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Jindal Steel achieves financial closure
NEW DELHI,
SEPT. 2.
Jindal Steel and Power Ltd. (JSPL) today announced achieving financial closure of its first phase of 500 MW power plant being built at an estimated cost of Rs. 2,142 crores at Raigarh in Chhattisgarh. This is the first mega power project in the private sector to have achieved financial closure for its first phase.
The plant is being set up by Jindal Power Ltd (JPL), a 100 per cent subsidiary of JSPL. A consortium of 12 banks and financial institutions have signed the financing documents for loans aggregating Rs. 1,500 crores.
The project is being developed at 70:30 debt equity ratio and JSPL has committed the entire 30 per cent equity of Rs. 642 crores.
The project would be completed in 36 months. The deal has been structured and syndicated by SBI Capital Markets.
PTI
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