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| Chenab valley power projects turning white elephant | | 'Corporation headed by a non technical, over aged person' | | Ishtiyaq Ahmad
Early Times Report
SRINAGAR, Aug 19: Ever since the Chenab Valley power Project Private Limited (CVPPP) came into being, nothing on ground has been found tangible which could boost the economic condition of the state in general and locals of Chinab valley in particular.
CVPPP was incorporated on June 6, 2011 as a Joint Venture Company of NHPC Limited, JKSPDC and PTC (India) Limited for execution of four Hydroelectric Projects Pakal Dul, Kiru and Kwar with aggregate capacity of 2220 MW and Dul Hasti stage two at Chenab River Basin in district Kishtwar with equity participation of 49%, 49% and 2% by NHPC, JKSPDC& PTC respectively.
The insiders of the CVPPP who wished anonymity attribute the failure of the company to a non technical person who is the chairman with having no background of handling projects of such magnitude.
Sources alleged that the idea behind establishing the CVPPP has been sabotaged and it has become a money-minting place. "Nothing has changed ever since the corporation was established except for expenditures which are accumulating at a fast pace. The incumbent chairman who is in the late seventies, is not contributing for the betterment of the company, productivity and generation," sources maintained.
Internal sources have raised questions as to how a chairman of this age is continuing on the post when BJP at the National and State level have decided to remove all such persons who crossed the age of 75.
Sources said that the approach of non professionalism of the chairman have put the company to the great loss. "I fail to understand that the state government who has huge stakes in the joint venture has never bothered to review the functioning of the Chenab valley project.
Deputy Chief Minister who is also the power minister of the state was not available for comments; similarly Deeraj Gupta commissioner secretary power was also not available despite repeated telephone calls.
It may be stated that the CVPPP has recently celebrated the raising day which attracted burden of huge expenditure.
Last week it convened annual general meeting which is a statutory requirement under companies act, the financial figures which were brought to the public domain have shown a very dismal performance and nothing changes since last AGM held.
Sources said that despite spending crores over the years the projects have remained cosigned to files only and not even a single brick has been laid despite lapse of 6 long years.
Sources said that the functioning of the CVPPP can be judged from the fact that the Central Electricity Authority of India had received the complaints about the misappropriation of funds meant for generation of electricity from the CVPPP since 2010.
One of the senior officials of the power department said that since these three projects have the potential to convert Chenab valley into power house for the State, the present dispensation should take all possible steps to facilitate early start and timely completion of these projects
The official added that it must be ensured by the PDP-BJP Government that these projects don't meet the fate of Ratle Hydroelectric Project, which became victim of frequent political interference. |
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