NHPC board approves Lanco Teesta Hydro Power merger
By MYBRANDBOOK
The Board of Directors of NHPC Limited has accorded its approval for the amalgamation of Lanco Teesta Hydro Power Limited, which is a wholly owned subsidiary of the Company.
The NHPC had bagged the 500 MW Teesta VI hydro power project under corporate insolvency resolution process. The Scheme will be filed with the relevant regulatory authorities including Ministry of Corporate Affairs or any other appropriate authority for their approval and sanction.
Merger of LTHPL with NHPC will enable access to debt funding at NHPC's credit rating whereas LTHPL will incur debt financing at a higher rate. The project will supply power at a levelized tariff of Rs 4.07 per unit and is likely to be completed in the next four years.
The project will be implemented at an estimated cost of Rs 5,748.04 crore, which includes a bid amount of Rs 897.50 crore for the acquisition.
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