Saturday, November 7, 2009

NEA to give NT 10% in Upper Tamakoshi- PM briefed on 3 hydro projects. MYREPUBLICA.com















AKANSHYA SHAH

KATHMANDU, Nov 7: After a month-long disagreement over equity participation, Nepal Electricity Authority (NEA) has finally agreed to provide 10 percent equity shares to Nepal Telecom (NT) in the 456-MW Upper Tamakoshi hydroelectric project. The decision to this effect was taken at a meeting organized to brief Prime Minister Madhav Kumar Nepal on the project at Singha Durbar on Friday.

During the briefing, the PM directed NEA to work toward the financial closure of the project. According to the sources present in the meeting, NEA had to give in to NT´s demand as Minister for Information and Communications Shankar Pokharel had directed NT not to invest in the project unless equity shares worth the investment were provided to it. He had cited poor management and over-politicization of NEA as reasons behind such a stand.

“NEA is willing to award up to 10 percent equity participation to Telecom as per its stance,” an NEA official told myrepublica.com, adding, “The formal decision to this effect will be taken soon.”

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