Eight states, including Rajasthan, Uttar Pradesh and Bihar, issued bonds worth almost Rs1 lakh crore in 2015-16 under the UDAY scheme meant for revival of debt-ridden power distribution companies. The discoms have accumulated debt of Rs4.37 lakh crore. Till date, as many as 10 states have formally signed up for the scheme. Under the programme, the states will issue bonds to take on 75 per cent of the debt of these discoms and the remaining credit will be paid through state-guaranteed bonds issued by discoms.
“Another target achieved: UDAY bonds worth almost Rs1 lakh crore issued in the last financial year helping achieve 24X7 affordable power for all,” Power Minister Piyush Goyal on Friday said.
The tentative data collected from the states show that bonds worth Rs99,541 crore were issued by states under the UDAY scheme launched by the Centre in November last year for revival of debt-stressed distribution companies, a source said. Rajasthan has issued bonds worth Rs37,350 crore followed by Uttar Pradesh at Rs24,332 crore, Haryana at Rs17,300 crore and Punjab Rs9,860 crore.
Jharkhand issued bonds worth Rs6,136 crore while Jammu & Kashmir and Bihar issued securities worth Rs2,140 crore and Rs1,553 crore, respectively. Chhattisgarh has issued bonds worth Rs870 crore under the scheme to pare debt of its discoms. Goyal, in a tweet, also said Uttarakhand has formally signed the agreement to come on board, thus becoming the 10th state to formally subscribe to UDAY.