By IANS
New Delhi : State-owned power generator NTPC Ltd said Thursday it will borrow 68.56 million euro ($100 million or Rs.4 billion) from multilateral financial institution Nordic Investment Bank (NIB) to meet its capital expenses.
“The company has signed a loan agreement of 68.56 million euro with the Nordic Investment Bank (NIB) on Feb 15, 2008, a multilateral financial institution owned by the Nordic and Baltic countries, to part finance the capital expenditure of its projects,” NTPC informed the Bombay Stock Exchange.
“The loan has a maturity of 12 years including availability period of 3 years and carries a floating rate of interest linked to Euribor and is without sovereign guarantee,” the company said.
Euribor is the most commonly used money market rate in the European Union.
NTPC said this was the first loan it was taking from NIB.