The Hindu : Rs. 500 cr. more for Cauvery Neeravari Nigam

Online edition of India's National Newspaper
Sunday, May 18, 2003

Southern States

Southern States - Karnataka

Rs. 500 cr. more for Cauvery Neeravari Nigam

By Our Special Correspondent

BANGALORE May 17. The Government decided here on Saturday to increase the paid-up capital from Rs. 1,000 crores to Rs. 1,500 crores for the setting up of the Cauvery Neeravari Nigam for the completion of the Cauvery Basin projects.

The decision was taken at a meeting presided over by the Karnataka Chief Minister, S.M. Krishna.

The Minister for Water Resources, H.K. Patil, told presspersons that it was planned to complete the pending works in the Cauvery Basin by 2006 by mopping up Rs.5,000 crores.

The decision to set up the nigam was announced by Mr. Krishna in his Budget for 2003-04 which said the nigam was aimed at "ensuring repair, renovation, and refurbishment of the irrigation assets in the Cauvery Basin area.'' Mr. Krishna then said that the nigam, a special purpose vehicle, would undertake these works by raising resources from the market and would work "within the framework of the interim award of the Cauvery Tribunal.''

Mr. Patil said the Registrar of Companies had cleared the name, Cauvery Neeravari Nigam. The corporation would be headquartered at the office of the Divisional Commissioner, Mysore.

The major thrust of the nigam would be better management of canals and optimal utilisation of water in the Cauvery Basin.

Replying to a question, he said: "The conditions laid down by the tribunal will be kept in view in any activity of the nigam. The works will be completed in a time-bound manner as enunciated in the State's water policy.''

Mr. Patil said the application for registration and Memorandum of Articles would be submitted before the end of May or the first week of June. The Government Order giving approval for setting up the nigam was issued on May 12.

The nigam was being set up as per the provisions of the Companies Act, 1956, "to optimise utilisation of irrigation and carry out repairs, renovation, and refurbishment of all irrigation projects, including lift irrigation projects, command area development, and modernisation and refurbishment of the existing schemes.''

While the Chief Minister will be the Chairman of the Board of Directors of the nigam, the Minister for Water Resources will be the Vice-Chairman. T. Thimme Gowda has been appointed special officer.

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