Power distributors have losses of Rs 2.46 lakh cr: Moily

India's power distributors had accumulated losses of Rs 2.46 lakh crore up to the end of the fiscal year ending March 2012, Power Minister Veerappa Moily said on Tuesday.

Moily was speaking a day after the government approved a bailout package for the distributors, driven into debt by years of populist policies, corruption and mismanagement.