Govt's focus is on climate-smart aquaculture and efficient resource utilisation (See 'Corp Brief') Sonowal Issues Clarification on Forged Letter (See 'Corp Brief') A&C - Arbitral tribunal is legally empowered to terminate proceedings u/s 38(2) of Arbitration Act, if party fails to pay its share of arbitrator's fees: SC (See 'Legal Desk') Science ministries push thematic clustering of Startups at review meeting (See 'Corp Brief') Nearly 100 delegates from over 70 countries to participate at ECI event (See 'Corp Brief') A&C - Bill discounting is short-term, high-risk commercial financing mechanism where elevated interest rates are neither unusual nor inherently unfair: SC (See 'Legal Desk') CEA has successfully conducted 220 elections; 70 elections currently underway (See 'Corp Brief') Service Matter - Government is bound by same limitation laws as any other party; delay caused by bureaucratic procedures cannot be mechanically condoned: HC (See 'Legal Desk') Khattar inaugurates Centre of Excellence for power sector regulatory affairs at Delhi IIT (See 'Corp Brief') Misc - Civil suit seeking cancellation of a registered sale deed is barred u/s 34 of SARFAESI Act when SARFAESI measures have been initiated: HC (See 'Legal Desk') Port, Inland Waterways Projects Worth Rs 552 Crore launched to boost Riverine Logistics (See 'Corp Brief') Manjhi inaugurates PM Vishwakarma Haat 2026 in New Delhi (See 'Corp Brief') PMLA - If property is attached for value thereof to proceeds of crime, it happens when proceeds of crime acquired or obtained directly or indirectly is not available in hands of person: SAFEMA (See 'Legal Desk') AIIA celebrates National Startup Day 2026 (See 'Corp Brief') SEBI - Proposed Acquirer shall be exempted from complying with requirements of sub-regulation (1) of regulation 3 and regulation 4 of SAST Regulations, 2011 with respect to direct acquisition in Target Company: SEBI (See 'Legal Desk') CCPA takes action against unauthorized sale of Walkie-Talkies on E-Com Platforms (See 'Corp Brief') IBC - Status of financial creditor is granted to individual allottees u/s 5(8)(f) of IBC, but this status does not extend to society they are members of, as society is distinct juristic entity: SC (See 'Legal Desk') IICA launches registration for Post Graduate Insolvency Programme (See 'Corp Brief') IBC - 'Pre-existing dispute' capable of barring initiation of CIRP u/s 9 IBC must be genuine and supported by substantive evidence, and not moonshine defence raised merely to obstruct CIRP: SC (See 'Legal Desk') 'Jo Vaada Kiya, Wo Nibhana Padega' - Promissory Estoppel Reaffirmed: Supreme Court Reiterates the Rules of State Accountability (See CORP EINSICHT)

Nepalese PM triggers last blast of Head Race Tunnel of Arun-3 Hydro Electric Project

Published: Jun 06, 2024

By TIOLCorplaws News Service

NEW DELHI, JUNE 06, 2024: PRIME Minister of Nepal Pushpa Kamal Dahal 'Prachanda' triggered the last blast to mark the completion of heading excavation for the 11.8 km long Head Race Tunnel of 900 MW Arun- 3 Hydro Electric Project in Sankhuwasabha District of Nepal. Arun - 3 Hydro Electric Project is being executed by SJVN Arun-3 Power Development Company Pvt. Ltd. (SAPDC), a fully owned subsidiary of SJVN. SAPDC is a significant collaboration between SJVN and the Government of Nepal, which aims to enhance regional energy security and boost economic development through sustainable hydropower generation in Arun River Basin.

Minister of Energy, Water Resources and Irrigation of Nepal Shakti Bahadur Basnet; Health Minister, Province 1 of Nepal Rajender Karki; India's Ambassador to Nepal Naveen Srivastava; Chairperson & Managing Director, SJVN, Sushil Sharma; CEO, Investment Board of Nepal. Sushil Bhatta; CEO, SAPDC, Arun Dhiman; Executive Director, SJVN, Rakesh Sehgal ; and other officials of Government of Nepal and local authorities were present at the tunnel breakthrough ceremony.

Addressing the gathering, the Prime Minister of Nepal said that this breakthrough brings us closer to the goal of providing clean, renewable energy and in contributing to the sustainable development of the region. He expressed his appreciation for the ongoing efforts and reaffirmed the commitment of the Government of Nepal to facilitate the timely completion of Arun - 3 Hydro Electric Project.

India's Ambassador to Nepal Naveen Srivastava recalled in his address that the Prime Minister of India Narendra Modi and his Nepali counterpart Pushpa Kamal Dahal 'Prachanda' had agreed last year, to the long-term power trade agreement for the import of electricity from Nepal. He said that completion of export-oriented 900 MW Arun 3 Hydro Electric Project will be a major milestone for this.

CMD, SJVN, Sushil Sharma apprised the Prime Minister of Nepal that the successful breakthrough of the Head Race Tunnel marks a significant milestone in the construction of the 900 MW Arun-3 Hydro Electric Project. He added that the successful completion of the Head Race Tunnel is a monumental achievement in the journey to harness the hydropower potential of the Arun River.

The CMD briefed the Prime Minister about the progress of the project and the associated 217 km. long transmission line. He informed that more than 74% of the project works have been completed and that the remaining works are going on in full swing. He added that Arun- 3 Hydro Electric Project will start generating electricity by next year and that it has the potential to generate 3,924 million units of electricity every year.

The CMD said: "We are grateful for the unwavering support from the Government of Nepal, local authorities, and the community. This project symbolizes the strong partnership between India and Nepal in the energy sector and our collective efforts to achieve energy security and environmental sustainability."

During his visit to Nepal, CMD, SJVN also met with Chief Secretary of Nepal Dr. Baikuntha Aryal and Home Secretary of Nepal Eaknarayan Aryal and discussed various issues related to development of hydroelectric projects in Arun Valley in Nepal.

Currently, SJVN is executing 2,200 MW of three Hydroelectric Projects on Arun River basin in Nepal.

TIOL CORP SEARCH

TIOL GROUP WEBSITES