UP-based Meja Urja Nigam Private Limited has acquired a monetary help of Rs 250 crore from Punjab National Bank (PNB), an organization official mentioned Friday.
The quantity will probably be utilised in the direction of financing the present loans, its Additional General Manager (AGM) Amit Rautela informed PTI.
Meja Urja Nigam Private Limited (MUNPL) has tied up with PNB for a short-term mortgage of Rs 250 crore. It has been raised with the target of minimizing the financing price of the corporate, which is able to in the end lead to passing the profit to all of the beneficiaries and stakeholders, he mentioned.
“The company is going very aggressive in optimizing all the costs associated with the plant and this tie-up with PNB will definitely go a long way in strengthening the business association of MUNPL with PNB,” MUNPL CEO Anil Kumar mentioned.
MUNPL is a 50:50 three way partnership (JV) of state-owned NTPC Limited and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL). Its Meja Thermal Power Plant (MTPP) situated about 45 km from the Prayagraj district, is Uttar Pradesh’s first supercritical energy plant.
The JV was included in 2008, to arrange a 1,320 megawatt (with 2X660 MW items) coal-based plant at Meja, which is underneath industrial operation since January 2021.
During FY 2021-22, the corporate has achieved a internet revenue of Rs 278 crore. Electricity generated by MUNPL is provided to a number of states and Union territories (UTs) via the grid.
The mortgage facility settlement was executed on Thursday by Ashok Kumar Sinha, Head of Finance, MUNPL and R Ok Singh, AGM of PNB in presence of different senior executives of each the events.
Source: www.financialexpress.com”