Reliance Power’s financial closure

Mumbai, July 28 2009

Reliance Power of the Anil Ambani Group on Monday announced the financial closure of its 300 MW captive power plant project near Butibori, Nagpur. The project was planned with an 80:20 debt equity ratio with Rs 1,500-crore debt already arranged with a consortium of banks. It will meet the power needs of the industrial consumers in Butibori and Hingna, the company said in press statement. Reliance Power will come up in 2011-12 and it also includes setting up of T&D netw ork in nearby industrial areas. All approvals and clearances for the project are in place and coal will be sourced from Western Coalfields. Reliance Cementation, which is a group company, will use the ash generated at the plant for cement manufacturing.