RELIANCE Power Transmission (RPTL), an Anil Ambani group company, has tied up Rs 970 crore for its first transmission utility project in the western region of the country.
The project involves setting up of 400 KV double circuit transmission lines covering about 1,500 Km in Maharashtra, Gujarat and Madhya Pradesh. The project is expected to be completed by 2010. It will connect the eastern region to the power deficit western region.
"We have received sanctions of around Rs 1,200 crore although we would raise Rs 970 crore of debt. The project has achieved financial closure by less than three months of the transmission agreement it had signed with Power Grid Corporation, "said an official of Reliance Infrastructure (R-Infra). Reliance Power Transmission is a wholly-owned subsidiary of R-Infra.
Reliance Power Transmission's Rs 1400-crore western region transmission project, with debt-equity ratio of 70:30, will be funded by a consortium of financial institutions led by State Bank of India. SBI has agreed to provide Rs 300 crore to the project. The average interest rate for the loan is pegged at around 12.25% per annum for 12 years.
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