KPTCL receives Rs.150-cr. loan from ICICI Limited

By Our Special Correspondent

BANGALORE, SEPT. 11. The Karnataka Power Transmission Corporation Limited (KPTCL) on Tuesday received the second tranche of Rs.150 crores of the Rs.500-crore loan from ICICI Limited. The cheque was handed over by Mr. A.Karati, Head, Government and Institutional Group, ICICI, to Ms. Purna M.Cherla, Chief Financial Advisor, KPTCL.

ICICI had already released Rs.50 crores. The interest rate was 12.37 per annum and the tenure of the loan was 10 years. KPTCL would be using the loan amount for executing capital works.

At a function here today, the Chairman of KPTCL, Mr. V.P.Baligar, said that the remaining loan amount would be drawn as and when required, but before March 2002. He said the loan would be used for capital works only and that from internal accruals, KPTCL would be retiring some high cost debts.

He said ICICI had given the loan without any government guarantee, thus indicating its faith in the KPTCL.

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