GMR ties up Rs 3,800 cr for power project

Hyderabad-based 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, best known for its work in modernising airports in Hyderabad and New Delhi, said it had tied up funding worth Rs 3,800 crore from a consortium of seven domestic financial institutions, led by IDFC and the State Bank of India (SBI).
IDFC has committed Rs 700 crore, while SBI will lend Rs 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.
30/04/09 Ashwin J Punnen & Ruchira Saxena/Economic Times

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Categories: Airports Apr 2009