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The Board of Investment has said that no decision has been taken regarding the financial management of the 900 MW Upper Karnali project awarded to India's Mallikarjuna Grandhi Rao (GMR). In the 61st meeting of the board held on Sunday under the chairmanship of Prime Minister KP Sharma Oli, although the said agenda was there, due to lack of time, the board's spokesperson Pradhyumn Upadhyay said.
The meeting has decided to approve the final draft of the board's strategy and business plan (2081/082-084/085) and to proceed with the implementation process according to the outline of the organization structure required for the implementation of the said plan.
The five-year strategy has agreed on 42 projects with a total estimated cost of 17.92 billion US dollars, building a maximum of 14 projects worth 5.55 billion US dollars, operating 11 projects with an estimated cost of 8.95 US dollars and approving 92 private investment projects with an estimated cost of 10.9 billion US dollars.
'There was organizational communication as part of the strategic and business plan of the board office, and it was approved,' he said. He informed in the meeting.' He also told that there was a discussion to hold the 62nd board meeting after next week.
'There were 19 agendas including upper Karnali . But not all agendas were discussed,' said Upadhyay, 'only two agendas were discussed.'
GMR formed an expert committee to review the report on the financial management of Upper Karnali submitted on January 2. While the Central Bank of India (Reserve Bank of India) rejected the proposal of the Indian Renewable Energy Development Agency (IREDA) to invest 5 percent of its capital in Upper Karnali, the expert committee suggested that GMR can manage the finances.
It is mentioned in the Indian media that IREDA was informed through a decision letter that was rejected by the Central Bank of India on February 23. Board spokesman Upadhyay says that the expert committee has already suggested that GMR can manage the finances without receiving any information that IREDA's proposal has been rejected.
In Upper Karnali, GMR will have 34 percent shares, Indian government company Sutlej Jalvidyut Vikas Nigam (SJVN) will have 34 percent shares, IREDA will have 5 percent shares and Nepal Electricity Authority will have 27 percent shares. The 60th meeting of the board approved the share structure change submitted by GMR.
