Companies

Moser Baer Projects' arm raises Rs 580 cr

Our Bureau New Delhi | Updated on January 24, 2011 Published on January 11, 2011

(L to R) Mr. Ratul puri,Director,MBPPL,Mr. Deepak Puri,Promoter, Moser Baer Projects Private Ltd. and Mr. Varun Bajpai, CEO, SBI Macquarie Infrastucture Management Private Ltd. at a press conference to announce the 2,520 MW thermal Power Plant by Moser Baer Projects Private Ltd. in the Capital on Tuesday. Pic Kamal Narang,

MB Power Madhya Pradesh Ltd, a subsidiary of Moser Baer Projects Private Ltd, announced on Tuesday it has tied up with Macquarie SBI Infrastructure Fund and the State Bank of India for raising Rs 580 crore for its proposed power project in Madhya Pradesh.

The investments will used to part-finance for the first phase of the 2,520 MW thermal power project. MB Power is developing the project in multiple phases at Anuppur, Madhya Pradesh at an estimated investment of Rs 13,700 crore.

“Macquarie SBI Infrastructure would invest Rs 580 crore for developing the first phase of 1,200 mw of the Anuppur power plant,” Promoter, Moser Baer Projects Private Ltd, Mr Deepak Puri, said at the company's press conference. Macquarie SBI Infrastructure would be picking up “significant” minority stake in the project, he added.

The power project is expected to be commissioned in phases by the end of 2014. With the current investment from Macquarie SBI Infrastructure, the first phase of 1,200 mw, which is anticipated to cost Rs 6,240 crore, is fully funded, the company said. MB Power has already tied-up debt of Rs 4,680 crore for the first phase of the project in November 2009, with SBI and Axis Bank as the lead banks.

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Published on January 11, 2011
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