NTPC secures USD 300 mn loan from a Singapore bank

Country's largest power producer NTPC has tied up with a Singapore-based bank for a USD 300 million loan for funding its financial plans in this fiscal, a senior company official said on Wednesday.

Country's largest power producer NTPC has tied up with a Singapore-based bank for a USD 300 million loan for funding its financial plans in this fiscal, a senior company official said today.

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"It is USD 300 million loan with a Singapore bank--I cannot tell you the name right now-- for funding our project in the current financial year," NTPC Director Finance AK Singhal told reporters in New Delhi.

The loan is for seven-year period, Singhal added.

"We need to seek Reserve Bank approval for this loan and after that we would immediately start drawing," he said.

Singhal also noted that the company was already committed for Rs 26,000 crore worth of loan from the domestic banks which, it has not drawn yet.