NEW DELHI, FEB 19: The 1040 MW power project of the non-resident Indian (NRI) Hinduja group in Vishakapatnam would achieve financial closure by March-end. ``We have almost finalised our finances for this 1.2 billion dollar project in Vishakapatnam and by March end we can achieve the financial closure,'' the chairman of the project, Ashok P Hinduja told PTI here.The fast-track Hinduja National Power Company (HNPCL), has also settled the crucial coal supply transport agreement (CSTA) with the coal and the railway ministries, sources in the company said. Both the ministries have agreed to share the risk of transporting coal to the project site, they said.
The government had agreed to stand guarantee to $ 818 million of foreign debt being provided to the project by Japanese Export and Import Bank (J-Exim) and ECGD of Britain. While J-Exim is likely to provide a total loan of about $ 600 million ECGD would be giving the rest, the sources said.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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