Rs 250-crore boost to set up SPV for Polavaram project in Andhra
Hyderabad: The Centre has decided to release Rs 250 crore in this financial year for setting up of a Special Purpose Vehicle (SPV) for the Polavaram Irrigation Project. The SPVs are subsidiary firms typically used by major companies to isolate themselves from financial risk.
This financial boost is in addition to the Rs 100 crore earmarked for the project in the Union Budget. The Andhra Pradesh Government and Chief Minister N Chandrababu Naidu had expressed disappointment that the Centre had ignored the state’s demands to allocate more funds for Polavaram and had described the Rs 100-crore allocation as paltry.
Source:: Indian Express