India approves Rs 1,765 crore for hydropower project in Bhutan


PM Manmohan Singh conveyed this to his Bhutanese counterpart Tshering Tobgay when they met yesterday on the sidelines of the 3rd BIMSTEC Summit.PM Manmohan Singh conveyed this to his Bhutanese counterpart Tshering Tobgay when they met yesterday on the sidelines of the 3rd BIMSTEC Summit. 

THIMPU: India has approved Rs 1,765 crore as the interim cost escalation for Bhutan’s Punatshangchu I hydropower project. 

Prime Minister Manmohan Singh conveyed this to his Bhutanese counterpart Tshering Tobgay when they met yesterday on the sidelines of the 3rd BIMSTEC Summit in Nay Pyi Taw, Myanmar.

The approved amount of Rs 1,765 crore would be released in April after the completion of internal procedures within the Government of India, according to a press release from Bhutan’s Ministry of Foreign Affairs. 
Singh also conveyed Indian government’s approval of the draft Intergovernmental Agreement between Bhutan and India concerning the development of Joint Venture Hydropower Projects.

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SOURCE: http://economictimes.indiatimes.com/

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