NHPC Expects Rs 788 Crore Loss from Sikkim Floods

16 Oct 2023 , 02:38 PM

NHPC, a state-owned hydropower company, projects an estimated loss of around Rs 788 crore attributed to the Sikkim floods. The expected losses breakdown: material damage estimated at Rs 297 crore and business loss at Rs 491 crore, as reported to the stock exchanges.

NHPC assures that the assets and business interruption losses at the power station are fully insured through the ‘Mega Insurance policy.’ The company is actively assessing the situation and progressing with restoration efforts to bring operations back to normal.

Flash floods in the Teesta Basin impacted NHPC’s power station projects, prompting a response to restore and recover from the damages. The Sikkim Himalayas witnessed a burst at Lhonak glacier on October 3, resulting in heightened water levels in Teesta and causing extensive flooding, resulting in casualties and leaving tourists stranded.

The flash floods wreaked havoc on Sikkim, causing substantial disruptions, and damaging critical infrastructure like footbridges and roads.

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