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Meja Utpadan Nigam Pvt Limited, a 50:50 joint venture of NTPC Ltd and Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd, signed a loan agreement for Rs 6608 crore to finance capital expenditure of 1320-mw power project being set up at Meja near Allahabad,.
Taking advantage of falling interest yields, the deal was finalised between the two companies over a short span, an official statement said.
The proceeds from the loan will also be utilsed partly to refinance costlier loan obtained from consortium of banks and financial institutions. In order to ease future cashflows, the loan also offers extended repayment period, it said.
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