Tata Power Co, an Indian power firm is under talks to raise as much as $1 billion funding for clean energy projects, in what could be the country’s biggest domestic loan capital this year.
People familiar with the situation said that the Tata Group unit, one of India’s largest conglomerates, is negotiating for the loan with lenders such as State Bank of India, IndusInd Bank, Axis Bank, and ICICI Bank.
India’s biggest domestic currency loan so during the current year was Assam Bio Refinery Pvt’s. Arrangement of $365 million in February.
Assuming that Tata Power’s arranged getting concludes with a size anywhere around $1 billion, it would take that title.
The returns of the loans will be utilized to finance the organization’s venture of $1.6 billion declared in August to foster some clean energy projects known as pumped hydro storage, individuals natural said. The deal might be a reciprocal credit or a clubbed office.
According to the individuals, the company anticipates completing credit lines with lenders within the next three to six months. After that, payments will be made in tranches based on project development. The credit might be evaluated over local gauges, for example, the Reserve Bank of India's repo rate or depository bills, they added. The deal’s details may change as a result of ongoing negotiations.
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