Hyderabad-based engineering and construction company NCC Ltd has achieved financial closure for the 1,320 MW, Rs 7,000-crore greenfield thermal power plant coming up in Nellore district of Andhra Pradesh.

The project is being executed through a special purpose vehicle in a joint venture with Gayatri Projects, another Hyderabad-based infrastructure company. The power project mandate was secured from Nelcast Ltd, which had the permission to develop the project.

“The debt component of Rs 5,300 crore is led by a consortium of Rural Electrification Corporation with Rs 1,900 crore, Power Finance Corporation pitching in with Rs 1,700 crore along with ICICI Bank and others. We hope to announce this major milestone for project implementation during the month,” Y D Murthy, Executive Vice President, Finance, NCC Ltd, was quoted as saying by the Business Line.

The equity component has also been completed. While NCC will chip in with Rs 350 crore, Gayatri and other sources have closed in with the rest. The lenders had insisted that about 35 per cent of the equity component should come from the promoters and this objective has been achieved, Mr Muthy explained

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