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Coastal Gujarat Power, a wholly-owned subsidiary of Tata Power , which implemented the 4,000-MW Mundra Ultra Mega Power Project, has completed refinancing of the outstanding ECB loans amounting to about $770 million (approx. ₹5,500 crore) through a mix of INR-denominated debt instruments and equity funding from the proceeds of divestment of non-core assets of the company.
The refinancing of dollar loans of CGPL will help reschedule the cash requirements as well as reduce the effective interest cost apart from reducing foreign exchange-related volatility for CGPL. This is also expected to ease the cash flow burden resulting from the continuing losses on under-recoveries at the Mundra UMPP. Shares of Tata Power slumped 4.3 per cent at ₹65.95 on the BSE.
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