SBI has questioned the veracity of AP govt. gaurantees
By Economic Times 09-Oct-2019
- SBI has questioned the veracity of guarantees the YS Jaganmohan Reddy-led Andhra Pradesh government has offered to raise funds for its power sector.
- This was after the post-election renegotiation of several purchase deals cleared by his predecessor N Chandrababu Naidu.
- In a letter dated September 30, SBI has also raised concerns about the state’s rising outstanding debt and sovereign guarantees.
- The bank was responding to an application for a Rs 3,000-crore term loan by the Andhra Pradesh Power Finance Corporation (APPFCL).
- SBI sought the response from APPFCL on “veracity of the guarantee of AP govt. in the context of not honouring the commitments made by the previous governments.”
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