A term loan of about Rs 1,500 crore will be raised by 'NPCIL-Nalco Power Company Limited,' which is a joint venture formed between Nalco and Nuclear Power Corporation of India. The loan will be raised over the next three months for construction of power generation capacities.
The joint venture’s board met in Mumbai last week to take stock of the progress of the plant’s construction. BL Bagra, Director (Finance), Nalco, said that initially, Nalco is looking for Rs 1,000 to Rs 1,500 crore funding from various banks.
The company is in talks with banks and hopes to complete the process in the next two-three months.
According to the joint venture agreement, Nalco currently holds 26 per cent stake in the company with an option of taking it up to 49 per cent. The rest is with NPCIL.
The JV’s total project size is Rs 11,500 crore with the total debt requirement of Rs 7,000 crore. The joint venture is exploring other options such as a bond issue or external commercial borrowings (ECBs) as well.
The companies are yet to decide on the quantum of the bond or ECB issue. Since the earnings of the power plants will be in Indian rupees, the two will have to set up a hedging mechanism in case of ECB borrowings, said Bagra.
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