OMC gets govt nod to lend Rs. 500 cr to Gridco.

State run miner Odisha Mining Corporation (OMC) has got the government's nod to lend Rs. 500 crore to bulk power purchaser Gridco. The loan from OMC, that is sitting on a cash reserve of over Rs. 5,000 crore, is expected to come as a huge relief to cash strapped Gridco. "The government is pleased to allow OMC to consider lending Rs 500 crore to Gridco in the first phase. OMC is assured that the re-payment of the amount will be made by Gridco as per the time frame mutually agreed upon", C K Sadangi, additional secretary (energy) wrote to Girish S N, managing director, OMC.