By Our Reporter
SHILLONG: The State Cabinet on Wednesday agreed to stand guarantor for Rs 50-crore loan to be availed by the cash-strapped Meghalaya Energy Corporation Limited (MeECL). The loan would enable MeECL to repay an earlier loan taken from the Indian Overseas Bank (IOB).
Official sources informed that the loan which is to be paid by the MeECL would be channelised through the SBI.
Meanwhile, Chief Minister Dr Mukul Sangma had a different take on the loan issue. According to Dr Sangma, the State Cabinet has agreed to stand as guarantor for the MeECL for availing the loan of Rs 50 crore which it needs for implementing various power projects in the State.
He, further, said MeECL is availing this loan to ensure that the Corporation is in a position to cater to the energy requirements of all sections of the public which includes energy supply for domestic use as well as for commercial and industrial purposes.
