GMR ties up INR 3,800 crore for power project in Odisha
GMR Infrastructure has tied up funds for its 1,050 MW power project at Kamalanga in Orissa, the second major power project to cross the key financial milestone in recent days after ADAG group promoted Sasan power project achieved financial closure last week.
GMR said that it had tied up funding worth INR 3,800 crore from a consortium of seven domestic financial institutions, led by IDFC and the State Bank of India.
IDFC has committed INR 700 crore, while SBI will lend INR 600 crore to the thermal power project which will use coal from the captive field allocated to it by the Orissa government. Canara Bank, Corporation Bank, Central Bank of India, UCO Bank and IDBI will provide the remaining funds.
Mr Raj Kumar CEO of GMR Energy told ET that “We have tied up the funds and are expecting to achieve financial closure within 10 days.” He added that GMR Energy a wholly owned unit of GMR Infrastructure hoped to complete the project within 36 months from the date of financial closure. The project will be commissioned by May 2012. Debt will be used to fund three-quarters of the project costs. GMR group is planning to fund the equity portion through internal accruals.
Sourced: Economic Times
GMR said that it had tied up funding worth INR 3,800 crore from a consortium of seven domestic financial institutions, led by IDFC and the State Bank of India.
IDFC has committed INR 700 crore, while SBI will lend INR 600 crore to the thermal power project which will use coal from the captive field allocated to it by the Orissa government. Canara Bank, Corporation Bank, Central Bank of India, UCO Bank and IDBI will provide the remaining funds.
Mr Raj Kumar CEO of GMR Energy told ET that “We have tied up the funds and are expecting to achieve financial closure within 10 days.” He added that GMR Energy a wholly owned unit of GMR Infrastructure hoped to complete the project within 36 months from the date of financial closure. The project will be commissioned by May 2012. Debt will be used to fund three-quarters of the project costs. GMR group is planning to fund the equity portion through internal accruals.
Sourced: Economic Times
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