NEW DELHI : Power Finance Corp Ltd’s board has approved 5-bln-rupee short-term loan to Reliance Infrastructure Ltd’s two power distribution arms–BSES Yamuna and BSES Rajdhani, a source told Cogencis. The loan would be divided into two tranches and 2.5 bln rupees would be given to each distribution company, which would be used to clear the outstanding dues of NTPC Ltd. Reliance Infrastructure had also sought a 5-bln-rupee loan from Rural Electrification Corp Ltd.
Earlier this month, Supreme Court had directed the Anil Ambani led companies to pay 6.9 bln rupees to NTPC Ltd by May 31 to avoid electricity supply disconnect from the power generation company.
Reliance Infrastructure owns 51% stake each in BSES Rajdhani and BSES Yamuna. The Delhi government owns the remaining 49% in the two companies. -Cogencis