Power corporation took Rs 700 crore loan in Q1

Raakhi Jagga
Wed Aug 04 2010,
Ludhiana:

The Punjab State Power Corporation Limited (PSPCL) had to take loans to the tune of Rs 700 crore to meet the expenses of the first quarter of this year. In the paddy season, when more power in consumed to run motors in fields, additional loan had to be taken to provide supply to the consumers, said S C Arora, Director, Finance, PSPCL.

In Ludhiana in connection with a plantation drive on Monday, Arora said: “The new balancesheet is yet to be given to us by the state government. Since the provisional balancesheet was clean, we are expecting the final balancesheet to be clean too.”

Till March 31, 2010, the Punjab State Electricity Board was running losses to the tune of more than Rs 9,600 crore and the corporation is expecting that these losses will not be added in the balancesheet.

Arora, however, said: “We are hopeful to be able to make good income after the paddy season and hence give good results by the end of the financial year.”