Major power sector lender Power Finance Corporation Ltd (PFC) has sanctioned Rs 2,790 crore to Jammu Kashmir Power Corporation Ltd (JKPCL) for clearing its outstanding dues.
PFC and JKPCL has signed and exchanged an agreement for Liquidity Infusion Scheme under “Aatmanirbhar Bharat Abhiyaan” for the Jammu and Kashmir Union Territory.
The money sanctioned under the scheme will be used to clear the outstanding dues of CPSU, GENCOs & TRANSCOs, IPPs and RE Generators on March 31, 2020.
The exchange agreement was signed in the presence of Rohit Kansal, Principal Secretary, PDD along with senior officers from JKPDD, KPDCL, JPDCL, PFC & REC.
In May, the government announced a Rs 90,000 crore liquidity infusion for Discoms under which these utilities would get loans at economical rates from PFC and REC.
The power ministry said that, this was an initiative of the government to help Gencos to remain afloat. Later, the liquidity infusion package was increased to Rs 1.2 lakh crore.
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