SRINAGAR: Jammu and Kashmir State Administrative Council (SAC) today approved formation of a joint venture between the Centre and the State Government for development of the 850 MW Ratle Hydro Electric Project (HEP).
HEP will be transferred to the State within a period of seven years from the start of commercial operation of the project.
The sanction was accorded in a meeting of the SAC chaired by Governor Satya Pal Malik here.
The hydro power projects, with long gestation periods, coupled with relief and rehabilitation issues and higher initial capital investment, have not remained attractive investment portfolios for private investors, an official spokesman said. (AGENCIES)