Andhra Bank to give Rs 1,300-cr loan for irrigation project

PSU lender Andhra Bank would give a loan of Rs 1,300 crore for the first phase of works of Kaleswaram irrigation project in Telangana.
"Several banks have come forward to extend financial assistance to the Kaleswaram Project in the State. For the project's first phase of works, the consortium of banks led by Andhra bank estimated the costs at Rs 7,400 crore.
"Of this, Andhra Bank has expressed its willingness to give Rs 1,300 crore, which is it's share, as loan," a release from the Chief Minister's office said here today.
Andhra Bank MD Suresh Patel today formally handed over the acceptance letter in this regard to Chief Minister K Chandrashekhar Rao, it said.

"The Andhra Bank officials, on the occasion, said the bank is participating in several programmes launched by the Government. Andhra Bank is giving Rs 1,935 crore to Mission Bhagiratha, Rs 1,000 crore to Civil Supplies Department, Rs 235 crore to Hyderabad Metro Rail project and Rs 400 crore to Seed Development Corporation," the release added.