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 power project consisting of 2 units of 660 MW being set up at Meja near Allahabad, UP.
Taking advantage of falling interest yields, the deal was finalized between the two companies over a short span. The proceeds from the loan will also be utilized 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.
The Agreement was executed in the presence of Shri Gurdeep Singh, CMD NTPC, Shri K. Biswal , Chairman, MUPNL and Director (Finance), NTPC and Shri Rajeev Sharma, CMD, PFC and other senior officials of NTPC, MUNL and PFC.