MUNPL signs Rs 942 cr loan agreement with Bank of Maharashtra for long-term project financing

MUNPL is a joint venture company of NTPC Limited and Uttar Pradesh Rajya Vidyut Utpandan Nigam Limited. "MUNPL has signed a loan agreement with Bank of Maharashtra for long-term project financing of Rs 942 crore," the company said in a statement.

Power generation company Meja Urja Nigam Private Limited (MUNPL) on Monday said it has signed a Rs 942-crore loan agreement with Bank of Maharashtra for long-term project financing. MUNPL is a joint venture company of NTPC Limited and Uttar Pradesh Rajya Vidyut Utpandan Nigam Limited.

"MUNPL has signed a loan agreement with Bank of Maharashtra for long-term project financing of Rs 942 crore," the company said in a statement. "The loan will be utilized to part finance the capital expenditure and FGD (Flue Gas Desulphurization) related to 2x660 MW, Meja Thermal Power Plant," it added.

The power plant is located in Meja, near Prayagraj, in Uttar Pradesh. The time-frame to avail the entire loan amount is one year, while the tenure to repay is 16 years, MUNPL Deputy General Manager - Finance Amit Rautela told PTI.

The agreement was signed by MUNPL CFO Navneet Goel in presence of company's CEO Asim Kumar Samanta and senior officials of the bank, the statement said. "Unit -I of the super critical plant has already been commissioned with effect from April 30, 2019, and Unit-II is ready for declaration of commercial operation, which is expected very soon," Samanta said.

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