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Macquarie SBI, SBI to invest Rs.125 crore in Adhunik power unit

Kolkata, Aug 9 (IANS) Macquarie SBI Infrastructure Investments Pte Ltd (Macquarie SBI) and State Bank of India (SBI) will invest Rs.125 crore in Adhunik Metaliks’ power subsidiary, Adhunik Power and Natural Resources Ltd.

Adhunik Metaliks has signed a pact with Macquarie SBI and SBI to this effect.

Macquarie SBI and SBI would part finance Adhunik’s ongoing 540 MW coal-based independent power project at Jamshedpur, Jharkhand. The project cost is Rs.2,650 crore and is being funded through a debt-equity mix of 3:1, a company statement said here Monday.

The debt requirement of Rs.1,987 crore has been tied up, with a consortium of commercial banks led by SBI, which includes institutions like LIC, it said.

‘The investment by Macquarie SBI and SBI will meet the balance of the project’s total equity requirement of Rs.6,630 million (Rs.663 crore). India Infrastructure Fund, managed by IDFC Project Equity Company Limited had committed to invest Rs.2,500 million (Rs.250 crore) in the equity of the project in December last year.’

The project implementation is in full swing and it is likely to commence generation of power from January 2012 onwards.

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