Reliance Power secures financing for Nagpur project
The Project would meet the power requirements of Butibori, Hingna and other Industrial consumers across Maharashtra at competitive tariffs
Reliance Power Ltd. on Tuesday announced that its has secured
financing with various banks and financial institutions, for its 300 MW power project being set up at Butibori, near Nagpur, Maharashtra. The Project would meet the power requirements of Butibori, Hingna and other Industrial consumers across Maharashtra at competitive tariffs.The project involves setting up of its own transmission and distribution network in the nearby industrial areas, thereby ensuring supply of uninterrupted and quality power. The Butibori Project will become completely operational in financial year 2011-12.
Axis Bank Ltd was the lead Bank for project financing the Butibori Project. The banks and financial institutions which signed the loan agreements for the expansion stage includes State Bank of India, Union Bank of India, United Bank of India, South Indian Bank, Syndicate Bank, UCO Bank, Allahabad Bank, Dena Bank, Life Insurance Corporation of India, Corporation Bank, Karur Vysya Bank and Slate Bank of Hyderabad.
All approvals and clearances for the project are in place and the coal will be sourced from Western Coalfields Ltd. The construction activities at site are progressing at a fast pace.