TS gets 30K cr push from PFC
Hyderabad: In a big relief to Telangana which is starving of funds, Power Finance Corporation (PFC) has come forward to provide Rs 30,000 crore loans ...
Hyderabad: In a big relief to Telangana which is starving of funds, Power Finance Corporation (PFC) has come forward to provide Rs 30,000 crore loans to the State. These funds will be utilised for the construction of ongoing Kaleshwaram and Palamuru-Rangareddy lift irrigation projects mainly the electro–mechanical works.
An official delegation led by Chief Secretary S K Joshi called on PFC chairman Rajiv Sharma in New Delhi on Friday. State Finance Secretary Rama Krishna Rao and TSTRANSCO and GENCO Chairman and Managing Director D Prabhakar Rao were part of the delegation. The officials explained the PFI chairman the progress in the project works and sought financial assistance.
After careful assessment of Telangana state GSDP, state revenue growth rate, financial discipline and repayment capacity, the PFC agreed to extend Rs 30,000 crore funding to the mega projects. In the past, PFC has granted funds of Rs 23,000 crore for the construction of power generation plants and other construction works of power utilities in the State.
The Corporation also funded an amount of Rs 17,000 crore for the electro-mechanical works of irrigation projects of the State earlier.The Telangana delegation thanked the chairman for the help. The TS government has been allotting Rs 25,000 crore for irrigation projects in every annual budget since 2015. At present the construction of Kaleswaram is in final stage.
The construction of Palamuru and Seetharama projects are progressing at a brisk pace. Only electro-mechanical works such as high cost pumps, motors are to be installed. Since it required more funds for these works, the State government has decided to procure funds from financial institutions to ensure no delay in the construction of the projects.