Government Scraps Deals With China And Extends Time To Indian Companies

Government Scraps Deals With China And Extends Time To Indian Companies

Nov. 13, 2017, 3:39 p.m.

Cabinet scraps decision to award Budhigandaki To Chinese Company today. In another meeting, however, in another meeting, National Investment Board extended Six more months to two Indian Companies In Upper Karnali And Arun III for financial closure.

According to media report, National Investment Board took a decision to extend another six months for financial closure as demanded by them.

In a cabinet meeting on Monday, the government rolled back from its earlier decision to award Budhigandaki Hydropower Project to a Chinese company nearly after six months.

Deputy Prime Minister and Energy Minister Kamal Thapa has said that the agreement with the China Gezhouba Group Co Ltd (CGGC) has now been scrapped by the Monday’s cabinet meeting. “The decision was of irregularity and whimsical and has now been scrapped as per the recommendation by the parliamentary committees,” Thapa tweeted after the Monday’s meeting.

The Memorandum of Understanding (MoU, signed between Nepal government and Chinese company CGGC on awarding hydropower project of 1,200 MW received a wide criticism from academia and also the parliamentary committees.

Investment, has extended another six months period for Stalaj and GMR to manage the finance for Arun III and Upper Karnali hydropower projects. 

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