Tata Power said it's in discussion with a lenders' consortium to refinance loans extended to 4,000MW Mundra ultra mega power project (UMPP) in Gujarat. The Mundra project is being implemented by Coastal Gujarat Power (CGPL), a wholly-owned subsidiary of Tata Power.
"We are in discussion with the lenders' consortium to refinance the loans of Coastal Gujarat Power by extending the tenure of loan repayments," Tata Power said in a filing to the BSE.
The company, however, said the final approvals from lenders are yet to come by.
Media reports had earlier said Tata Power is close to tying up a refinancing facility under the 5/25 scheme for Rs 10,000 crore that it borrowed to set up the Mundra UMPP.
Under the 5/25 scheme, banks can extend loan repayment for a period up to 25 years, with an option of refinancing the loan every five years.