Chief Minister Mr N Kiran Kumar Reddy requested the Power Finance Corporation to provide Rs.13,000 crores for the proposed expansion of power projects of A.P. GENCO, when Sri Satnam Singh, CMD, Power Finance Corporation, called on the Chief Minister at the camp office on Thursday. Power Finance Corporation has already sanctioned loans to A.P.GENCO, to the tune of Rs.15,525 crores. Chairman, Power Finance Corporation, has agreed for funding another Rs.13,000 crores for the expansion of A.P.GENCO projects.
The Chief Minister requested to reduce the rate of interest for the loans from the Power Finance Corporation from 12.5% to 11% on par with base lending rates of banks, for which the Chairman responded positively. As part of Corporate responsibility obligation, Chairman, Power Finance Corporation presented a cheque of Rs.3.60 crore to the Chief Minister, towards construction of houses. It may be recalled here that the unprecedented floods during 2009 caused enormous damage to the lives and properties in Kurnool, Mahabubnagar, Krishna and Guntur districts. With a view to ensure the complete rehabilitation, the State Government requested the NGOs and Industry associations to take up the programme.
In response to this request, the Power Finance Corporation had come forward to provide Rs 5 Crores for construction of 400 houses at Rajole village of Waddepally mandal of Mahabubnagar district. The Power Finance Corporation had already released Rs 1.39 Crores and the remaining amount was handed over to the Chief Minister on Thursday. All the 400 houses will be completed by the end of May this year. Power Finance Corporation has provided Rs.1.80 crores for upgradation of 75 adult education centres under Sakshar Bharat Programme in the state, besides, providing Solar Lanterns in 36 villages. Shri K S Jawahar Reddy, Secretary to CM, Shri Vijayanand, MD, GENCO and other officials were present on the occasion.