Landmark MoU in Odisha: NABARD's First Project Financing for State PSU

A Memorandum of Understanding was signed between OPTCL and NABARD, marking NABARD's first project financing for a State PSU in Odisha. The agreement involves a Rs 1,685.27 crore loan for power infrastructure development, with Rs 900 crore allocated for new transmission projects to boost economic growth.

Odisha Power Transmission Corporation Ltd (OPTCL) and NABARD have entered into a groundbreaking Memorandum of Understanding to enhance the power infrastructure in Odisha, officials announced.

Deputy Chief Minister K V Singh Deo revealed that this marks NABARD's inaugural project financing for a State Public Sector Undertaking (PSU) in the region.

The agreement, involving a Rs 1,685.27 crore loan at an interest rate of 7.75% per annum, earmarks Rs 900 crore for new transmission projects, aiming to bolster the state's economic growth through improved, reliable power supply.

(With inputs from agencies.)