State Government signs MoU with Union Ministry of Power under ‘UDAY’ Scheme

KL NEWS NETWORK

SRINAGAR

In consequence of the approval accorded by the State Administrative Council when it met on 10th March 2016 under the Chairmanship of Governor N N Vohra regarding the State’s participation in the Government of India’s “UDAY” scheme.

Dheeraj Gupta, Commissioner Secretary Power Development Department Tuesday signed an MoU with the Union Ministry of Power in this regard. This step has been taken to improve the financial and operational efficiencies relating to the distribution of power, an official spokesperson said this evening.

Under the scheme, the State Government has been allowed restructuring of the outstanding debt of Rs 3537.55 crore on account of power purchased from various Central Public Sector Undertakings.

The State Finance Department will now take measures to raise these Bonds and put in place a structural servicing mechanism for achieving this objective.

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