Option 1 -> Incorrectly matches Bhakra Nangal with Odisha and Hirakud with Punjab, HP, Rajasthan.
Option 2 -> Incorrectly matches Bhakra Nangal with Karnataka-AP and places other projects wrongly.
Option 3 -> Correctly matches all projects: Bhakra Nangal with Punjab-HP-Rajasthan, Hirakud with Odisha, Kosi with Bihar, and Tungabhadra with Karnataka-AP.
Option 4 -> Incorrectly swaps Kosi (should be Bihar) with Tungabhadra (should be Karnataka-AP).
Hence, Option 3: (A) - (I), (B) - (IV), (C) - (II), (D) - (III) -> Bhakra Nangal Project on Sutlej River benefits Punjab, Himachal Pradesh, and Rajasthan; Hirakud Project on Mahanadi River benefits Odisha; Kosi Project benefits Bihar; and Tungabhadra Project benefits Karnataka and Andhra Pradesh -> correct