By IANS,
New Delhi: Reliance Power, part of the Anil Dhirubhai Ambani Group (ADAG) Wednesday said it has tied up financing of Rs.5,000 crore ($1.1 billion) from Chinese banks to import power equipment for its 3,960 MW Sasan project in Madhya Pradesh.
“The Chinese bank financing of over Rs.5,000 crore ($1.1 billion) is to support import of power equipment from Shanghai Electric. This is the largest financing provided by Chinese banks to an Indian project across various sectors,” said a statement from Reliance Power.
The Chinese banks that gave their final commitment towards the project are Bank of China (BOC), China Development Bank (CDB) and the Export Import Bank of China (C-EXIM).
Another major financier of the project is Standard Chartered Bank.
In October, Bank of China, China Development Bank and the Export Import Bank of China, and Industrial and Commercial Bank of China had signed an agreement with Reliance Power to provide financing for various projects of ADAG.
“The financing support envisaged was for an amount of $12 billion (Rs.56,000 crore). The final commitment provided by Chinese banks to the Sasan roject is the first tranche of the support of the Chinese banks under the memorandum of understanding,” said the statement.
Reliance Power’s Sasan ultra mega power project is based on super-critical technology and is the first of such projects awarded to the company.