In an article in the Business Standard ,under the provisions of the Ujwal Discoms Assurance Yojna (UDAY) agreement, the state of Uttar Pradesh has issued bonds worth Rs 10,000 Cr. This is its second issuance against the debt of the discoms that it took over. The UP government had entered into a tripartite memorandum of understanding with the Ministry of Power and UPPCL to avail the benefits of UDAY which was aimed at helping the distressed power distribution companies with their finances.
Last year, UP was the first state to issue bonds having issued Rs 24,000 crore worth bonds by July.
REConnect performed a review of the UDAY scheme in one of it’s blogs. The link for the same can be found here