydropower plant each, both capable of generating 900 MW of power each, mainly to be exported to India.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Ananya Chakraborty
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
HDFC Bank 1,257.25 4.81
ICICI Bank 446.30 6.90
Axis Bank 725.50 6.64
Maruti Suzuki 6,897.85 4.64
HDFC 2,162.00 5.50
Company Price Change %Gain
Larsen 1,527.65 8.13
Maruti Suzuki 6,899.20 4.77
ICICI Bank 445.20 6.67
Bajaj Finance 4,027.85 8.70
HDFC Bank 1,258.45 4.86
Top Gainers
Company Price Change %Gain
BPCL 450.85 11.64
Bajaj Finance 4,023.75 8.69
Larsen 1,528.50 8.29
Adani Ports 410.95 7.95
Asian Paints 1,802.75 7.88
Company Price Change %Gain
Bajaj Finance 4,027.85 8.70
Larsen 1,527.65 8.13
Asian Paints 1,804.25 7.89
ITC 254.70 6.95
Axis Bank 727.05 6.81
Top Losers
Company Price Change %Gain
Zee Entertain 271.60 -9.89
Infosys 764.35 -5.05
Power Grid Corp 188.30 -4.03
Tata Motors 127.90 -4.02
NTPC 116.05 -3.17
Company Price Change %Gain
Infosys 765.10 -4.97
Tata Motors 127.85 -4.16
Power Grid Corp 188.35 -4.07
NTPC 115.80 -3.42
TCS 2,014.75 -2.46

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results