NLC Tamilnadu Power Limited, a JV of Neyveli Lignite Corporation and the Tamilnadu Generation and Distribution Company Limited has secured INR 37 crore of debt funding from three public sector banks Bank of India, Indian Bank and Central Bank of India. NTPL is putting up 1,000 MW coal fired power generation plant near Tuticorin in southern Tamil Nadu at an investment of INR 4,910 crore.

Previously, the company had secured INR 2,500 crore of debt funding from a consortium of banks led by Bank of Baroda. The agreement between NTPL and Bank of India for INR 937 crore of debt was signed.

Neyveli Lignite Corporation which owns 89% of NTPL said that the first of the two units would start generating power in December 2013. The second is expected to be generation-ready in March 2014.

Courtesy: The Hindu