The first tranche of the Rs20tn package' mentioned by the Prime minister was announced today, comprising measures worth Rs6tn. This tranche included a Rs900bn loan to state discoms by govt-owned PFC and REC to pay off the genco dues. The loan will be provided against the Rs940bn receivables of the discoms. The loans will be secured against receivables, and additionally guaranteed by respective state govts. The liquidity will be infused within a couple of days by offering concessional loans to state electricity discoms, which would be 150 bps lower than the usual lending rates by the PFC and REC. while the loan rate would be concessional, it will vary from utility-to-utility depending...