PFC Commits INR 25,000 Crore for Gujarat's Power Projects in MoU
The primary aim of this MoU is to extend comprehensive financial support to the state's projects related to power generation, transmission, and distribution.
January 04, 2024. By Abha Rustagi
The primary aim of this MoU is to extend comprehensive financial support to the state's projects related to power generation, transmission, and distribution.
The signing ceremony witnessed the presence of key dignitaries, including Bhupendra Patel, Chief Minister of Gujarat; Mamta Verma, Principal Secretary (Energy & Petrochemicals Department); Parminder Chopra, CMD PFC; Jai Prakash Shivhare, MD (GUVNL); R.K. Chaturvedi, Executive Director (Projects), PFC, and other senior officials of PFC, GUVNL, and other power utilities.
The MoU, signed in Gandhinagar, signifies a crucial step in supporting various projects undertaken by Gujarat Urja Vikas Nigam Limited (GUVNL), Gujarat State Electricity Corporation Limited (GSECL), Gujarat Energy Transmission Corporation Ltd (GETCO), Dakshin Gujarat Vij Company Ltd (DGVCL), Madhya Gujarat Vij Company Ltd (MGVCL), Paschim Gujarat Vij Company Ltd (PGVCL), and Uttar Gujarat Vij Company Ltd (UGVCL).
This collaboration is poised to facilitate long-term debt and other critical funding requirements essential for the successful execution of diverse projects.
The committed financial assistance under the MoU amounts to INR 25,000 crore, dedicated to powering various projects across Gujarat. This substantial commitment underscores PFC's unwavering dedication to strengthening the power infrastructure in the region and supporting the state's ambitious initiatives in the power sector.
Beyond aiding the expansion of power infrastructure, the MoU is expected to contribute to the creation of employment opportunities, with an estimated 10,000 jobs in the state of Gujarat.
This strategic alliance is anticipated to usher in a new era of energy sustainability and efficiency in Gujarat, paving the way for transformative changes and catalyzing the state's vision for a robust and reliable power infrastructure.
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