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IFC may invest in Tata Power's Mundra project
Our Bureau
Mumbai, Nov 29
International Finance
Corporation will consider a
loan of up to $450 million (Rs
1,800 crore) and an equity investment
of up to $ 50 million
(Rs 200 crore) for Tata Power's
Ultra Mega Power Project
at Mundra in Gujarat, the
institution's Web site said.
IFC, the private investment
arm of the World Bank,
said this would be its first financing
of a supercritical
plant anywhere in the world.
Additionally, IFC and
Coastal Gujarat Power Ltd
(the subsidiary of TPC which
will handle the project) are
exploring the possibility of
syndicating up to $300 million
in loans, according to the
IFC Web site.
IFC will consider these
proposed investments at its
board meeting, tentatively
scheduled for March 27 next
year.
Tata Power has earlier
mentioned IFC among the
several multilateral institutions
from which it is seeking
loans for the project.
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