Posts Tagged ‘financial closure’

Hindalco achieves financial closure for Odisha project

September 18, 2012 1 comment

Hindalco Industries has tied up funds for its Aditya Aluminium smelter project at Lapanga in Odisha.

The company has tied up Rs 9,896 crore debt through a consortium of 28 banks and financial institutions. The 13,195-crore project is being funded in a debt-equity ratio of 75:25. The company will set up a 3.59 lakh tpa aluminium smelter along with a 900-MW captive power plant at Lapanga. The equity part for the project has already been financed by internal accruals and QIP (qualified institutional placement) issuance of $600 million (approx Rs 3,300 crore) made in November 2009.

Also, the company is setting up an alumina refinery with integrated bauxite mines at Koraput in Orissa, which is expected to be completed by 2014.

Financial closure achieved for Gopalpur Port project

May 12, 2010 Leave a comment

Gopalpur Ports (GPL), a SPV floated by Orissa Stevedores (OSL), Sara International and the Hong Kong based Noble Group, has achieved financial closure for Phase I of the project which comprises developing Gopalpur into an all-weather port.

GPL recently signed a loan agreement with a consortium of 11 banks led by Punjab National Bank for a total loan amount of Rs 848.78 crore. The other bankers in the consortium are Bank of India, Dena Bank, Indian Bank, Oriental Bank of Commerce, State Bank of Patiala, State Bank of Travancore, Uco Bank, Union Bank of India, United Bank of India and India Infrastructure Finance Company.

In Phase I, GPL proposes to construct the breakwaters, three berths along with all associated material handling equipment, stockyards, warehouses and railway infrastructure. The project is likely to be completed in a span of two years.

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