Discom bailout: Deadline nears, 8 states on board

Power Minister Jyotiraditya Scindia is to meet the energy secretaries from various states and release the integrated ratings of electricity distribution companies, which have been postponed earlier. Which states might actually meet the March 31st deadline is yet to be known, reports CNBC-TV18's Siddharth Zarabi.

There are just 10 days left for this second extended deadline ends 31st of March. There have been some reports over the last couple of days, which suggested the possibility of an extension. However, Scindia said that he has not heard about the possibility of an extension.

What is going to happen is the crucial and important part. The transitional finance mechanism, which is at the heart of this Rs 160,000 crore scheme, is going to be put in place shortly. The Power Minister said he had discussions with the Ministry of Finance and the Reserve Bank of India (RBI).

Scindia expects that in the next couple of days all of it will fall in place. He underlines the fact that the eight large states, which have so far accepted this scheme, essentially account for almost 70 percent of the entire bailout.

The balance 30 percent are finding it difficult to come onboard. There are some states which feel they do not need a bailout scheme. At this stage much of the power bailout scheme is already been tied up. Whatever loose ends are left will possibly be tied up within the next week.

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