GVK Power & Infrastructure today said its subsidiary GVK Coal (Tokisud) Company, which is developing a coal mine in Jharkhand, has achieved the Rs 300-crore financial closure.
GVK Coal (Tokisud) Company has signed the financing documents on April 27, with the consortium of lenders thereby achieved its financial closure, GVK Power said in a filing to the National Stock Exchange.
The project cost is Rs 300 crore, which is financed by means of equity of Rs 75 crore and debt of Rs 225 crore. IDBI Bank syndicated the debt apart from being one of the lenders in the consortium of banks, it added.
GVK Coal (Tokisud) Company is developing 'Tokisud North Sub- Block' coal mine in South Karanpura coalfield situated in Hazaribagh, Jharkhand.