Pune-based Sterlite Technologies Ltd said it has arranged Rs700 crore worth of funds for its mega transmission project connecting North-east with the Northern states India.
The ultra mega power transmission project (UMTP) was won by East North Interconnection Company Ltd (ENICL), a wholly-owned subsidiary of Sterlite Technologies. SBI Caps was the sole arranger for the debt.
The East-North interconnection mega transmission project aims to evacuate power from the North-East and Eastern states to the Northern region of India is the first mega independent power transmission project to be awarded in India.
The project involves establishment of two 400 kV double circuit transmission lines that would connect Assam with West Bengal and Bihar.
The project has been awarded on a 'build, own, operate and maintain' basis. ENICL was a special purpose vehicle created for the East-North interconnection mega transmission project.
On 31 March 2010, Sterlite Technologies completed the process of 100% acquisition of ENICL from Power Finance Corporation Ltd.
On Monday, Sterlite Technologies closed at Rs69.95, down 4.18% on the Bombay Stock Exchange, while the benchmark Sensex ended 2.38% down at 19,244.12 points.
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