BHUBANESWAR: The State government on Wednesday approved the Energy department’s proposal for conversion of Rs 400 crore bond issued in its favour by Grid Corporation of Odisha Ltd (Gridco) to equity of Odisha Power Transmission Corporation Limited (OPTCL).
The State Cabinet chaired by Chief Minister Naveen Patnaik decided to convert the bond and the interest accrued on it to equity capital in OPTCL to reduce the interest burden on the public sector undertaking.
