VIJAYAWADA: The State government has accorded permission to the Managing Director, APGENCO, Vijayawada, to transfer the free hold property (vacant land) of 66.43 acres in Visakhapatnam district and 34.88 acres in Nellore district to a total extent of 101.31 acres at book value to the Andhra Pradesh Power Finance Corporation Ltd (APPFCL).
The move is aimed to strengthen its assets position and raise resources/funds from Banks /Financial Institutions at a lower rate of interest to reduce interest burden on power utilities. A GO to that effect was issued on Monday.
In December, 2019, the State government gave permission to the power utilities to transfer the properties identified by it in favour of the APPFCL to raise funds for lending to power utilities. Subsequently APGENCO managing director requested permission from the government for transfer of identified assets to APPFCL.