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DAM-L LS: SSP Finances/Govt to raise Rs 5000 crore (fwd)
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subject: LS: SSP Finances/Govt to raise Rs 5000 crore
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Govt to raise Rs 5000 crores for Sardar Sarovar
The Times of India, Ahmedabad, November 13, 2000
KEVADIA: The Gujarat government has invited applications from financial
institutions to raise Rs 5000 crore [about US$1.1 billion] for the Sardar
Sarovar project.
"We have asked for funds at 8 per cent interest per annum and demanded
feedback within fifteen days," state major irrigation and Narmada
development minister Jayanarayan Vyas said.
This was decided at a meeting in Gandhinagar on November 6.
The minister recalled that last year when, ''we came out with bond issues,
the financial world suggested the issue would not be viable due to
financial crunch globally, but it was over-subscribed''.
Vyas said the criteria for accepting funds from various organisations and
individuals, including non-resident indians, foreign financial institutions
and domestic financial institutions would be framed separately.
A total of Rs 800 crore on the project would come from Gujarat's partners -
Rs 450 crore from Madhya Pradesh, Rs 200 crore from Maharashtra and Rs 150
crore from Rajasthan.
The minister said Gujarat had already received some amount from the
Maharashtra government. (UNI)
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