Hyderabad-based GVK Industries, which is focusing on power generation, has bought majority stake in the Alaknanda Hydro Power Corporation Ltd, which was set up to built a 330-Mw hydel project near Srinagar in the Pauri district of Uttaranchal. | |
| An investment of Rs 1,650 crore is proposed for the project, official sources said. |
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| The move comes despite an announcement made by Uttaranchal Chief Minister N D Tiwari to handover the construction work of the Alaknanda hydel project to the state irrigation department. |
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| Sensing that the hydel project would now be constructed by GVK, employees of the irrigation department have adopted an agitational course to mount pressure on the government for giving the contract to the department itself. For the past one month, the employees have been holding protest demonstrations. |
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| On the other hand, GVK officials confirmed that the company had bought the majority stakes in the Alaknanda company and said the construction work would start in one month's time. |
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| Earlier, the majority stake of the Alaknanda company was held by Tata Power, which in turn had bought them from Synergy in 2003 and changed the name of the project from Dunkan North Hydro Power Company to Alaknanda Hydro Power Corporation. |
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| Before Synergy came into the picture, it was Dunkan company which wanted to construct the project. |
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| Though the project was conceptualised in 1990s, the construction work could not start due to various reasons. All these previous companies did not show any enthusiasm in starting the construction work said M C Joshi, additional secretary (power). |
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| As the Tata Power was not showing any interest to start the work, the state government decided to handover the contract to the irrigation department last year. An announcement was also made by Tiwari during his visit to Srinagar in this regard. |
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