The Life Insurance Corporation has no proposal for extending fresh loans to the power sector of UP and the UP State Transport Corporation. | |
| Both the utilities in the power sector--the UP Power Corporation and UP Power Generation Corporation--and the Transport Corporation have defaulted in repayments of past loans. |
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| The chairman of the LIC, Atul Kumar Shukla, said here yesterday the decision was taken by the investments committee of the company, subject to approval by the Insurance Regulatory Development Authority. |
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| "We are negotiating on the one-time settlement of the outstanding loans with the UP Power Generation Corporation and decisions will be taken soon," said Shukla. |
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| Shukla said the LIC would be completing 50 years of its existence in September. It was set up by an Act of parliament in 1956. |
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| Shukla said as a pilot project 29 satellite offices would be opened in the golden jubilee year. Of those, two will be in UP, one each in Allahabad and Kanpur. |
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