Cabinet clears Rs. 5,723-cr hydro project

Fast tracking the hydro power clearance process, the government recently approved a 900 MW power project to be set up in Sankhuwasabha district of Nepal at a cost of Rs. 5,723.72cr. The decision to approve the Arun-III project was taken at a meeting of the cabinet committee on economic affairs spearheaded by PM. "The project is expected to achieve financial closure by September this year and will be implemented shortly after that," Power Minister, Piyush Goyal said, elaborating that project is being implemented by a 100% subsidiary of state-run SJVN Ltd., which is a joint venture between Central and Himachal Pradesh governments with shareholding of 64.46% and 25.51%, respectively.