Interest cut to 11 per cent for Telangana on loan for power generation

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‘This reduction would save Rs 500 crore for the state’ - REC chairman

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Hyderabad: REC chairman and managing director Rajeev Sharma, said, “For Telangana we have reduced interest to 11 per cent after seeing the state government’s commitment and sincerity in its plans to meet the power generation requirements. This reduction would save Rs 500 crore for the state.”

This is the highest ever loan given to a single state by REC, he added. “Now, the land is ready, money is ready. We will go ahead with our plan of installing the necessary generation equipment as fast as we can. We will start generation at Damarcherla, that’s our goal,” power minister Jagadish Reddy said.