Flash floods caused ₹233.56 cr expected loss in Teesta-VI hydro project in Sikkim
The Hindu
NHPC suffers ₹233.56 cr loss due to flash floods in Teesta-VI hydro power project in Sikkim. Loss/damage caused due to natural calamity/other force majeure events estimated at ₹233.56 cr. Insurance amount claimed & realised by NHPC is "Nil". Restoration works under progress; time delay & cost-overrun expected. 40 dead, 76 missing.
State-run hydro power giant NHPC on October 18 said it suffered an expected loss of ₹233.56 crore due to flash floods in its Teesta-VI hydro power project in Sikkim.
The project was affected due to flash floods in Teesta basin on October 4, 2023.
"Teesta-VI Hydro Electric Project, Sikkim (500 MW) being executed by Lanco Teesta Hydro Power Ltd, a wholly-owned subsidiary of NHPC Ltd, which was affected due to flash flood in Teesta Basin on October 4, 2023," the company said in a regulatory filing.
The expected quantum of loss/damage caused due to the natural calamity/other force majeure events is ₹233.56 crore approximately, it said.
The company further said that all assets/works of Teesta-VI HE project are insured under the Construction All Risk (CAR) Policy, subject to excess clause and loss limit.
Insurance amount claimed and realised by the listed entity for the loss/damage is "Nil" (as on date), it informed.
However, it said that the formal claim shall be lodged and the amount for damage/loss would be realised in due course of time, as per the CAR policy.
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