NHPC Receives Rs 250 Crore Insurance Amount For Teesta Power Station Damages
The government-run hydro power producer had last week revised the loss incurred at the Teesta-V Power Station in Sikkim due to flash floods.
NHPC Ltd. on Thursday said it has received Rs 250 crore from insurance claim against business loss for damages incurred at its Teesta-V Power Station in October last year after flash floods.
"NHPC has received 2nd on account gross payment of Rs 250 crore under Mega Insurance Policy against the insurance claim of Business Interruption (BI) loss caused due to flash flood occurred on 04.10.2023 at Teesta-V Power Station (510 MW)," an exchange filing said.
Last week, the government-run hydro power producer revised the loss incurred at the Teesta-V Power Station in Sikkim due to flash floods to Rs 1,075.97 crore. The earlier loss amounted to Rs 1,005.10 crore that included material damage loss and business interruption loss.
The total loss incurred includes material damage loss of Rs 538.70 crore and business interruption loss of Rs 537.27 crore, which was intimated to the insurer.
NHPC had received an on-account payment of Rs 150 crore against material damage loss.
The company has also updated that all the major restoration work has been awarded, and the restoration activities are ongoing.
Flash floods triggered by a cloudburst in the Lhonak Lake region in October 2023 caused the water levels to rise downstream in the Teesta river basin. This led to NHPC shutting operations at Teesta-V hydropower station in Sikkim.
Shares of NHPC closed 0.62% higher at Rs 82.45 apiece, ahead of the announcement, compared to 1.8% rise in the benchmark BSE Sensex.
