Jharkhand Government, JBVNL signed MoU under UDAY Scheme

With this, Jharkhand becomes first state to sign MoU with Centre for power scheme UDAY.

Created On: Jan 6, 2016 09:17 ISTModified On: Jan 6, 2016 09:14 IST

The Jharkhand Government and the Jharkhand Bijli Vitran Nigam Limited (JBVNL) on 5 January 2016 signed a Memorandum of Understanding (MOU) under the Ujjwal Discom Assurance Yojana (UDAY) Scheme.

The MoU for operational and financial turnaround of Discoms was signed by AK Verma, JS (Distribution), Union Ministry of Power; SKG Rahate, Principle Secretary (Energy) of Jharkhand and by Ameet Kumar, MD, Jharkhand Bijli Vitaran Nigam Ltd (JBVNL).

With this, Jharkhand becomes first state to sign MoU with Centre for power scheme UDAY.

Highlights of the MoU
• Jharkhand would derive an overall net benefit of approximately 5300 Crore rupees through UDAY.
• It will help state government in electrifying remaining 2200 villages in state.
• It will have significant benefits for JBVNL, as the state government is taking over 100 percent liabilities of outstanding dues with CPSUs and 75 percent of the outstanding debts of JBVNL.
• Jharkhand and the JBVNL will adhere to a designated AT&C loss trajectory to reduce the AT&C losses from the current levels of almost 40 percent to 15 percent by the year 2018-19.

The total number of states that will join UDAY Scheme has now risen to 15. The other states are Andhra Pradesh, Punjab, Jharkhand, Himachal Pradesh, Jammu & Kashmir, Rajasthan, Uttarakhand, Haryana, Gujarat, Madhya Pradesh and Chhattisgarh.

Besides, four major states Maharashtra, Uttar Pradesh, Bihar and Odisha also already have given their in-principle approval to join UDAY.

About Ujjwal Discom Assurance Yojana (UDAY)
The UDAY Scheme was launched by the Union Government on 20 November 2015 in consultation with various Stakeholders including States, DISCOMs, Banks and Financial Institutions to ensure a sustainable solution.

It aims for financial turnaround and revival of Power DISCOMs and also ensures a sustainable permanent solution to the problem.

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