Chennai, Nov 24: DCM Shriram Consolidated Ltd (DSCL) which has shifted its 102.6 mw power project from Sirumugai near Mettupalayam to Ennore near Chennai, is in talks with $1-billion Emirates Trading Agency (ETA) of Dubai for an equity stake in the project.ETA has also been nominated as the EPC contractor for the project and DSCL is willing to give ETA even majority stake in the project which has an estimated outlay of Rs 300 crore, a senior DSCL official said.
In order to ensure that the project gets off the ground quickly, DSCL has approached ETA to fund the entire debt component to the tune of Rs 210 crore.
The Dubai-based company is believed to have agreed to fund the entire debt component. By this, the project will overcome the escrow imbroglio whereby TNEB is unable to provide escrow cover for all the projects and FIs are unwilling to lend those projects, which do not have escrow.
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