The Asian Development Bank (ADB) will provide a loan of Rs 100 million (about Rs 730 crore) to modernize and upgrade the power distribution system in Bangalore. The Finance Ministry said in a statement. ADB Bangalore Electricity Supply Company Limited. (Bescom) The government will provide a loan of 9 million for the project without guarantee.
The loan will be extended to strengthen power quality and modernize the power distribution system in Bangalore
Bescom is one of the five government distribution companies in Karnataka. According to the statement, ADB and the Government of India signed an agreement on December 31, 2020 for a loan of 100 million. This loan is for strengthening the quality of electricity in the city of Bangalore, Karnataka and for upgrading and upgrading the power distribution system.
The rupee fell 13 paise to close at 73.15 against the dollar.
According to the statement, the loan strengthens Besco’s operation and maintenance capability of underground wiring. As well as strengthening financial management and commercial financing. Improving financial management capability helps Bescom to access both domestic and international commercial financial markets.