Telangana

Bankers agree to give Rs 11,400-cr loan for Kaleshwaram project: CS

Bankers agree to give Rs 11,400-cr loan for Kaleshwaram project: CS

Kaleshwaram project got a big boost from Bankers Consortium led by Punjab National Bank as it agreed to give Rs 11,400 crore loan.

 Chief Secretary SP Singh today said a meeting of the bankers has agreed to offer financial assistance to the State.  The government signed a deal with the bankers on the loan facility. The CS expressed hope that the decision by the Bankers Consortium will help the State government complete on a war-footing the irrigation projects. “We sought Rs 34,440 crore loan  for the project and the Bankers Consortium agreed during joint documentation meeting to give Rs 11,400 crore for the Kaleshwaram Project, he said.

 The Chief Secretary also expressed pleasure for the timely support by the bankers to complete the irrigation projects. Appreciating the officials concerned for clinching the loan agreement in a short time, the CS directed the officials to speed up the second phase of the works of Kaleshwaram project.

The joint consortium reached agreement during the meeting and the bankers to provide loan amounts include, Punjab National Bank Rs 1900 cr, Bank of India Rs 1500 cr, Canara Bank Rs 1500 cr, Allahabad Bank Rs 1000 cr, Syndicate Bank Rs 1000 cr, Punjab Sindh Bank Rs 1000 cr, Oriental Bank of Commerce Rs 1000 cr, Indian Bank Rs 750 cr, Union Bank of India Rs 500 cr, Indian Overseas Bank Rs 500 cr, Bank of Maharashtra Rs 500 cr and Central Bank of India Rs 250 cr respectively.

Irrigation special chief secretary SK Joshi, finance secretary Sandip Kumar Sultania, finance additional secretary Rammohan Rao, Telangana circle head Rajiv Puri and officials of the banks were present. (NSS)