New Delhi, Jan 09 Union Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines, Shri Piyush Goyal presided over the signing of the Memorandum of Understanding (MoU) under the UjwalDISCOM Assurance Yojana (UDAY) with the Government of Tamil Nadu and itsDiscomTANGEDCO,for operational and financial turnaround of the DISCOM in New Delhi on 9th January 2017. The signing ceremony was held in the august presence of the Shri P. Thangamani, Minister for Electricity,Prohibition & Excise, Government ofTamil Nadu.Shri P.K. Pujari, Secretary (Power), Dr. P.V. Ramesh, CMD, REC and senior officials from the Ministry of Power, Government of Tamil Nadu, TANGEDCOand RECalso graced the occasion.
Tamil Nadu would derive an overall net benefit of approximately Rs. 11,000 croresthrough UDAY, by way of savings in interest cost, reduction in AT&C and transmission losses, interventions in energy efficiency, coal reforms etc.
UDAY was launched by the Government of India on 20th November, 2015 to provide a permanent and sustainable solution to the debt-ridden Distribution utilities for achieving financial stability and growth, and now has 21 States in the club after Tamil Nadu coming on board. REC is the implementing agency for the scheme.