Consortium of 7 banks to fund ‘Mission Bhagiratha’ project

Hyderabad: The Telangana Government today said a consortium of lenders led by Andhra Bank came forward to fund its Rs 6,750 crore ‘Mission Bhagiratha’ project for providing drinking water across the state.

The seven banks consortium agreed to finance the project after due verification of projects reports, tendering process and payment methods, an official statement said.

The Board of Directors of Andhra Bank has already agreed to finance Rs 1,300 crore for the project and payments will be made soon, it said.

“The remaining banks will soon approve the proposal in their respective board meetings. Repayment will start after three years (2019) with maximum loan period of 12 years. The rate of interest will be lesser than that of other government lenders such as Hudco and Nabard,” the release added.

According to it, the total loan amount will be spent on the works in some of the areas in Karimnagar and Warangal districts.