HOME
NATION
BUSINESS & ECONOMY
INTERNATIONAL
SCIENCE & TECHNOLOGY
ENTERTAINMENT
LIFESTYLE & FASHION
SPORTS
TRAVEL
NATION
BUSINESS & ECONOMYINTERNATIONAL
SCIENCE & TECHNOLOGY
ENTERTAINMENT
LIFESTYLE & FASHION
SPORTS
TRAVEL
MORE STORIES YSR urges PM to form team to manage Satyam affairs Andrew Strauss named England captain Ramalinga Raju: From Andhra's pride to disgrace Film on Raja Ravi Varma worth a watch: Randeep Hooda Striking truckers hope government will talk to them 'Prabhakaran's extradition call shows India's stand on LTTE' We need more short films to promote young talent: Anupam Kher Ashok Leyland sales down 63 percent in December BJP draws roadmap to general elections, sticks to terror Mamata's acts are childish: Biman Bose
© 2008-2010 Dmanewsdesk.com
- All Rights Reserved.
- All Rights Reserved.
Himachal Pradesh invites Brakel to sign power project agreement
source December 1, 2008
Shimla, Himachal Pradesh has invited Dutch firm Brakel Corp NV to sign the pre-implementation agreement (PIA) for the execution of a multi-million dollar hydropower project awarded to it in December 2006, a government official has said.
The PIA, which is mandatory before beginning work on any project, would be signed within a few days, the official from the power department told IANS Sunday.
"Brakel has agreed for the settlement of all the disputes, if any, under Indian arbitration laws and for depositing 25 percent upfront premium at the time of signing the PIA," he said.
The decision to sign the agreement with Brakel was taken Nov 25, two years after the 960-MW Thopan-Powari-Jangi hydropower project was awarded to the Dutch company.
The project, to be come up in Kinnaur district, about 300 km from here, requires an investment of more than Rs.60 billion.
Brakel has already deposited 50 percent of the upfront premium (Rs.1.73 billion) and Rs.210 million as delayed interest at the rate of 11 percent.
Now the company has to deposit the remaining upfront premium of Rs.1.73 billion in two instalments - one at the time of signing the PIA and the other before commissioning the project.
Asked about the government's invitation to sign the deal, Brakel's top official in Shimla B.R. Gautam told IANS: "We are ready to sign the PIA, which is likely to be signed in two-three days."
He, however, added that the company was yet to receive formal invitation from the government in this regard. "Our directors (Dean Gesterkamp and Anil Wahal) would be available in Shimla whenever the government invites them," he said.
He added that the project would be completed in 2017, "which is quite ahead of schedule".
The project was allotted to Brakel by the previous Congress government through global bidding. However, the incumbent Bharatiya Janata Party government delayed signing the project and even despatched two show-cause notices to Brakel asking why the company's bid should not be scrapped.
The PIA, which is mandatory before beginning work on any project, would be signed within a few days, the official from the power department told IANS Sunday.
"Brakel has agreed for the settlement of all the disputes, if any, under Indian arbitration laws and for depositing 25 percent upfront premium at the time of signing the PIA," he said.
The decision to sign the agreement with Brakel was taken Nov 25, two years after the 960-MW Thopan-Powari-Jangi hydropower project was awarded to the Dutch company.
The project, to be come up in Kinnaur district, about 300 km from here, requires an investment of more than Rs.60 billion.
Brakel has already deposited 50 percent of the upfront premium (Rs.1.73 billion) and Rs.210 million as delayed interest at the rate of 11 percent.
Now the company has to deposit the remaining upfront premium of Rs.1.73 billion in two instalments - one at the time of signing the PIA and the other before commissioning the project.
Asked about the government's invitation to sign the deal, Brakel's top official in Shimla B.R. Gautam told IANS: "We are ready to sign the PIA, which is likely to be signed in two-three days."
He, however, added that the company was yet to receive formal invitation from the government in this regard. "Our directors (Dean Gesterkamp and Anil Wahal) would be available in Shimla whenever the government invites them," he said.
He added that the project would be completed in 2017, "which is quite ahead of schedule".
The project was allotted to Brakel by the previous Congress government through global bidding. However, the incumbent Bharatiya Janata Party government delayed signing the project and even despatched two show-cause notices to Brakel asking why the company's bid should not be scrapped.
Business & Economy
Bhopal gas tragedy: 24 years on, the trauma continues
Mumbai attacks won't affect investor confidence: US-India council
Stage set for Internet Governance Forum meet in Hyderabad
Economic crisis takes toll on Kolkata realtors
Ranger's copter business taking off in Fort Worth
Himachal Pradesh invites Brakel to sign power project agreement
Chidambaram says blasts not likely to impact markets for long
India bid an emotional farewell to its martyrs
Hospitality, travel sectors will suffer in short term: Industry
India's economic growth falls further to 7.6 percent
Indian business will weather Mumbai storm: IT giants, others
Economic recession can be turned into opportunity
Inflation falls to 8.84 pc, RBI may signal cut in rates
Ashok Leyland targets aerospace sector for testing services
32 FDI proposals worth Rs 845 cr cleared
Rediff.com launches ''Web-in-mail'' service
HOW INDIA TRIES TO STAY AFLOAT IN A GRIM GLOBAL ECONOMIC SCENARIO
Indian outsourcing companies moving up value chain
Airlines to reduce fares only after fuel tax cut
Banking system safe; will able to tide over crisis: Ahluwalia