New Delhi: The Union government has allocated a Rs 90,000 crore financial package to assist power distribution companies (Discoms) across the country who have been under stress during the lockdown caused by Covid-19 pandemic.
The Ministry of Power has written to all states and Union Territories, informing them of the government’s decision under the Atmanirbhar Bharat (self-reliant) mission. The funding will be done in two tranches of Rs 45, 000 crore each.
“The package for power sector will significantly reduce the burden of Discoms for maintaining distribution of electricity as supplied by gencos/transcos during these difficult times,” said Minister of State (Independent Charge) for Power and New & Renewable Energy, RK Singh.
The government on May 13 decided to make an infusion of liquidity of Rs 90,000 crore through Power Finance Corporation (PFC) and Rural Electrification Corporation (REC). Consequently, REC and PFC will extend special long-term transition loans up to 10 years to Discoms.
Loans will be provided to the Discoms against guarantees by the respective state governments which will be used to clear liabilities of CPSE Gencos/Transco, IPP and RE generators.
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