Northeast Desk, 8th February: In a move that has sparked controversy and raised eyebrows, the Sikkim state government has opted to sell a substantial stake in the Sikkim Power Investment Cooperation (SPIL) to M/s. Greenko Energies Private Limited (GEPL). The decision, ratified by the Cabinet on February 2, 2024, entails the transfer of a significant 60.08 per cent stake of SPIL, including its subsidiary Sikkim Power Valley Transmission Limited, to GEPL with immediate effect.
However, the decision has not been met without resistance, drawing sharp criticism from various quarters. Dr. Thapa, the State President of BJP Sikkim and MLA, has been among the vocal critics, expressing concerns over the lack of transparency and alleged favoritism in the process. Particularly contentious is the perceived disregard for the grievances of those affected by the devastating flash floods of October 4, 2023, which led to the cessation of electricity generation at the 1,200 MW Teesta Stage-III Hydro Power Project.
The aftermath of the flash floods, coupled with the subsequent decision to sell off the project’s stake, has left many feeling betrayed and disillusioned. Key irregularities have been cited, including the absence of an open tender process, bypassing of technical and financial evaluations, and ambiguity surrounding the government’s share of the project’s returns. Questions have also been raised regarding the handling of the project’s insurance claim, which was reportedly fully insured.
Dr. Thapa and other critics have demanded accountability and transparency from the government, urging clarification on the decision-making process and the interests served by the sale of the stake. They assert that the government must prioritize the welfare of the Sikkimese people and address their concerns, rather than succumbing to vested interests.
As the controversy continues to unfold, pressure mounts on the state government to address the grievances of its citizens and uphold principles of transparency and accountability in its dealings.
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