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Lanco group's project achieves financial closure

CHENNAI : The Lanco group-promoted 1,015 MW Nagarjuna power project in Mangalore, Karnataka, has achieved financial closure. According to a release, the coal-fired thermal project, which would cost Rs. 4,342 crore, was being funded jointly through a mix of debt and equity. A consortium of 14 banks and financial institutions, led by Power Finance Corporation, has financed the project loan of Rs. 3,474 crore, the release said.

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