NUPPL, a 51:49 joint venture company of NLC India (NLCIL) — formerly Neyveli Lignite Corporation — and Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL), achieved financial closure of its 1980 MW (3 x 660 MW ) power project by signing a loan arrangement of Rs 11,067 crore with a consortium of lenders led by Power Finance Corporation and including State Bank of India (SBI) and Rural Electrification Corporation (REC). The sanctioned project cost of Rs 17,237.80 crore was planned to be funded in a debt equity ratio of 70:30, and the company had already tied up a loan of Rs 1,000 crore with Bank of India earlier. The loan arrangement had been sought through a transparent, open tendering process, which has resulted in the competitive rate delivering savings of more than Rs 700 crore in project cost, according to a statement by NLCIL. The power project is located in Ghatampur (Kanpur Dehat) in UP and project activities are progressing in full swing by all the major contractors. An expenditure of Rs 1,192.29 crore has been incurred so far. The loan arrangement was signed in Puducherry on Sunday in the presence of Susheel Kumar, secretary in the coal ministry, Sarat Kumar Acharya, NLCIL CMD and NUPPL chairman, and Rajeev Sharma, Power Finance Corporation CMD.