PFC sanctions Rs 2,790 Cr to JKPCL to clear outstanding dues

• PFC and JKPCL have signed and exchanged an agreement for Liquidity Infusion Scheme under 'Aatmanirbhar Bharat Abhiyaan'

• The sanctioned amount will be used to clear the outstanding dues of CPSU, GENCOs & TRANSCOs, IPPs and RE Generators on March 31, 2020

New Delhi: Power Finance Corporation Limited (PFC), India's leading NBFC and a Navratna PSU under the Ministry of Power, has sanctioned Rs 2,790 crore to Jammu Kashmir Power Corporation Limited (JKPCL) for clearing its outstanding dues. 

PFC and JKPCL have signed and exchanged an agreement in this regard for Liquidity Infusion Scheme under "Aatmanirbhar Bharat Abhiyaan" for the Jammu and Kashmir Union Territory. The money sanctioned under the scheme will be used to clear the outstanding dues of CPSU, GENCOs & TRANSCOs, IPPs and RE Generators on March 31, 2020.

The exchange agreement has been signed in presence of PDD's Principal Secretary Rohit Kansal along with senior officers from Jammu Kashmir Power Corporation Limited, Kashmir Power Distribution Corporation Limited, Jammu Power Distribution Corporation Limited, Power Finance Corporation and REC Limited.

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Earlier in May, the government had announced a Rs 90,000 crore liquidity infusion for discoms under which these utilities would get loans at economical rates from PFC and REC. This was an initiative of the government to help discoms to remain afloat. Later, the liquidity infusion package was increased to Rs 1.2 lakh crore.

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