Meja Urja Nigam signs loan pact with SBI for $156.52 mn

State-run NTPC, which is setting up a 1,320 MW thermal power plant at Meja with Uttar Pradesh Rajya Vidyut Utpadan Nigam, signed a loan agreement for USD 156.52 million with SBI.
Meja Urja Nigam Pvt Ltd (MUNPL), a 50:50 joint venture of NTPC and UPRVUN, is setting up Meja thermal power project comprising two units of 660 MW each (1,320 MW) in Allahabad.
"The loan facility amounts to 13.54 billion Japanese Yen (USD 135 million) and USD 21.52 million approximately. The total financing amount came to USD 156.52 million (about Rs 927 crore)," NTPC said in a statement quoting a senior official of MUNPL.

The JV earlier received a syndicated loan of Rs 7,575 crore from a 18 member consortium of banks and financial institutions led by the State Bank of India.
Now SBI and Japan Bank for International Cooperation (JBIC) have signed a dual-currency loan agreement to set up an export credit line for MUNPL, which will be extended through SBI, Tokyo.
The credit line will be utilised to finance the procurement of steam turbine generator equipment from the Japanese firm, Toshiba Corporation and its subsidiary in India, Toshiba JSW Power System, to construct the plant.