Shimla: Himachal cabinet on Monday approved a memorandum of understanding (MOU) signed with Punjab government for a composite project to connect Anandpur Sahib and Nana Devi with a ropeway.
The MoU with Punjab government was signed on 27 June. The cabinet approved that all preliminary development costs of the composite project would initially be borne by respective states within their territory.
The project would be offered out through competitive bidding and all costs incurred would be recovered from the bid winner.
There would be no subsidy or grant paid by the Himachal government and the project would be given out on a revenue sharing basis and sharing of profits, returns and rentals would be in proportion to investments made by the states.
The project is intended to be given on a 40 year lease period.