TPC to raise Rs 14,000cr to fund Mundra project

Tata Power Company (TPC), the country's biggest private power utility, will raise up to Rs 14,000 crore in loans to fund the Rs 18,000 crore ultra mega power project at Mundra in coastal Gujarat.

The company has appointed SBI Caps as head arranger for the funds, S Ramakrishnan, the company's executive director (finance), said.

The remaining Rs 4,000 crore would be funded by the company through internal resources.

Besides, the company is also in talks with Asian Development Bank (ADB) and International Finance Corporation (IFC) for raising a part of the Rs 14,000 crore.

"ADB and IFC are also keen on picking up stake in the Mundra project," Ramakrishnan said.

The Tata group company is also considering the option of having the project part-funded by export credit agencies.