Confirming this, Union power minister P R Kumaramangalam who is also heading the hydel task force to ensure timely completition of hydro projects, said that the government was thinking over it in order to help Tehri project tide over the paucity of funds.

Senior power ministry officials told The Financial Express that in order to firm up the loan arrangements, a high level meeting will be held shortly, comprising senior officials from the nodal ministry, ministry of finance, Planning Commission, chief secretary of the state along with chairman of THDC, CEA and PFC.

Officials said that this arrangement was sought following failure on part of the state government to release funds for the project. While the Centre and the state government had earlieragreed to release funds for the project in the ratio of 75:25, the state government had persistently failed to meet its financial commitments towards the Tehri project.

During the current financial year, the total amount required to be released by the state government is Rs 170 crore. But only Rs 53 crore has actually been released so far and considering the financial crisis being faced by the state, the fate of the remaining Rs 81 crore seems uncertain.

Officials said that after several meetings, it was recently decided that in order to tie up the loans amounting to Rs 616.44 crore for making payment towards the equity portion of the UP government, the latter should tie up with financial institutions like PFC.

PFC, officials said, had agreed in principal to provide Rs 500 crore subject to a guarantee by the state government and a counter guarantee from the central government."In case such an arrangement materialises, the loan along with the interest will be serviced by the government of Uttar Pradeshand there shall be no change in the pattern of sharing of expenditure vis-a vis the sharing of benefits between the central and the state government", officials said.It is also proposed that, as is done for the equity portion of Rs 616.44 crore, the loan portion of the state government amounting to Rs 456.43 towards the project, may also be arranged through lending from financial institutions and that even this borrowing may be guaranteed by the state government with counter guarantee by the Centre.

The principal and interest portion of this loan is proposed to be serviced jointly by the Tehri Hydro development corporation and the government of UP, sources said. Advisory panel for lighthouses:

The government has constituted a Central Advisory Committee for lighthouses for a period of two years. The 16-member committee is headed by the secretary, ministry of surface transport. Other members include, additional secretary and Finance advisor, ministry of surface transport, nautical advisor to thegovernment of India, chief hydrographer to the government Devjibhai, J Tandel and Vayalar Ravi. The committee also has representatives from the Coast Guard National Shipowners' Association, Indian Ports Association, sailing vessels interests for East Coast and West Coast, director general of lighthouses and lightships is the member secretary of the committee.