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Moser Baer Power Projects on Tuesday said it has tied up with Macquarie SBI Infrastructure for funding its Rs 580 crore thermal power project in Madhya Pradesh by offering the latter minority stake in the project.
MB Power Madhya Pradesh Ltd, a subsidiary of Moser Baer Projects Private Ltd is developing a 2,520 MW thermal power plant in multiple phases at Anuppur in Madhya Pradesh with an 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,” said Mr Deepak Puri, promoter, Moser Baer Projects Private Ltd.
“Macquarie SBI Infrastructure would be picking up ’significant’ minority stake in the project,” Mr Puri added.
The power project is expected to be commissioned in phases by the end of 2014. The coal for the power project would be sourced from the South eastern Coalfields.
“We are very pleased Macquarie SBI Infrastructure Management has secured this investment,” said Mr Varun Bajpai, CEO, Macquarie SBI Infrastructure Management.
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 remaining funding would come from equity infusion by the Moser Baer Projects Ltd,” said Mr Ratul Puri, Director, Moser Baer Projects Private Ltd.
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