KL NEWS NETWORK
Taking note of the National Hydro Power Corporation (NHPC) projected half figures, while replying to RTI application filed by Venkatesh Nayak of Commonwealth Human Rights Initiative, New Delhi.
“While J&K Government pays more or less Rs 4000 Crores annually for buying hydro-energy, which is partly generated from its own waters, NHPC has projected a figure of only Rs 194 billion (Rs 19,431 Crores) in earnings from the sale of power generated by the hydel projects based in J&K, which is clearly half the truth,” a civil society group KCSDS said Friday afternoon.
“It is implied that NHPC should come out with detailed figures how it has billed the J&K state over the years, the money collected, and the profits thereof. As it stands, NHPC reply to RTI application reveals the truth only partially of the grave injustice done to state of Jammu & Kashmir, over years of exploitation of water resources of J&K State,” the statement claimed.
“NHPC has grown immensely. From an initial Rs 200 Crores in 1975, its investment base has enhanced to over Rs 38,718 Crores [193.5 times rise] as of 2010 with an authorized share capital of Rs 15,000 Crores. In 2009-2010, NHPC made a profit after tax of Rs 2090 Crores and increase of 94% over the previous year profit of Rs 1050 Crores. NHPC is among the top ten companies in India in terms of investment, giving it prestigious MiniRatna status. A quantum jump of 94 % in just one year has few parallels worldwide. Bill Gates to oil cartels of Texas [in boom periods of price hike] or for that matter the software giants of Silicon Valley would be proud to emulate such a feat. Reputed international corporations often aim for anything between 15-20% including the expenses related to social corporate responsibility – on a comparative basis 94% is hard to explain especially for a corporation dealing with public utility projects,” the statements said.
KCSDS lashed NHPC for its failure to answer the query in RTI application on return of power projects to state of J&K, taking undue refuge of any revelation hurting the commercial interests of the corporation.
“As rightly pointed out by Venkatesh Nayak, it is ‘bad in law and fit to be challenged in due course’,” the statement added.