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Home News Power Sector News Financial closure for 3960MW Sasan UMPP - Rs 14,500 crore tie-up

Financial closure for 3960MW Sasan UMPP - Rs 14,500 crore tie-up

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ADAGAnil Dhirubhai Ambani Group's Reliance Power said it has tied up Rs 14,500 crore for the Sasan Ultra Mega Power project in Madhya Pradesh and about $500 million (about 2,518 crore) would come from overseas. The Sasan power project, which would generate 3,960 MW of power on completion, will have 75:25 debt equity ratio and nearly half-a-billion dollar debt would come from abroad, Reliance Power Chief Executive Officer J.P. Chalasani told reporters.

The Rs 19,400-crore project which would have 6x660 MW thermal power generation units is to go on stream by May 2013 with 2x660 MW units becoming operational.

The financial closure will have State Bank of India as lead bank for rupee-debt and the loan maturity would be 15-20 years, he said. Dollar debt is being raised through IIFC and Standard Chartered is to be appointed as the lead bank, he said.

Mr. Chalasani added that besides SBI, the other banks that facilitated the financial closure include IIFCL, PFC, PNB,LIC, Axis Bank, BoB, Union Bank of India, Andhra Bank and IDBI.

The debt would carry an average interest rate of 12-12.5 per cent, Chalasani said, adding this is the largest ever debt of Rs 14,500 crore raised for any project in the country.

Source - Hindu

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