Came across Schadenfreude ~ Pleasure derived from the misfortune of another
….came across the use of this word while reading the Huge Mess of Hydel Power Projects in Arunachal Pradesh & the likes of business houses like Jindal Power,IL & FS & Lanco approaching National Hydel Power Corporation (NHPC) to take over their projects….NHPC is not too keen….Says M Rajshekhar,the author of this report “The reason for its reluctance goes beyond understandable schadenfreude. Its solitary project in Arunachal – Lower Subansiri – is stuck in a quagmire as well
Rather Ironic now that many such Hydel Power Projects were actually taken away from NHPC between 2005 & 2009 and given to the likes of Reliance Energy,Jaiprakash Associates,DS Constructions,Jindal Power & KSK Energy….Most of them,if not all have turned into white elephants….and the privatisation actually led to many misdeeds like signing MOUs merely to raise monies and sell the MOUs itself !
Real woes experienced were the ” absence of roads and power lines. Not to mention local protests and extortion rackets, especially by local student unions. The state government too was a factor. While it wanted 26% equity in each project, it did not have the cash needed to pay for those shares.” says M Rajshekhar
And Now Presidents Rule is being imposed in Arunachal Pradesh !
Of Course Political Patronage & Crony Capitalism have combined in this Privatisation endeavour that’s created this mess
Remember Reliance Power’s IPO in January 2008 at Rs 450 and the Prospectus announcing the roadmap to create nearly 30000 MW by 2016 & which included Hydel Projects in Arunachal Pradesh !