PFC and JKPCL signs and exchanges an agreement for Liquidity Infusion Scheme under “Aatmanirbhar Bharat Abhiyaan” for the Jammu and Kashmir Union Territory

Government-owned Power Finance Corporation Ltd (PFC), India’s leading NBFC, has sanctioned Rs 2790 crore to Jammu Kashmir Power Corporation ltd (JKPCL) for clearing its outstanding dues.

PFC and JKPCL today signed and exchanged an agreement 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 31st March 2020.

The exchange agreement was signed in presence of RohitKansal, Principal Secretary, PDD along with senior officers from JKPDD, KPDCL, JPDCL, PFC & REC.

In May, the government 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 gencos to remain afloat. Later, the liquidity infusion package was increased to Rs 1.2 lakh crore.