Andhra Bank to extend Rs 1,300cr for Kaleshwaram project

A consortium of banks, led by Andhra Bank, had estimated the cost of works in the first phase at Rs 7,400 crore. The bank was willing to extend Rs 1,300 crore for the first phase, which forms a lion’s share of the cost.

By Author  |  Published: 15th Dec 2016  10:29 pmUpdated: 16th Dec 2016  9:06 pm
Kaleshwaram Project
Andhra Bank Managing Director Suresh Patel handed over an acceptance letter to Chief Minister K Chandrasekhar Rao. Source: Twitter

Hyderabad: Andhra Bank Managing Director Suresh Patel handed over an acceptance letter to Chief Minister K Chandrasekhar Rao on Thursday expressing its willingness to extend Rs 1,300 crore as loan for the Kaleshwaram project.

A consortium of banks, led by Andhra Bank, had estimated the cost of works in the first phase at Rs 7,400 crore. The bank was willing to extend Rs 1,300 crore for the first phase, which forms a lion’s share of the cost.

Officials informed the Chief Minister that the bank was participating in several programmes launched by the State government. It is extending Rs 1,935 crore for Mission Bhagiratha, Rs 1,000 crore for Civil Supplies Department, Rs 235 crore for the Hyderabad Metro Rail project and Rs 400 crore for Seed Development Corporation.

Special Chief Secretary (Irrigation) SK Joshi, Principal Secretary (Finance) Ramakrishna Rao, Andhra Bank ED AK Rath and DGM Prasad were present.