State Discoms on first list of stimulus package beneficiaries
VIJAYAWADA: Andhra Pradesh power distribution companies (Discoms) are likely to be the first ones in the country to get a liquidity infusion as part of the economic stimulus, Atmanirbhar Bharat Abhiyan, declared by the Centre to tide over the COVID-19 crisis. The officials said the first tranche of Rs 3,300 crore loan would be disbursed in the next couple of days.
Soon after the Centre announced Rs 90,000 crore loans to help the Discoms clear the amount payable to central power generating stations, TRANSCO, independent power producers and renewable energy generators, the Discoms filed an application seeking a loan of Rs 6,600 crore earlier this month.
It is learnt the Rural Electrification Corporation (REC)/Power Finance Corporation (PFC) approved the applications of four States — AP, Maharashtra, Rajasthan and Punjab. Of the four states, AP has been sanctioned the highest Rs 3,300 crore, while Maharashtra, Punjab and Rajasthan received Rs 2,500 crore, Rs 2,000 crore and Rs 2,032 crore, respectively.
“We are expecting the first tranche on Monday. The REC/PFC officials said. “We will be the first State that would be getting the loan under the Aatmanirbhar Bharat Abhiyan initiative,” APTRANSCO joint MD Chakradhar Babu said. While it was initially said that Maharashtra Discoms were disbursed Rs 2,500 crore on Friday under the said initiative, it was later learnt that the loan was given as working capital loan under Ujwal Discom Assurance Yojana (UDAY).