Corporatisation of Power Dept : SBI pegs retirement benefits at Rs 1000 Cr
Source: The Sangai Express
Imphal, January 17 2013:
Providing retirement benefits to the existing employees of Electricity Department as and when the department is converted into a corporation would costs Rs 1000 crore, said an estimate made by SBI Caps.
The department has at present around 4000 employees.
SBI Caps has been assessing the assets of the department in line with the State Government's decision to convert it into a corporation and hand over its transmission, distribution and generation components to three companies.
As the selected companies would be given full authority to run the corporation in the way they like, it is almost certain that many of the existing employees of the department would be laid off.
Even though the Government does not have this huge amount of Rs 1000 crores, the Government is likely to take a decision on the matter very soon.
At present, there is no separate components of transmission, distribution and generation within the department's set-up.
As such, it is not clear as to which component needs more attention.
As reported earlier, the assessment report of SBI Caps has been already sent to the Aizawl based Joint Electricity Regulatory Commission for its comment.
Notably, after the State Government has formulated a hydropower policy, several companies applied to take up hydropower projects in Manipur.
Meanwhile, SBI Caps has already initiated bidding process with regard to the applications.