NLC Director (Finance) K. Sekar (centre), who is also NTPL Director (Finance), receiving loan documents from Balasubramanian (third from left), Chief Manager, Bank of Baroda, at the Neyveli House in Chennai recently.
CUDDALORE:
The newly floated NLC—Tamilnadu Power Ltd (NTPL) has entered into a rupee term loan agreement for Rs.2,500 crore with Bank of Baroda consortium, consisting of nine banks.
The joint venture company is promoted by Neyveli Lignite Corporation (NLC) and the Tamil Nadu Electricity Board (TNEB). The documents in this regard were exchanged between NLC Director (Finance) K. Sekar, who is also the NTPL Director (Finance), and Balasubramanian, Chief Manager, Bank of Baroda, at the Neyveli House in Chennai on November 24.
A statement released from the NLC stated that the NTPL is executing a 1,000-MW (2 x 500 MW) coal-based thermal power station at Tuticorin. The Centre had sanctioned the project in May 2008 with a debt-equity ratio of 70:30. The project was sanctioned at an estimated cost of Rs.4,909.54 crore at April 2007 price level, including interest during construction of Rs.597.33 crore and a foreign exchange component of Rs.716.06 crore (equivalent to $ 169.845 millions).
Coal linkage is tied up with the Mahanadi Coalfields Ltd., a subsidiary of the Coal India Ltd. Coal would be transported from Orissa by rail-cum-sea route through the Paradip port. Land for the project is taken from the Tuticorin Port Trust on a long term lease.
Production schedule
The first unit is expected to be commissioned in March 2012 and the second unit in August 2012. The estimated levelised power tariff is Rs.2.75/ kwhr and the first year tariff would be Rs.2.84/kwhr. The power generated from the project would cater to the demand of the Southern States.
Power purchase agreements have been signed with the TNEB and other State Electricity Boards (SEBs). The loan agreement with the consortium of banks would meet the major portion of total normative debt requirement of Rs.3,437 crore.
The share of the banks is as follows:
Bank of Baroda – Rs.500 crore,
Bank of India – Rs.450 crore,
Allahabad Bank,
Syndicate Bank,
Dena Bank and Punjab & Sind Bank – Rs.250 crore each,
Indian Bank, Corporation Bank and Bank of Maharashtra – Rs.150 crore each,
and, Oriental Bank of Commerce – Rs.100 crore.
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