State-owned hydropower company National Hydroelectric Power Corporation (NHPC) on October 14, said it expects about Rs 788 crore loss or damage caused due to the Sikkim floods. Of the expected quantum of losses, material damage is seen at Rs 297 crore and business loss at Rs 491 crore, the company informed stock exchanges.
It also updated the exchanges through the filing that the assets and losses of business interruption in the power station are fully insured under the ‘Mega Insurance policy’.
On steps taken to restore normalcy, it said assessment is being done and works are under progress. Its power station projects, situated in Teesta Basin, were affected due to flash floods in the region. The Lhonak glacier in the Sikkim Himalayas burst on October 3, breaching one side of the lake leading to the rise in the water levels in Teesta and inundating several areas of the State, leaving dozens dead and tourists in thousands stranded.
The State of Sikkim suffered significant disruptions due to the flash floods that inflicted damage on footbridges, roads, and other crucial infrastructure.
(with inputs from ANI)
