The Jammu and Kashmir government on Saturday said it was in the process of buying back three power projects in the state operated by the National Hydro-electric Power Corporation (NHPC).
“We have handed over the cabinet sub-committee report to the NHPC on buying back the Dulhasti, Salal and Uri-I project," minister of state for power Vikar Rasool said in the state legislative assembly.
Rasool, replying to a question on power, said the state government had sought the depreciated value of the power projects and the details of the assets present there.
"However, these details have not been provided by the NHPC so far. Once we get the value of these projects, the government will take steps for arranging the money for buying back these projects,” he said. Rasool said the state government had engaged consultants and carried out a detailed valuation of these projects also.
Taj Mohiuddin, who was the irrigation and flood control minister till January, informed the house that the state had earned Rs 925 crore from water usage charges levied on power projects.
"The NHPC has paid Rs 700 crore while the State Power Development Corporation has paid the remaining amount. The earning will increase by another Rs 210 crore with the commissioning of the Uri-II power project," Mohiuddin said.
The government enacted the water usage law with an aim of generating funds for buying back power projects from the NHPC and for investing in new power projects in the state.