Gangtok, Jun 15 (UNI) Chief Minister Pawan Chamling today laid a foundation stone of the 1200-MW Teesta Stage III hydro electric project at Chungthang, North Sikkim.
The mega power project, a joint venture of Sikkim government and Teesta Urja Ltd, is expected to be completed by 2011.
The state has a stake of 26 per cent equity share in the project.
Mr Chamling said the project should be completed by the stipulated time as the delay in the operationalization of the project will mean loss of crores of rupees to the government in terms of free power and revenue from its share.
There should not be any hurdle in the project as the government was sincere to resolve any issue through talks, said Chamling.
"Meaningless issues on power projects meant Sikkim will always remain poor", he said.
The Chief Minister also thanked the Affected Citizens of Teesta (ACT) for withdrawing its indefinite hunger strike and said that dialogue was best means to resolve issues.
Two ACT members had been on indefinite hunger strike for 95 days protesting against the mega power projects in North Sikkim withdrawn their agitation on June 14 following the government's decision to scarp four projects proposed in North Sikkim.
Teesta Stage III project has been awarded to the developer on BOOT basis for a period of 35 years.
The project on completion will supply 12 per cent free power to the Sikkim government for the first 15 years and 15 per cent free power in the remaining 20 years.
Sikkim will also be getting revenue through its 26 per cent equity share.
Full ownership will be transferred to the state after 35 years.
All statutory clearances have been received by the project.
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