NUPPL, a Joint Venture Company of NLC India Ltd., has achieved financial closure of its power project of 1980 MW ( 3 x 660 MW ) by agreeing to a loan arrangement of Rs.11067 Crore with a consortium led by M/s. Power Finance Corporation Ltd. with other members viz. State Bank of India (SBI) and Rural Electrification Corporation Limited (REC). The Joint Venture Company is owned by NLCIL and UPRVUNL with share holding of 51:49 respectively. The sanctioned project cost is Rs.17237.80 Crore and is planned to be funded with a debt equity ratio of 70:30. The company has already tied up loan for Rs.1000 Crore with Bank of India earlier.
The loan arrangement for the project has been made through a transparent open tendering process giving advantage of competitive rate and expected to result into a savings of more than Rs.700 Crore in project cost.
The power project is located in Ghatampur (Kanpur Dehat) in UP and project activities are progressing in full swing by all the major package contractors. An expenditure of Rs.1192.29 crore has been incurred so far.
The signing of the documents related to this loan arrangement took place at Puducherry on 31st December 2017 in the presence of Shri Susheel Kumar I.A.S., Secretary, Ministry of Coal, Govt. of India, Dr. Sarat Kumar Acharya, CMD, NLCIL & Chairman, NUPPL, Shri Rajeev Sharma , CMD, Power Finance Corporation Ltd. Among others present were directors of NLCIL/NUPPL, CEO and CFO of NUPPL, senior officers of Consortium and other delegates.
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