Addressing the first meeting with these teams, APTransco director (finance and revenue) A Venkateshwar said they would not only be responsible for planning and execution of the internal audit at district/field level, but would also have to suggest improvements for the existing practices.
It may be noted that Transco would be able to save over Rs 130 crore over the next seven years as Power Finance Corporation (PFC), Rural Electric Corporation (REC) and Centre had agreed to restructure the Rs 2,600 crore outstanding loans to the corporation.
Following this, Rs 2,200 crore of REC loans, Rs 400 crore PFC loan would now be available at 9.5 per cent as against over 14 per cent earlier. REC and PFC took the positive move in view of the impressive financial performance of Transco, a release said.
