Brakel ready to ink IA for 960 MW project in Himachal

Shimla: After a delay of 14 months and having survived a legal battle, Dutch company Brakel Corporation NV expects to sign the implementation agreement for the 960 MW Jangi-Thopan, Thopan-Powari project soon.

Brakel sources disclosed that the government had asked for certain documents before singing of the implementation agreement for the mega project on Satluj River basin could be done.

“We have submitted all the necessary documents and the IA singing could take place soon,” he said.

Reliance Energy, a rival bidding company for the project, has moved the court over allotment of the project to Brakel, but the court has not imposed an injunction on the matter.

When contacted Arun Sharma, spokesman for Brakel, confirmed that inking of the IA was on the cards and could be held soon.

Allotment of the hydro project had turned controversial after Reliance Energy had dragged the government and the bid winning company to court, arguing that terms of allotment had been violated and the project instead be allotted to second highest bidding company on matching terms of the winner.

The government after initially trying to pass the buck to the court finally came around in November 2008 to stand by the decision of the previous of government and reaffirmed the allotment to Brakel.

Outbidding Reliance Energy, JP Associates and other power generating companies, Brakel Corporation – an upstart company’s highest bid of Rs 34 lakh per Megawatt and secured the two 480 MW projects in a global tendering process in December, 2006.

With a new BJP government assuming power in January 2008, Brakel had hurriedly paid Rs 173.48 Cr as upfront money due as part of allotment terms and another Rs 20 Cr for delayed payments after they were served notice for it.

In their November 2006 presentation, Brakel has shown Halcrow, a London based multinational company; SNC- Lavalin, a Montreal based Construction Company; Standard Bank a South Africa based bank: Ecosecurties, a Dublin based company trading in carbon credits: Energy Infrastructure Overseas; Glenalta Capital and Firecrest Hambro as consortium partners for executing the mega project on the fast flowing Himalayan river.

As Editor, Ravinder Makhaik has nurtured Hill Post for over a decade. A chequered path had him drift from managing family owned apple orchards, to turning a documentary filmmaker, to a journalist - with India’s leading television networks and newspapers, to boot strapping in founding Start-Ups. He lives in Shimla.

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