Bhubaneswar: In a significant step toward financial restructuring in the energy sector, the Odisha State Cabinet has approved a government guarantee of ₹3108.21 crore for GRIDCO Ltd. This move is aimed at enabling the company to refinance high-interest loans with lower-interest borrowings, easing its financial strain and benefiting consumers.
The guarantee, issued by the Energy Department after receiving concurrence from the Finance Department, will allow GRIDCO to secure loans from commercial banks and financial institutions at reduced interest rates. This initiative is expected to directly impact electricity tariffs by lowering the financial burden passed on to consumers.
Over the past three financial years, GRIDCO has actively worked to reduce its borrowing costs. Between 2021-22 and 2023-24, the company refinanced ₹3147.94 crore in high-interest loans, replacing them with term loans at more competitive rates. The latest government-backed guarantee will further enhance these efforts.
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