Infrastructure developer GVK Power and Infrastructure Ltd., or GVKPIL, said it would complete its Rs.2,069-crore Alaknanda hydro power project in Rishikesh well ahead of schedule, reports media.
Chief Financial Officer, Issac George, said the company hopes to complete the project within 48 months, though the target construction time is 52 months. He added that around 15 months of construction has already been completed and water from Alaknanda river has been let into the tunnel.
The company has obtained financial commitments from international private equity players to fund the ongoing project, he added. The company had earlier invested Rs.142 crores as promoters' stake for this project and raised around Rs.1,600 crores from a consortium of eleven banks and one financial institution from India and overseas. Of this, only Rs.400 crores has been used so far for the project.
GVK is implementing 330MW Alaknanda hydro project, located 110 km from Rishikesh. It comprises four units of 82.5MW each. The power purchase agreement for the project was inked with the Uttar Pradesh Power Corporation in 2006.
Apart from this project, the company is also developing coal and gas based power projects in several states including Andhra Pradesh and Punjab.
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