The group can hardly afford to suffer adverse developments having tried to recover this power plant from a natural disaster earlier.
The infrastructure major GVK group is on high alert for its hydropower plant’s safety in Uttarakhand. This follows the glacier burst in the region. Sources within the GVK group point out that the water flow out from the glacier burst is likely to hit the plant in the evening around 5 pm or thereafter today though expectation is that the intensity of impact may reduce by then.
GVK group, which had developed the Mumbai International Airport and the Bengaluru International Airport, has exited both and now largely left its power projects and businesses in hospitality and biosciences. The 330-MW Alakananda hydro power project in Uttarakhand is one of it’s important power projects. This plant in Alakananda has already suffered and recovered from a natural disaster. It was shut down after floods in Uttarakhand last. The GVK group had then approached banks and proposed debt restructuring. The bankers opted for the 5×25 scheme, which meant extension of the debt repayment period from 10 years to 25 years. This had helped the company start all four turbines.
This plant is one of the important power plants of the group other than those in Punjab and Andha Pradesh. The group can hardly afford to suffer adverse developments having tried to recover this power plant from a natural disaster earlier.