HYDERABAD: The AP Transco would get relief soon from its present financial crisis. It will raise bonds worth Rs 4,000 cr to repay dues to Singareni and AP Genco. The state government did not pay power subsidy cost to AP Transco, pushing the power utility into financial difficulty. Finally, the government has permitted AP Transco to raise the bonds.
“We will generate Rs 4,000 cr and repay dues to Genco and Singareni,” AP Transco chairman and Managing Director, Ajay Jain told on Thursday, after unfurling the national flag. “The money raised through bonds will help repay dues and for new projects,” he added.
The recent efforts of the company to collect fuel surcharge adjustment dues from consumers to tune of Rs 3,000 cr had not materialised after a court order. However, Jain claimed that regardless of crises, AP power sector stood second, only to Gujarat.