Advisor Baseer chairs 75th BoD meet of JKSPDC; Rs 1276 cr approved for FY-21

27 August 2020

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SRINAGAR: In the 75th Board of Directors meeting of J&K State Power Development Corporation (JKSPDC) chaired by Advisor to Lieutenant Governor, Baseer Ahmad Khan a works plan of Rs 1276.69 crore has been approved today.

The members who participated in the meeting include Financial Commissioner Finance, Dr Arun Kumar Mehta; Principal Secretary Power Development and Information Departments, Rohit Kansal; Director General Budget, Mohammad Yaqoob Itoo besides other corporation officers and officials.

Principal Secretary to Lt Governor &Information Technology and Science & Technology Departments, Bipul Pathak; Deputy Secretary, Ministry of Power, GoI, Vishal Pal Singh; Director (Hydro Project Monitoring), Central Electricity Authority, Manoj Tripathi were the Board members who participated in the meeting through video conferencing.

The Board of Directors (BoD) consented for an ambitious working plan for the year 2020-21 with an outlay of Rs 1276.69 crores for creation, renovation and maintenance of assets of the Corporation.

The Board decided that from here onwards the directors would meet every three months. They further decided that all the accounting issues should be cleared within a month and balance sheets prepared and tabled in the next meeting.
The BoD further maintained that hydropower is the most promising revenue generating sector of J&K and exploiting it optimally could address many of the woes of UT of J&K. They asked the Corporation that works on all the ongoing projects should be expedited besides putting their best to take other projects in hand forthwith.

The ongoing Hydro Electric Projects (HEP) for which funds have been proposed in this work plan include 37.50 MW Parnai HEP (Rs 155.36 crore), 12 MW New Karnah HEP (Rs 44.59 crores),Dah-Hanu transmission line (Rs 70.20 crore), 9 MW Dah HEP (Rs 11.86 crore), and 9 MW Hanu HEP (Rs 11.81 crore). These projects are going to help in tiding over the energy crisis in the UT’s of J&K and Ladakh to a larger extent.

The BoD also approved capital works to the tune of Rs 172.45 crore for Renovation Modernization & Uprating (RMU) of many operational HEPs. It includes Baglihar-II HEP (Rs 24.90 crores), Sewa-III (21.53 crores), Lower Jehlum HEP (Rs 16.53 crore), Upper Sind HEP-II (Rs 18.34 crores),Chenani-I HEP (Rs9.98 crore), Chenani-III HEP (Rs 9.35 crores). Besides funds for the same purpose have been assigned for 11 other HEPs.

Further an amount of Rs. 333.81 crore has been proposed for new projects to be taken in hand in the current work plan. These include New Ganderbal HEP (Rs 80.00 crore), Kirthai-I HEP (Rs 31.84 crore), Kirthai-II HEP (Rs 33.90 crore), Lower Kalnai HEP (Rs 38.06 crore). Besides an amount of Rs 150.00 crore for PMDP projects is also part of this plan.

The plan has also kept an amount of Rs 269.22 crore for meeting the operation & maintenance (O&M) costs of its already created assets and projects. These include Rs 132.80 crore for BHEP-I and Rs 111.60 crore for BHEP-II. Funds for some 18 other HEPs has also been proposed under this head.

The Corporation is anticipated to generate a revenue of Rs 2676.31 crores from different activities and loans. An amount of Rs 1368.98 crores is expected to be realized from the sale of power by the Corporation. The same amount has also been contemplated to be expend on different activities including on works programme (2020-21) and repayment of loans and interest servicing.
Under Corporate Social Responsibility the Board has earlier provided a bus to a school in Ladakh and renovated another school building at Basholi incurring a total cost of about Rs 19 lakhs.
In this meeting the Board confirmed the insurance cover for Rs 2050 crore of Baglihar HEP stage I & II at a premium of Rs 37.14 crores for the year 2020-21. It also discussed the action taken report on the decisions made in its 74th Board meeting.
The meeting also deliberated upon framing of important committees like Management & Finance Committee, Audit Committee and CSR Committee for running the affairs of the Corporation smoothly. On the occasion new members were inducted into the Chenab Valley Power Projects Corporation Limited for brining in more professionalism and diversity in the Board.