SHILLONG: The State Government has agreed to extend guarantee for the Meghalaya Power Generation Corporation Limited (MPGCL) to avail a loan of Rs 60 crores for Myntdu Leshka Hydro Electric Project besides agreeing to the proposal of converting the loan component of the generation company as equity.
Talking to media persons after the Cabinet meeting here on Thursday, Chief Minister, Mukul Sangma said that the government agreed to issue government guarantee for availing sanctioned loan by the generation company for the project.
“There are certain loans which are required to be further availed by Meghalaya Power Generation Corporation Limited the Government have to extend guarantee specific to this loan for a specific purpose,” Sangma told reporters.
Meanwhile, the Cabinet also agreed to convert Rs 60.25 crore loan component which was extended to the company as equity at the ratio of 70:30