Dutch firm pays HP Rs 173 crore

Brakel Corporation from Holland has paid Rs 173 crore as half the promised upfront amount for two hydel projects in Himachal Pradesh after the state government served the company a notice recently.

The state government had awarded two major hydel projects -- the Jhangi-Thopan 480 MW and Thopan-Powari 480 MW-- to Brakel over a year ago.

But according to the new rules, the company was to pay 50 per cent of the upfront premium immediately. Instead the company asked for extensions.

Immediately after assuming power the BJP government sent the company a notice.

The notice asked why it should not cancel the awarding of the two hydel projects to Brakel as it hadn't paid half the promised upfront money "" To which Brakel responded by paying up the due amount.