After generating Rs 15O crores through floating of bonds till October, 2008 at a rate of Rs 10 lakhs each, the construction of the mega hydel power in Jaintia Hills is now at the rate desired.
The MESEB member of Finance Donald Wahlang confirmed the board generation of investments from the floating of bonds as a facilitator to the board endeavor to complete the hydel project in Jaintia Hills.
He told selected group of newsmen that if necessary another Rs 50 crores will be generated by March to meet the financial requirements to fulfill the assurance to commission the hydel project by April or May this year.
While the private placement of the bonds in the BSE has help the MESEB a long way in going with the work related to the Leshka project, the only hiccups came up on October when the floating of bonds was kept in abeyance when the global market was in a turmoil.
According to another source, the MESEB made up with its financial needs during that time through a bridge loan of Rs 50 crores from State Bank of India.
Apparently, the stability of the market is sure to give no further glitch to the MESEB endeavour to complete the project in a record time, informed the source, even as he added that the board will save at least Rs 22 crores in executing the project. The floating of bonds at the BSE eased the interest that the Banks charge through any borrowed money.
Already floating the bonds in which the MESEB has to pay a minimal interest to the investors is considered as a new strategy of the autonomous institution.