Andhra Pradesh Chief Minister N Kiran Kumar Reddy today requested the Power Finance Corporation(PFC) to provide Rs.13,000 crore for the proposed expansion of power projects of A P GENCO. The Chief Minister, who called on him by PFC CMD Satnam Singh, at his camp office here, said the has already sanctioned loans to A P GENCO, to the tune of Rs 15,525 crores, according to an official release here. Power Finance Corporation Chairman has agreed for funding another Rs 13,000 crore for the expansion of A P GENCO projects.
The Chief Minister also requested to reduce the rate of interest for the loans from the Power Finance Corporation from 12.5 per cent to 11 per cent on par with base lending rates of banks, for which the Chairman responded positively. Secretary to CM K S Jawahar Reddy, GENCO MD Ajay Jain and other officials were present on the occasion.