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.
Bhubaneswar: Odisha received a major boost to its railway network on Saturday with the launch…
Bhubaneswar: With continuous rainfall pushing up the water level of the Baitarani River, the Odisha…
Puri: With preparations for the annual Rath Yatra entering the final phase, the Odisha Government…
Bhubaneswar: Urban infrastructure across Odisha is set for another major upgrade as the State Government…
Bhubaneswar: Odisha's rich handloom tradition took centre stage on Friday as the State Government organised…
Bhubaneswar: Odisha has achieved a significant milestone in wildlife science with the Centre for Wildlife…
