State-run hydro power giant NHPC on October 18 said it suffered an expected loss of ₹233.56 crore due to flash floods in its Teesta-VI hydro power project in Sikkim.
The project was affected due to flash floods in Teesta basin on October 4, 2023.
"Teesta-VI Hydro Electric Project, Sikkim (500 MW) being executed by Lanco Teesta Hydro Power Ltd, a wholly-owned subsidiary of NHPC Ltd, which was affected due to flash flood in Teesta Basin on October 4, 2023," the company said in a regulatory filing.
The expected quantum of loss/damage caused due to the natural calamity/other force majeure events is ₹233.56 crore approximately, it said.
The company further said that all assets/works of Teesta-VI HE project are insured under the Construction All Risk (CAR) Policy, subject to excess clause and loss limit.
Insurance amount claimed and realised by the listed entity for the loss/damage is "Nil" (as on date), it informed.
However, it said that the formal claim shall be lodged and the amount for damage/loss would be realised in due course of time, as per the CAR policy.
Talking about the details of steps taken to restore normalcy and the impact of the natural calamity/ other force majeure events on production or service, financials of the entity, it said an assessment is being done and restoration works are under progress.
It is anticipated that there will be a time delay of at least six months and consequent cost-overrun of the project.
Toll rises to 40, 76 people still missing
The toll in the flash flood in Sikkim mounted to 40 with the recovery of two more bodies, while 76 people are still missing about two weeks after the disaster, officials said.
Sikkim has a population of about 6.10 lakh people, the lowest for any state in India, according to the 2011 census.
Most of the bodies were found in Pakyong. Among the 26 bodies found in the district, 15 were of civilians while 11 were of armymen, according to the Sikkim State Disaster Management Authority (SSDMA).
Four bodies were found in Mangan, eight bodies in Gangtok and two in Namchi, it said in a bulletin.
Several bodies have been found in neighbouring West Bengal as well, carried by the Teesta to the downstream areas, the officials said.
Of the 76 people missing, 28 were from Pakyong, 23 from Gangtok, 20 from Mangan and five from Namchi.
At present, 20 relief camps are operational in the state where 2,080 people are taking shelter, the SSDMA said.
According to the National Disaster Management Authority (NDMA), a combination of excess rainfall and a Glacial Lake Outburst Flood (GLOF) event at South Lhonak Lake in North Sikkim could have triggered the flash floods.
