1. Sikkim’s SPIL Stake Sale to GEPL Draws BJP Condemnation.
2. Cabinet Decision Transfers 60.08% SPIL Stake to GEPL.
3. Stake Transfer Promptly Implemented Following Cabinet Approval.
Gangtok, Feb 08: The decision by the Sikkim state government to sell a significant stake in the Sikkim Power Investment Cooperation (SPIL) to M/s. Greenko Energies Private Limited (GEPL) has sparked controversy and condemnation from the BJP Sikkim.
Approved by the Cabinet on February 2, 2024, the decision involves the transfer of a substantial 60.08 per cent stake of SPIL, including its subsidiary Sikkim Power Valley Transmission Limited, to GEPL with immediate effect.
Critics, including Dr. Thapa, the State President of BJP Sikkim and MLA, have raised concerns over the lack of transparency and alleged favoritism in the process.
They emphasize the disregard for the grievances of the Sikkimese people, particularly those affected by the devastating flash floods of October 4, 2023.
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The flash floods, caused by a glacial lake outburst, severely impacted North Sikkim and the Teesta basin, leading to the halt of electricity generation at the 1,200 MW Teesta Stage-III Hydro Power Project. The decision to sell off the project’s stake following this tragedy has left many feeling betrayed and disillusioned.
Several irregularities have been highlighted, including the absence of an open tender process, bypassing of technical and financial evaluations, and ambiguity regarding the government’s share of the project’s returns. Concerns also surround the handling of the insurance claim for the project, which was fully insured.
Dr. Thapa and others demand accountability and transparency from the government, seeking clarification on the decision-making process and the motives behind the stake sale. They stress the importance of prioritizing the welfare of the Sikkimese people over catering to vested interests.
