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NLC-Tamilnadu Power Ltd (NTPL), a joint venture of Neyveli Lignite Corporation and the Tamilnadu Generation and Distribution Company Ltd (TANGEDCO), has secured Rs 937 crore of debt funding from three public sector banks — Bank of India, Indian Bank and Central Bank of India. NTPL is putting up a 1,000 MW coal-fired power generation plant near Tuticorin in southern Tamil Nadu at an investment of Rs 4,910 crore.
Previously, the company had secured Rs 2,500 crore of debt funding from a consortium of banks led by Bank of Baroda.
The agreement between NTPL and Bank of India for Rs 937-crore of debt was signed today.
In a statement issued today, Neyveli Lignite Corporation, which owns 89 per cent of NTPL, said the first of the two units would start generating power in December 2013. The second is expected to be generation-ready in March 2014.
Coal for the power plant “is being tied-up” with Mahanadhi Coalfield Ltd, a subsidiary of Coal India Ltd.
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