Sterlite ties-up Rs 6,150 cr loan for power project in Orissa
Copper producer Sterlite Industries said that a consortium of lenders led by State Bank of India has arranged Rs 6,150 crore loan to part fund its subsidiaries' 2,400-MW Independent Power Project at Jharsuguda in Orissa.business Updated: Jun 29, 2009 23:24 IST
Copper producer Sterlite Industries on Monday said that a consortium of lenders led by State Bank of India has arranged Rs 6,150 crore loan to part fund its subsidiaries' 2,400-MW Independent Power Project at Jharsuguda in Orissa.
"Sterlite Industries is pleased to announce that a consortium of 19 lenders led by the State Bank of India committed a term loan of Rs 6,150 crores to Sterlite Energy Limited for its 2400 MW Independent Power Project being implemented at Jharsuguda, Orissa," the Vedanta Resources group company said in a statement.
Sterlite claimed that the transaction is the largest syndicated term loan facility arranged for the group from the Indian debt markets for a single project.
The project envisages a total capital outlay of Rs 8,200 crore, which is proposed to be funded through a combination of Rs 6,150 crore of debt and Rs 2,050 crore of equity, it said, adding the entire equity component of Rs 2,050 crore has already been contributed by Sterlite.
Elaborating on the arrangement, Sterlite said the term loan facility has a door-to-door tenor of about 14 years and has been tied up through a consortium of 17 Indian Banks, Life Insurance Corporation of India and ECB financing from IIFC (UK) Ltd.
Sterlite Energy is a 100 per cent subsidiary of Sterlite and is a part of Vedanta Resources plc.