GMR Infrastructure wraps up Rs 3,800 crore for its Kamalanga power project in Orissa

GMR Infrstructure, the Hyderabad based developer has wrapped up Rs 3,800 crore for its proposed 1,050 mw power project from Kamalanga, Orissa.

The company has received a consortium of seven domestic financial institutions which include IDFC, SBI, Canara Bank, Corporation Bank, Central Bank, Uco Bank and IDBI.

IDFC and SBI has committed Rs 700 crore and RS 600 crore respectively, whereas the remaing part will be financed by the other institutions. The equity portion will be raised through internal accruals.

The company is optimistic about completion of the project within 36 months from the date of financial closure which is expected within 10 days.

Recently Anil Dhirubhai Ambani Group (ADAG) led Reliance Power has annouonced the financial closure for its ultra mega power project at Sasan, Madhya Pradesh worth Rs 19,400-crore.