PFC to fund projects worth Rs 22K cr in Madhya Pradesh

State-owned shadow banking firm Power Finance Corporation (PFC) on Tuesday said it will fund 225 MW hydro electric and other multiple purpose projects worth Rs 22,000 crore in Madhya Pradesh. "PFC today entered into an agreement with Narmada Basin Projects Company Ltd (NBPCL), a wholly-owned company of Govt of Madhya Pradesh,  to fund projects worth Rs 22,000 crore for 225 MW hydro-electric projects & multipurpose projects in the State of Madhya Pradesh," the company said in a statement.

According to the statement, the funds will be deployed by NBPCL for setting up hydroelectric projects of 225 MW and power components of 12 major multipurpose projects in Madhya Pradesh. The MoU was signed on a virtual platform by Rajeev Sharma, CMD, PFC and I C P Keshari, Managing Director, NBPCL.

The Madhya Pradesh government has conducted the pre-feasibility study of these projects and has provided approval for their execution. The disbursal of the amount will be linked to the execution of the projects, the statement said.

The MoU will help PFC to actively partner with NBPCL and provide finance for hydro-electric plants totalling 225 MW along with power components of multipurpose projects as part of the state government's endeavour to implement twelve major multipurpose projects. Some of the major multipurpose projects that will be financed under the MoU include Basaniya Multipurpose Project Dindori, Chinki Boras Multipurpose Project Narsinghpur Raisen Hoshangabad, Sakkar Pench Link Narsinghpur Chhindwara, and Dudhi Project Chhindwara Hoshangabad.

The PFC will consider the financial assistance to NBPCL based on due diligence and on mutually acceptable terms, it added..

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