UP waives interest on Weavers Cooperative Society loan

Lucknow, Aug 24 (UNI) Uttar Pradesh government today decided to waive interest on loans taken by Weavers Cooperative Society.

The government also approved guarantee for loan from Power Finance Corporation (PFC) to set up two units each at Parisha and Harduaganj stations.

The decisions were taken in the state cabinet meeting here, chaired by Chief Minister Mulayam Singh Yadav.

According to official sources, the government approved loan to be taken from PFC for construction of two 500 MW thermal power units each at Paricha and Harduaganj.

PFC would provide 70 per cent of the total Rs 2,000 crore cost of the project, while rest 30 per cent would be given by the state government.

In another decision, UP will invest Rs 412 crore in the Tehri Hydro Corporation, which will enable the state receive 37 per cent of the power generated by the Tehri power units.

The government also introduced compounding fee on the construction material, thus replacing trade tax.

UNI MB VS DKA RS1821