Lanco Infratech ties up funding for Maharashtra power project

Lanco Infratech Ltd said on Monday it has secured a debt of Rs55.49 billion from a consortium of banks for the 1,320 MW thermal power project, being developed by its unit Lanco Vidarbha Thermal Power Ltd, in Maharashtra.                             

The project, estimated to cost Rs69.36 billion, would be financed with 55.49 billion rupees of debt and equity of Rs13.87 billion, it said in a statement.     

A consortium of 16 banks and financial institutions, led by Punjab National Bank, is providing the debt, it added.