The project got stalled since Oct, 2013 and M/s JPCL approached NCLT for resolution. NHPC Ltd had participated in the competitive bidding and came out as a successful bidder with upfront payment of Rs.165 crore. Consequent to the Resolution Plan being approved by Hon'ble National Company Law Tribunal (NCLT), Hyderabad Bench vide its Order dated 24.12.2020, M/s Jal Power Corporation Limited (JPCL) has become a wholly owned Subsidiary Company of NHPC Limited w.e.f 31.03.2021.

The Feasibility Report submitted by NHPC Ltd was cleared/ vetted by CEA vide its OM No. 504/13/2020/HPA/488 dated 30th April, 2020. CEA vide letter dated 30.04.2020 vetted total cost of the Project of Rs. 943.20 crore at Oct, 2019 PL including IDC & FC of Rs. 98.82 crore. Further, investment approval from GoI was conveyed by MoP on 30.03.2021 for an amount of Rs. 938.29 crore including IDC & FC of Rs. 98.82 crore at Oct 2019 PL.

Subsequent to the takeover of the JPCL by NHPC, all the contracts for Civil Works, HM Works and EM Works have been awarded and works are going on in full swing.

The Revised Cost Estimate (RCE) of Rangit-IV HE Project Sikkim, JPCL comes to Rs. 1828.11 Crores at completion cost date of i.e. 21.12.2025 (Rs. 1676.98 Crores as Hard Cost & Rs. 151.13 Crores on account of IDC & FC) at December 2023 Price level.

The commercial operation date of Rangit IV HE Project is December 2025.

Power Purchase Agreement (PPA)
Company generally obtains the commitments from State Electricity Boards / Power Departments and their successor entities for purchase of power from the new projects. As such, since the Company has been taken over by NHPC Limited through NCLT route as a wholly owned subsidiary, beneficiaries for purchase of power from the project of the Company shall be identified by NHPC Limited.

The company has entered into Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam Ltd. on 2nd May, 2023 & with MP Power Management Company Ltd on 12th August , 2024 for offtake of power to be generated from 120 MW Rangit-IV Project of the Company for a period of 40 years from the date of commissioning.

Authorised & Paid up Share capital
The existing authorized share capital of JPCL is Rs. 600,00,00,000 (Rupees Six Hundred Crore) divided into 60,00,00,000 equity shares of Rs.10 each. The paid up share capital of the company as on date is 533.10 Crores.

The Net Worth of the Company as on 31st March, 2025 is Rs.55825.09 lakhs.

FINANCING OF PROJECT
The Revised Cost Estimate (RCE) of Rangit IV HE Project (120 MW) as approved by Board of JPCL in its 27th Board meeting held 28.10.2024 comes to Rs. 1828.11 Crores at January 2024 Price Level.

The project is schedule for commissioning in December 2025.

As per the guidelines issued by Central Electricity Regulatory Commission for the purpose of tariff fixation, the financing of a project shall be considered in 70:30 Debt Equity Ratio. Since the Company is a wholly owned subsidiary of NHPC Limited, the Equity portion of the Project shall be contributed by NHPC.

Total equity contribution infused by NHPC Ltd till 31st March, 2025 is Rs. 533.10 Crores constituting 30% of the project cost considering the Revised Cost Estimate (RCE) of Rs. 1828.11 crore . The company has availed term loan facilities of Rs.344 crores from Bank of Baroda & Rs. 313 Crores from J & K Bank Ltd to meet the CAPEX requirement. Total outstanding borrowings in the books of the company as of 31st March 2025 stood at Rs. 657 Crores. The remaining debt requirement shall be arranged during FY 2025-26.

Total CAPEX incurred by JPCL for execution of Rangit IV HE project till 31-03-2025 is Rs. 1402.23 Crores ( on Accrual basis). The overall physical progress of the work till 31.03.2025 is about 86% ( Aprox).

AUDITORS AND AUDITORS' REPORT

1. Statutory Auditor
   In exercise of powers conferred by Section 139 of the Companies Act, 2013, the Comptroller and Auditor General of India had appointed M/s Maskara & Company, Chartered Accountants of Siliguri as the Statutory Auditors of the Company for the financial year 2024-25. The report of the Statutory Auditors along with financial results of the Company are provided elsewhere in the Annual Report.

   The Statutory Auditor has given un-modified opinion in their report on the financial statements of the Company for the FY 2024-25. Further, no instance of fraud by any officer or employee of the Company has been reported by the Auditors under Section 143(12) of the Companies Act, 2013.

2. Review of Accounts by C&AG
   The Comptroller and Auditor General of India (CA & G) had conducted Supplementary Audit of the Financial Statements of the Company for the year 2024-25 under section 143(6)(a) of the Companies Act 2013. The communication received from C& AG in this regard is provided elsewhere in the Annual Report.
3. Internal Auditor
   As per section 138 of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014, the Company has appointed Internal Audit Division of NHPC Limited, to conduct internal audit of the Company. No significant internal control weakness was reported by Internal Auditor in processes of the Company.
4. Secretarial Auditor
   M/s Garima Duggal & Associates, Practicing Company Secretaries has been appointed by the Board to conduct secretarial audit of the Company.

Rating Agency	Credit Rating	Borrowings in respect of which ratings were obtained
CARE Ratings Limited	CARE A (RWP)	Long term Bank facilities