PMO mulling bailout package for power distribution companies

PMO mulling bailout package for power distribution companies Zeebiz Bureau

New Delhi: A bailout package for debt-stricken power companies may be in the works by the government, according to a media report.

Prime Minister’s Office (PMO) has instructed the power ministry to come up with a comprehensive bailout package, the report added.

The exact details of this bailout package is yet to come to fore, however; on Wednesday the PMO issued a Cabinet note directing the power ministry to address the problems of power distribution.

Power distribution companies are facing heavy debts. The total debt in 2011 was Rs 1,20,000 while adding the losses it would come up to Rs 2 lakh crore.

With Agency Inputs