Business News | NHPC Expects Rs 788 Crore Loss Caused by Sikkim Floods
Get latest articles and stories on Business at LatestLY. 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.
New Delhi [India], October 14 (ANI): State-owned hydropower company NHPC on Saturday 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.
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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. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)