Friday, Oct 16 2020 | Time 20:36 Hrs(IST)
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  • J&K signs MoU to receive more than Rs 11000 Cr under ANBA
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States » NorthPosted at: Oct 16 2020 8:31PM


J&K signs MoU to receive more than Rs 11000 Cr under ANBA

Srinagar, Oct 16 (UNI) Taking full advantage of Atmanirbhar Bharat Abhiyan (ANBA), the government of Jammu and Kashmir has liquidated its entire amount of more than Rs 11000 crore power liabilities, taking it as loan assistance, an official spokesman said here on Friday evening.
He said the amount was provided by the Power Finance Corporation (PFC) Limited and the REC Limited. The Memorandum of Understanking (MoU) signing ceremony was presided over by Principal Secretary of PDD and Information, Rohit Kansal.
The agreement for this arrangement was signed between CGM of PFC Limited Ali Shah and CPM of REC Limited Ajay Kumar, on behalf of their organisations, with Director Finance, PDD Mohammad Sultan Malik and Chief Engineer of J&K Power Corporation Limited Mohammad Yousuf Baba, on behalf of the J&K government.
He said MD, KPDCL, Mohammad Ajaz Asad; Chief Engineer, KPDCL, Aijaz Ahmad Dar; Chief Engineer, Projects, Javaid Yousuf Dar; Secretary Technical PDD, Bashir Ahmad Dar and other officers of the department were present.
Ravinder Singh Dhillon, CMD, PFC; SK Gupta, CMD, REC; Yasha Mudgal, MD, JPDCL; PK Singh, Director Commercial, PFC; R Laxmanan, Executive Director REC; Manoj Sinha, Executive Director, PFC joined the ceremony through a video link.
Mr Kansal complimented the corporation officials for making the MoU within the shortest possible time. He asked them to extend full cooperation to J&K for realising its potential of making J&K a power surplus territory.
The Principal Secretary also commended the PDD officials for working tirelessly to achieve this historic milestone.
He said after receiving the entire loan amount, Jammu and Kashmir will be able to liquidate the whole liability.
Mr Kansal also advised the distribution companies to work continuously to cut the losses so that liabilities to department do not accrue again. He asked them to take optimum benefit from Centrally Sponsored Schemes for slashing the AT&C losses so that the maximum supply reaches to consumers.
He further asked the officers to work in tandem with each other so that whole amount is disbursed within the set timeline. He urged them to invest the resources and potential spared by this step in making J&K a self sufficient in electricity.
On the occasion the Principal Secretary was informed that under ANBA, 2020 J&K was sanctioned a loan assistance amount of Rs 11024.47 crore against liquidation of power purchase liabilities.
He was further informed that after signing of this MoU the first tranche of Rs 5580 crore would be disbursed instantly and the rest amount in second tranche shortly after spending the released amount.
The loan amount was jointly provided by RECL and PFC India under Atmanirbhar Bharat Abhiyan. Once released, the entire liability of power will be liquidated, the meeting was apprised.
Moreover, it was given out that this will substantially help in improving the optimum power purchasing mechanism in J&K, besides better power management here.
The meeting resolved that it will be a big push towards infusing a new lease of life into the department and will realise the goal of achieving 24x7 reliable and quality power supply to consumers of J&K and Ladakh.
UNI BAS RJ 2028
Tags: #J&K signs MoU to receive more than Rs 11000 Cr under ANBA
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