Power Finance to lend Rs 13,000 crore to APGENCO

HYDERABAD: The Power Finance Corporation on Thursday agreed to provide Rs 13,000 cr for the expansion of power projects by Andhra Pradesh Power Generation Corporation (APGENCO), following a request by the state govt.It has already sanctioned loans to APGENCO to a tune of Rs 15,525 crore.Satnam Singh, CMD of the corporation, gave an assurance to provide additional funds for projects when he called on the chief minister at the latter’s camp office here on Thursday.The CM urged Satnam Singh to reduce the rate of interest for loans from 12.5 per cent to 11 per cent on par with base lending rates of banks, for which the chairman responded positively.As part of corporate responsibility, the CMD presented a cheque of Rs 3.6 crore to the CM towards rebuilding houses for flood victims.