Business   

Coastal Energen achieves financial closure

CHENNAI: Coastal Energen Private Ltd., the power generating flagship company of Coal & Oil Group, has achieved financial closure of its Rs. 4,300 crore power project in Tuticorin, according to a company release.

The project with a debt component of about Rs. 3,450 crore has been funded by a consortium of 16 banks and financial institutions led by State Bank of India. The loan carries an interest rate of 12 per cent and a tenure of 15 years.

The 2 x 600 MW coal fired power plant will be commissioned within 36 months and has provision to expand up to 4,000 MW. It will supply power to the State Electricity Board and to the private sector for which a contract has been signed with Tata Power.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Assocham suggests three-pronged strategy to contain fiscal deficit
Reliance Industries moves Supreme Court
Infotech to rotate auditors periodically
Power projects: ‘show environmental concerns’
Coastal Energen achieves financial closure
Plant to treat waste from houseboats
OPIL profit up
Chennai Silks to open showroom in Kochi
Federal Bank facility
Bullion Rates

Copyright © 2009, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu