GVK power plant on alert following Uttarakhand glacier burst

By: |
February 7, 2021 4:34 PM

The group can hardly afford to suffer adverse developments having tried to recover this power plant from a natural disaster earlier.

glacier burstWater flow out from the glacier burst is likely to hit the plant in the evening

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.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Madhya Pradesh Congress chief Kamal Nath hits out at BJP over free vaccination promise
2Congress leader Rahul Gandhi dubs PM Modi a ‘formidable enemy,’ vows to defeat him
3Grand Alliance to decide CM candidate for Assam after polls