Tata Power to raise Rs 9000cr abroad for Mundra

Tata Power today said it plans to raise Rs 9000 crore overseas by August 2007 for setting up the 4,000 MW coal-fired Mundra Ultra Mega Power Project in Gujarat.

"We hope to achieve financial closure by August," a senior Tata Power official said here while adding that the company was expecting to start power generation by 2011.

The company is in talks for importing coal for power project from various countries.

"The project requires 12 million tonne of coal...The sourcing of coal has not been finalised yet," the official said.

The project for which Tata emerged as the lowest tariff bidder yesterday is estimated to cost about Rs 18,000 crore, Anil Sardana, a director at Tata Power Trading, said at an industry conference here.