Industry & Economy
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Power
Jindal Power's Raigarh project phase I achieves financial closure
Our Bureau
New Delhi
,
Sept. 3
JINDAL Power Ltd, a wholly owned subsidiary of Jindal Steel and Power Ltd (JSPL), on Thursday announced the financial closure for the first phase of its 1,000 MW power project at Raigarh.
The first phase would comprise two units of 250 MW each, said the Executive Vice-Chairman and Managing Director, Mr Naveen Jindal.
The cost of the first phase is estimated at Rs 2,142 crore, of which 30 per cent is equity and 70 per cent debt.
Mr Jindal said that the equity portion, amounting to Rs 642 crore, would be funded by JSPL. A consortium of 12 banks and financial institutions has agreed to fund the debt portion for which agreements have been signed.
He also said that this is the first mega power project in the private sector to have achieved financial closure for its first phase, adding that the project would be completed in 36 months. "We will be able to provide power at the rate of Rs 2 per unit from this project."
The debt has been financed by Power Finance Corporation to the tune of Rs 525 crore, SBI Rs 275 crore, and PNB Rs 169 crore, among others.
The company had received total sanctions crossing over Rs 2,300 crore against the debt requirement of Rs 1,500 crore.
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