Commercial? Yes Founder Ujwal patel | Location India | |
Mission statement "Financial turnaround of Power Distribution Companies" Owner Supported by Ministry of Power (India) Established November 2015 (2015-11) | ||
Ujwal DISCOM Assurance Yojana (UDAY) is the financial turnaround and revival package for electricity distribution companies of India (DISCOMs) initiated by the Government of India with the intent to find a permanent solution to the financial mess that the power distribution is in. It allows state governments, which own the discoms, to take over 75 percent of their debt as of September 30, 2015, and pay back lenders by selling bonds. Discoms are expected to issue bonds for the remaining 25 percent of their debt.
Launch
The scheme was announced by Piyush Goyal, Minister of State (IC) for Power, Coal & New and Renewable Energy in November 2015. Till now 22 states have joined this scheme with sikkim becomes the 22nd state to launch. The scheme is optional for the states to join. Andhra Pradesh was the first state to join.Other states that have given their in-principle approval are : Gujarat, Chhattisgarh, Andhra Pradesh, Rajasthan, Punjab, Haryana, Jammu & Kashmir, Himachal Pradesh, Madhya Pradesh, Uttarakhand, Telangana.
Recently Uttar Pradesh, Bihar, Odisha, Maharashtra and Tamil Nadu joined, thereby making the total of 21 states to have joined the scheme.