Financial closure for Anil Ambani’s Rosa power project

July 14th, 2009 - 3:49 pm ICT by IANS  

New Delhi, July 14 (IANS) The Reliance Anil Dhirubhai Ambani Group has tied up the finances for the Rs.50-billion ($1-billion) Rosa power project in Uttar Pradesh and hopes to start the first phase of operations this year.
Announcing the financial closure with IDBI Bank as the lead institution, the group said the project, coming up in Shahjahanpur district, some 180 km from state capital Lucknow, would supply 900 MW to the state-run Uttar Pradesh Power Corp.

The rest will be fed to the grid, the group said in a statement.

“The project would significantly contribute towards making the state of Uttar Pradesh self-sufficient in power supply,” said the statement, adding it is being executed by a wholly owned subsidiary, Rosa Power Supply Co Ltd.

“With this project, the Reliance Anil Dhirubhai Ambani Group becomes one of the largest private sector investors in the state of Uttar Pradesh with an investment outlay of over Rs.10,000 crore ($2 billion).”

The group is currently developing 16 large and medium power projects in the country with a combined planned installed capacity of 33,480 MW, among the largest portfolios of power generation assets under development in India.

For the Rosa project, linkages have been established with the Central Coalfields from its mines in Jharkhand for five million tonnes of the feedstock per annum that will be transported by the Indian Railways.

The company has signed the engineering, procurement and construction contract with Shanghai Electric Co of China.

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