Akhilesh brings focus back on power, inks key pact

Signs Rs 7,575 crore loan agreement for funding 1,320-mw Meja thermal power project in Uttar Pradesh

GN Bureau | June 8, 2012


AK Singhal, Director (Fin), NTPC, Vinod Sharma, CEO Meja Urja Nigam Private Limited with senior officials of NTPC and SBI Capital Markets limited
AK Singhal, Director (Fin), NTPC, Vinod Sharma, CEO Meja Urja Nigam Private Limited with senior officials of NTPC and SBI Capital Markets limited

The newly-formed Akhilesh Yadav government in Uttar Pradesh, which marked power as a priority area in its vision document released a few days ago, has moved quickly to ink a power pact with a consortium of banks to secure funds for a thermal power project in the state.

Meja Urja Nigam Pvt Ltd, a joint venture of NTPC Ltd and Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd (UPRVUNL), has signed Rs 7,575 crore loan agreement with consortium of 16 banks led by State Bank of India for funding 1,320-mw Meja thermal power project in Uttar Pradesh.

The loan has disbursement period of 60 months and is to be repaid in 10 years thereafter.

“The loan would be utilised for financing capital expenditure of Meja Thermal Power Project. The loan facility was syndicated by SBI Capital Markets Ltd,” an NTPC statement said.

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