GMR bags Himachal hydel project

Hyderabad-based GMR Group has bagged the 180-Mw Bajoli Holi hydel project to be built on the Ravi river in the Chamba valley in Himachal Pradesh.

The company had offered the highest bid of Rs 91.18 lakh per Mw premium to the state government in global tenders invited for the project.

Officials say this is the highest ever upfront premium offered by any company for a hydel project in the country.

According to the deal, the company will pay Rs 160 crore to the state government even before actual work starts on the Bajoli Holi project.

The state government has last month awarded five other hydel projects in the state, all over 100 Mw after over 50 global bids took place.

Himachal Pradesh has a quarter of the country's hydel power potential as five major Himalayan rivers flow through the state.

But only a quarter of this has been tapped so far due to lack of funds.