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CM Chouhan presides over meeting of Narmada Basin Projects’ Board of Directors

Tuesday - September 29, 2020 12:18 am , Category : BHOPAL


Approval given for increasing share capital of company from Rs. 50 crore to 5 thousand crore 
 
Bhopal 28 September 2020: A meeting of Board of Directors of Narmada Basin Projects Company Ltd. held today at Mantralaya under the chairmanship of Chief Minister Shivraj Singh Chouhan. In order to make the system more easy for obtaining loan for the execution of various projects of the company, the authorized share capital of Narmada Basin Projects Company Limited has been increased from Rs. 50 crore to 5 thousand crore. Approval was obtained on 14 important points during the meeting.

The company took approval on the proposal of loan of Rs. 7 thousand 500 crore from NABARD for execution of various irrigation projects of Narmada Valley Development Authority like Upper Narmada Project, Narmada Kshipra Multipurpose Project and Badnawar Micro Irrigation Project besides some other ongoing projects. Along with this, proposals for obtaining loan of Rs. 10 thousand crore from the bank for the execution of various irrigation projects of Narmada Basin Projects Company and Narmada Valley Development Authority.

In context to State Guarantee Fees, the company is required to pay State Guarantee Fees against 0.5 percent loan amount annually. In this way, about 1500 crore on the payment of full loan, will have to be paid against the loan amount of Rs. 24 thousand crore of 11 different projects. The Guarantee Fees of 0.5 percent per annum against the loan amount will be made one time.

For the smooth running of the company, a sub-committee in the name of Finance Committee will be constituted, which will give necessary consultations in the financial affairs of the company. Along with this, one other sub-committee will be constituted in the name of Project Monitoring committee, this committee will give necessary advices and consultations as regard to the technical affairs of the company. With the formation of both the committees, the function of the company will become more easy and smooth.

Minister of State for Narmada Valley Development Bharat Singh Kushwaha, Chief Secretary Iqbal Singh Bains, Additional Chief Secretary Narmada Valley I.C.P. Keshri and Principal Secretary Finance Manoj Govil attended the meeting.