India’s largest power generator NTPC is to fund its ongoing capacity addition of 22,430 MW.
NTPC plans to raise Rs 11,330 crore in 2009-10. Of this, NTPC has tied up a Rs 8,500 crore loan at a floating rate of interest with the SBI and it will be used during 2009-10 and thereafter. The loan will come in trenches and will be utilized in three to seven years.
This is the major rupee loan deal finalized by NTPC with SBI after Reliance Power a fortnight ago achieved financial closure for the Sasan ultra mega power project comprising a rupee loan of Rs 11,500 crore from various Indian banks and financial institutions and $550 million from UK IFCL.
Besides, the company has raised Rs 700 crore through private placement in the current fiscal at the coupon rate of 7.89%. This was part of the total mobilization of Rs 2,000 crore through private placement of bonds.
NTPC official told FE on Thursday that the company was able to tie up rupee loan of Rs 1,000 crore from various banks after March 31 at competitive rates of interests.
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