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India to Build Nepal's Biggest Hydro-Power Plant

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Prime Minister Narendra Modi will launch the work on Nepal's biggest hydroelectric power plant today. This project is being built by India's state-run firm Satluj Jal Vidyut Nigam (SJVN) Limited.

India to Build Nepal's Biggest Hydro-Power Plant
 

The hydro-project called Arun III is expected to cost $1.04 billion and will be the country's single-biggest foreign investment. It is in the final stages of its agreement with India's biggest lender, the State Bank of India for about Rs 36 billion in investment, while the rest will be raised through equity by SJVN.

It is Modi's first visit to Nepal after intense protests were made by the ethnic group Madhesis in the south of the country for a greater say in the government and led to the closure of the border for months in 2015 and 2016.

PM Modi will lay the foundation for the 900 MW hydro-project with his counterpart K.P Sharma Oli through a remote control from Kathmandu.

Though India shares close bonds with the neighbouring country in terms of culture and religion, it has also faced allegations of meddling with internal affairs. The power plant project is expected to help regain the good relationship with Nepal as China also plans to make infrastructural investments in the country.

China plans to build a railway line between Lhasa (Tibet Autonomous Region) and Katmandu by 2022. The Chinese proposal to build a 750 MW power plant in west Nepal is currently paused.

Read more about: nepal narendra modi sjvn
Story first published: Friday, May 11, 2018, 16:33 [IST]
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