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What is the story about?
Shares of Indian Railways Finance Corp Ltd. (IRFC) gained as much as 2% on Monday, September 29, after the company sanctioned three loans, collectively worth ₹20,028.51 crore, over the weekend.
Of this, it sanctioned a rupee term loan of ₹12,640 crore to the Chhattisgarh State Power Generation Company Ltd. (CSPGCL) and ₹3,388.51 crore loan assistance to NTPC subsidiary Patratu Vidyut Utpadan Nigam Ltd. (PVUNL), and another ₹4,000 crore loan assistance to Talcher Fertiliser.
CSPGCL, the wholly-owned subdiairy of the Chhattisgarh government, will utilise the sanctioned
₹12,640 crore to financial its upcoming 2x600 megawatt (MW) super critical thermal power plant at HTPS, Korba West.
The sanctioned funding will enable CSPGCL with long-term, low-cost resources for project implementation, ensuring financial stability and timely execution.
The ₹3,388.51 crore loan assistance to the NTPC subsidiary is for the development of the Banhardih coal block in Latehar district, Jharkhand.
PVUNL, which is incorporated as a joint venture between NTPC and Jharkhand Bijli Vitran Nigam Ltd, is setting up a 4,000 MW coal-based thermal power plant in Patratu in two phases, IRFC said.
The Banhardih captive coal block, which has estimated reserves of around 956 million tonne, has been allocated to PVUNL for end use in the project. Coal from the block would be transported via the Indian Railways network, it added.
On Friday, IRFC had announced that it has joined the consortium funding for Talcher Fertilisers' coal gasification urea project in Odisha.
IRFC will be extending loan assistance worth ₹4,000 crore as part of the sanctioned debt package, in consortium with other lenders
Shares of IRFC are off opening highs, but are trading 1.2% higher on Monday at ₹123.4. The stock has corrected over 40% from its record high of ₹229, which it hit in July last year.
Also Read: Tata Motors shares in focus after British government backs JLR with £1.5 billion loan
Of this, it sanctioned a rupee term loan of ₹12,640 crore to the Chhattisgarh State Power Generation Company Ltd. (CSPGCL) and ₹3,388.51 crore loan assistance to NTPC subsidiary Patratu Vidyut Utpadan Nigam Ltd. (PVUNL), and another ₹4,000 crore loan assistance to Talcher Fertiliser.
Chhattisgarh State Power Generation Company Limited
CSPGCL, the wholly-owned subdiairy of the Chhattisgarh government, will utilise the sanctioned
The sanctioned funding will enable CSPGCL with long-term, low-cost resources for project implementation, ensuring financial stability and timely execution.
PVUNL
The ₹3,388.51 crore loan assistance to the NTPC subsidiary is for the development of the Banhardih coal block in Latehar district, Jharkhand.
PVUNL, which is incorporated as a joint venture between NTPC and Jharkhand Bijli Vitran Nigam Ltd, is setting up a 4,000 MW coal-based thermal power plant in Patratu in two phases, IRFC said.
The Banhardih captive coal block, which has estimated reserves of around 956 million tonne, has been allocated to PVUNL for end use in the project. Coal from the block would be transported via the Indian Railways network, it added.
Talcher Fertilisers
On Friday, IRFC had announced that it has joined the consortium funding for Talcher Fertilisers' coal gasification urea project in Odisha.
IRFC will be extending loan assistance worth ₹4,000 crore as part of the sanctioned debt package, in consortium with other lenders
Shares of IRFC are off opening highs, but are trading 1.2% higher on Monday at ₹123.4. The stock has corrected over 40% from its record high of ₹229, which it hit in July last year.
Also Read: Tata Motors shares in focus after British government backs JLR with £1.5 billion loan
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