Upper Tamakoshi hydropower to issue 30 pc share

The Upper Tamakoshi Hydropower Limited (UTHL) and Citizen Investment Trust (CIT) Tuesday signed an agreement to issue 30 percent share worth Rs. 35.29 billion cost of the 456 MW Upper Tamakoshi Hydroelectric Project (UTKHEP).

The company has appointed CIT to issue the shares as per the deal signed two years ago.

Of the total cost, Employees’ Provident Fund is investing Rs. 12 billion, Nepal Telecom Rs. 6 billion, Rastriya Beema and CIT Rs. 2 billion each while the remaining around Rs. 11.8 billion will be provided by the government.

NEA will hold 41 percent stake in the project while NT will hold 6 percent, RBS and CIT 2 percent each.

Similarly, the public will get 15 percent, locals of the Dolakha district will get 10 percent while the EPF, employees of hydropower and the employees of the lending organisation investing in the project will have together 24 percent stake in the project.

The project is expected to be completed by 2015. Nepalnews.com