10 power projects get 3 more years for ‘mega’ tag

New Delhi, March 30

The government today decided to extend the time limit for 10 power projects by 36 months to furnish documents required to become certified “mega” power projects so as to avail tax benefits and bid for tenders or supply of electricity.

A decision in this regard was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi. This would enable developers to competitively bid for future PPAs (Power Purchase Agreements) and get tax exemptions as per policy terms, the government said.

According to it, the decision would lead to an increase in liquidity of such projects and would boost the country’s overall growth, ensuring the revival of various stressed power assets. —