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Lanco Infratech Ltd has announced that Lanco Kondapalli Power Private Ltd , a subsidiary of the company, has achieved financial closure for the expansion project being taken up close to the famous toy-making town of Kondapalli near Vijayawada in Andhra Pradesh.
The diversified company, which is developing 732 mw (2x366 mw) gas-based power project in the State wherein it has already has an installed capacity of 734 mw (368 and 366 mw), has taken up expansion. This project, being implemented with an estimated cost of Rs 2,610 crore, would be funded with a debt of Rs 1,827 crore and an equity component of Rs 783 crore.
A consortium of six banks and financial institutions with Axis Bank in the lead are providing the debt required for the project. The company has already commenced works and placed orders for EPC.
Total capacity
With this expansion project, which is likely to be completed within 21 and 26 months, respectively, the Kondapalli project will have total generation capacity of about 1566 mw.
The company is expected to close the current financial year with an installed capacity of about 4,000 mw, and has projects with total capacity of 11,000 mw at various stages of implementation.
During the current financial year, the company closed funds for 1320 mw thermal projects at Vidharbha in Maharashtra, 1,320 mw Amarkantak project at Chattisgarh, 1320 mw Babandh project in Orissa.
The company shares ended the day trade at Rs 55.20, against the previous close of Rs 56.
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