Who would bear the losses, the National Insurance Company Limited or the government
Muzaffarabad, Pakistan:
The dam was closed after a blockage was detected in the 3.5-km Tail Race Tunnel. The total cost of its repair is estimated to come to about 2.5 billion Pakistani rupees.
The date for resumption of the hydropower project is now likely to be pegged back to February 2023.
On who would bear the losses, the National Insurance Company Limited or the government, a senior officer at NJHPCL issued a statment to The News International saying only 7 per cent of the share of losses will be borne by the NICL while a consortium of Chinese companies will bear the remaining 93 per cent.
The NJHPCL has been paying 1 billion in Pakistani currency to NICL and about Rs 4 billion have been paid until now, an official said, adding that a maintenance and inspection vehicle has been purchased to complete the tunnel as soon as possible and reduce the projected losses, The News International reported.
