PFC disburses Rs 2,790 cr to JKPCL under liquidity infusion scheme

New Delhi (NVI): Central Government-run Power Finance Corporation (PFC) has disbursed Rs 2,790 crore to Jammu & Kashmir State Power Development Corporation Limited (JKPCL) as part of the liquidity infusion scheme announced by the Centre in May.

The PFC has signed an agreement for Liquidity Infusion Scheme under Prime Minister Narendra Modi’s “Aatmanirbhar Bharat Abhiyaan” for the Union Territory of Jammu and Kashmir.

PFC has sanctioned the loan to JKPCL for clearance of outstanding dues of CPSU, GENCOs & TRANSCOs, IPPs and RE Generators as on 31st March 2020.

“PFC has signed/exchanged agreement for Liquidity Infusion Scheme under “Aatmanirbhar Bharat Abhiyaan” for UT of J&K. PFC has sanctioned Rs2790 cr to JKPCL for clearance of outstanding dues of CPSU, GENCOs & TRANSCOs, IPPs and RE Generators as on 31.3.20,” the Power Finance Corp. said in a tweet.

The exchange agreement was signed in the presence of Rohit Kansal, Principal Secretary, PDD (Power Development Department) along with senior officers from JKPDD, KPDCL (Kashmir Power Distribution Corporation Limited), JPDCL (Jammu Power Distribution Corporation Limited), PFC & REC (Rural Electrification Corporation Limited).

The Jammu and Kashmir administration had recently said that it would liquidate the liabilities, including interests in the power sector, by raising over Rs 11,000 crore under the Atmanirbhar Bharat Abhiyan.

The decision was taken at the meeting of Jammu and Kashmir Power Corporation Ltd’s board of directors (JKPCL) on September 30.

-ARK