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Nepal likely to give GMR 2 more years to generate funds for Upper Karnali Hydropower Project

Kathmandu, October 19

Once again, the government is preparing to allow the Indian company, GMR Group, to spend two more years to generate funds for the ambitious Upper Karnali Hydropower Project.

The company has been dillydallying the assignment for the past few years, yet the government seems helpless to do anything except extending the time.

A source in the Investment Board Nepal, the government authority that looks after projects involving foreign investments on a big scale, says the officials have informally decided to extend the deadline. However, a committee has been formed recently, under the leadership of the National Planning Commission Vice-chairperson Biswo Poudel, to recommend whether to extend the term–just to complete the formalities required for the extension.

The board formed the team on October 9 and gave it 45 days to submit a report.

Earlier, the Indian contractor had asked the board to extend the term.

It has been around 13 years since the government assigned India’s GMR Group to construct the 900-megawatt Upper Karnali Hydropower Project. However, the company is yet to manage funds for the project.

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