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Oli-Modi lay stone for Arun III Hydropower Project

IANS  |  Kathmandu 

K.P. Oli and his visiting Indian counterpart jointly laid the foundation stone for the III Hydropower Project remotely from on Friday.

The much-awaited 900-megawatt hydropower project was inaugurated during a joint press conference organised at Battisputali-based here.

The (IBN) on Thursday granted an to SJVN III Power Development Company to generate power from the III Hydropower Project located in eastern

The IBN awarded the permit to the Indian developer in line with the decision of the 30th meeting of IBN's board of directors chaired by Oli on April 28. SJVN paid the board Rs 5 million as licence fee.

The foundation stone laying ceremony was originally planned for April when Oli visited New Delhi, but it was put off after said preparatory work had not been completed.

The project has completed major tasks like acquisition of private land and is in the process of acquiring public forest land.

According to the IBN, Nepal will receive Rs 348 billion over 25 years from the project.

The will also provide 21.9 per cent of the free of cost, which is worth Rs 155 billion, plus another Rs 107 billion in royalties.

arrived in Nepal on Friday on a two-day visit at the invitation of Oli.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 11 2018. 23:24 IST
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