Sikkim Hydro Power Ventures Limited (‘SHPVL’)
    RANGIT II HYDROELECTRIC POWER PROJECT (66 MW PROJECT), SIKKIM

SHPVL project involves developing a 66MW Hydro Power Project on the River Rimbi, a tributary of River Rangit in the North Eastern Indian State of Sikkim on a BOOT basis.

The client for the project is the Government of Sikkim (GoS).

AJRITL holds 100% stake in SHPVL project.

The concession/ licence period for this project is 35 years from the Commercial Operations Date (COD), which expired in December-2015. SHPVL had requested the Government of Sikkim for extension of time to achieve COD. The financial closure for the SHPVL Project was achieved in January 2014.

SHPVL has received all clearances and approvals including environmental clearances from the Ministry of Environment and Forest (MoEF). Resettlement and Rehabilitation of the affected persons has been completed, except for additional land which was acquired by the Government of Sikkim later on. All major contracts for the SHPVL Project have been awarded. All the initial infrastructure works including river diversion works are completed. The excavation of 65.5m deep Surge Shaft is completed, 624m Head Race Tunnel (HRT), 267m of Pressure Shaft (PS) is also completed and further excavation of HRT, PS and Dam is in progress.

SHPVL has been exploring the market to sign Power Purchase Agreement (PPA) with various State Electricity Boards, but has faced challenges with respect pricing in the current demand/supply scenario due to which the construction activity of the Project has slowed down.

One of the operational creditors had filed an application before the Hon’ble National Company Law Tribunal, Delhi Bench (‘NCLT’) and same was admitted on 30th July, 2021. Accordingly, Resolution Professional (RP) was deputed by Hon’ble NCLT who had formed the Committee of Creditors. Subsequently, the claims of the operational creditor have been settled and accordingly, the creditor has withdrawn from his claims before the Hon’ble NCLT. The Company has approached Hon’ble National Company Law Appellate Tribunal challenging the admission order passed by Hon’ble NCLT, Delhi.