Hyderabad

REC gives “A-Grade” to KIPCL for timely debt servicing

The REC Ltd (REC), formerly Rural Electrification Corporation Ltd, has recognised the Kaleshwaram Irrigation Project Corporation Ltd (KIPCL) as “A Category” institution/agency based on its performance in the financial management – for timely debt servicing – and other areas.

In a recent communication sent to Managing Director of KIPCL B. Hariram, who is one of the Engineers-in-Chief of Kaleshwaram Project, the REC has informed that the competent authority has approved the grading of KIPCL with effect from January 13.

KIPCL, since its inception, has been involved in developing, engineering, financig and executing Kaleshwaram Lift Irrigation Project and Palamuru-Rangareddy Lift Irrigation Scheme.

The KIPCL borrows from commercial banks’ consortia headed by Union Bank of India, Punjab National Bank and Bank of Baroda besides public sector undertakings such as PFC Ltd (Power Finance Corporation), REC Ltd and National Bank for Agriculture and Rural Development (NABARD) to execute the two major projects in Telangana.

According Mr. Hariram, with the financial support of banks, financial institutions and the State Government equity, the Corporation has executed the main trunk of Kaleshwaram project from Medigadda (Laxmi) Barrage to Kondapochamma Sagar, a balancing reservoir, and the distributary and field channel works are in brisk progress.


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Printable version | May 19, 2022 9:34:48 pm | https://www.thehindu.com/news/cities/Hyderabad/rec-gives-a-grade-to-kipcl-for-timely-debt-servicing/article38308765.ece