Karnataka government to allocate Rs 20 billion to revive five Escoms

The Karnataka government plans to allocate Rs 20 billion to restructure and revive the five ailing electricity supply companies (Escoms) in the state.

The five electric supply companies — BESCOM (Bengaluru), CHESCOM (Chamundeshwari), GESCOM (Gulbarga), MESCOM (Mangaluru) and HESCOM (Hubli) — have been in the red largely due to rising dues from the government. Reportedly, the government will make payment in two parts — grants and guarantees for Escoms to raise loans from the market.