Reliance Power ties up Rs 14,500 crore for Sasan Ultra Mega Power Project
With the help of finances arranged from more than a dozen domestic banks and financial institutions, the Anil Ambani-led Reliance Power Tuesday announced a tie-up of Rs 14,500 crore funds for its Madhya Pradesh-based, Rs 19,400 crore, 3,960 MW Sasan Ultra Mega Power Project.
As per the company officials, the tie-up comprises the biggest-ever debt that has been raised from domestic banks and institutions, for any project among any industry in the country.
Talking about the funds in a filing to stock exchanges, Reliance Power said: "Sasan Power Ltd, a 100 per cent subsidiary of the company, has executed financing agreements for the 3,960 MW pit-head coal-based Sasan UMPP located at Singrauli in Madhya Pradesh."
The company said that while State Bank of India is the foremost Indian lender, the other big domestic banks and financial institutions that have contributed to the aforementioned debt facilities include Punjab National Bank, Axis Bank, IDBI Bank, LIC, Power Finance Corp, Rural Electrification Corp, and IIFCL (India & UK).
Supposed to be the biggest domestic coal-based power project in India, the Sasan project - for which the engineering, procurement and construction contract has been awarded to Reliance Infrastructure; and the order for boilers, turbines, generators has been given to Shanghai Electric - will supply power to seven states - Madhya Pradesh, Uttar Pradesh, Punjab, Haryana, New Delhi, Rajasthan and Uttarakhand.