New York, Feb 22 (IBNS) State-run power utility National Thermal Power Corporation (NTPC) has tied up a term loan facility of USD 250 million with State Bank of India, New York Branch and Mizuho Corporate Bank, Limited., Singapore Branch as Arrangers and Lenders.
The loan agreement signed in New York by A.K. Singhal, Director (Finance), empowers NTPC for utilization of the proceeds of the loan towards capital expenditure for procurement of goods and services for the ongoing and new projects, renovation and modernization of stations of the corporation.
The loan carries a floating rate of interest linked to LIBOR and has a door to door maturity of 7 years.
With the execution of the facility, NTPC has raised USD 750 million in the current financial year, the maximum amount permitted under the Automatic Route of the ECB guidelines issued by the Reserve Bank of India (RBI).