An IDBI Bank-led consortium will fund the $2.64-billion loan for Reliance Power's Krishnapatanam Ultra Mega Power Project, a senior bank official said.
"We are leading the consortium and have already committed our part (of the funds). We will be approaching a group of other banks next month to secure the remaining amount," IDBI Bank Corporate Banking Group Head B K Batra told PTI here.
The bank could be approaching market leaders as State Bank of India and ICICI Bank to rope into the consortium.
"It is a large syndication as participation from more banks is needed to fund such a large loan," Batra said.
He declined to say which are the banks in the consortium nor did he indicate the quantum that IDBI Bank has committed.
The consortium expects to complete the deal in a period of six to seven months and will primarily focus on the rupee part of the $2.64-billion loan, Batra said.
