Loan for Apex Bank to be adjusted by 2013: Tayeng
Itanagar, Dec 20: The Rs 225 crore advance loan taken from the National Hydro Power Corporation (NHPC) for reviving the Arunachal Pradesh State Cooperative Apex Bank is expected to be adjusted by 2013 against the power royalty to be earned, according to Cooperation Minister Lombo Tayeng.
The minister disclosed this in the assembly yesterday while responding to questions of MLAs Nani Ribia and Nyato Rigia. He said that with the approval of the union power ministry an amount of Rs 225 crore advance power royalty had been taken against free power share of Subansiri Lower (2000 mw), Tawang stage-I (750mw) and Tawang stage-II (750 mw) hydro electric projects to be executed by NHPC. The total amount of interest which would accrue against the advance with a nine per cent compound interest before commissioning of Lower Subansiri project was Rs 92.50 crore, taking the total repayable amount to Rs 317.50 crore.
The subansiri project is expected to be commissioned for commercial operation by January 2012 and would earn a revenue of Rs 180 crore annually. Thus the advance could be liquidated within one and half years before commissioning of other two projects, the minister informed. While the bank had paid Rs 97.9 crore after its revival to 1,954 depositors till November, it received Rs 97 lakh in deposit, the minister disclosed. Rs 160 crore was released through LOC to all the 32 branches which have been made functional, he added.
The bank is likely to get an additional amount of Rs 33 crore as per Vidyanathan Committee recommendation, Chief Minister Dorjee Khandu informed the assembly in response to a question of former Chief Minister Gegong Apang.