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News Uploaded On : Friday, September 29, 2017 10:49:00 AM IND Back  |  Latest Projects  |  Latest Tenders
 
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Kaleshwaram irrigation project phase II achieves financial closure; PNB leads consortium of lenders.
In a significant development towards implementation of the Kaleshwaram irrigation project phase II, a consortium of lenders headed by Punjab National Bank has agreed to pitch in by extending a ₹11,400-crore loan.

This will enable the Telangana irrigation department to implement the project expeditiously.

The agreement to fund the project was inked by the representatives of various bankers in the presence of State Chief Secretary SP Singh and Special Chief Secretary, Irrigation, SK Joshi at State Secretariat.

Singh speaking on the development expressed that this was a major development towards implementation of the project.

As per the arrangement, of the ₹11,400 crore, Punjab National Bank has agreed to extend ₹1900 crore, Bank of India and Canara Bank (₹1500 crore each), Allahabad Bank, Syndicate Bank, Punjab & Sindh Bank, Oriental Bank of Commerce ₹1000 crore each, Indian Bank ₹750 crore, Union Bank of India, Indian Overseas Bank and Bank of Maharashtra, ₹500 crore each and Central Bank of India ₹250 crore.

The project, which seeks to create fresh ayacut in some of the parched districts of the State, will be a boon to the farmers when completed, Singh said. The project seeks to harness the untapped water from the Godavari system.

Monitored personally by Chief Minister K Chandrasekhar Rao, the irrigation project of significance is sought to be implemented in a time-bound manner, along with other irrigation projects.

Apart from drought-proofing the State, and bringing additional ayacut under agriculture, the State government is working towards ensuring drinking water supply to all villages in the State. Both Irrigation and drinking water supply have been taken up under two separate missions by the government.

HBL

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