Electricity transmission firm Sterlite Power on Monday said HDFC Bank will prepay the existing loan of `800 crore its for Gurgaon Palwal Transmission (GPTL) project.
Electricity transmission firm Sterlite Power on Monday said HDFC Bank will prepay the existing loan of Rs 800 crore its for Gurgaon Palwal Transmission (GPTL) project.
“With this transaction, Sterlite Power has achieved a reduction of almost 300 basis points in the interest cost to be incurred by the project on a per annum basis,” the company said in a statement.
The GPTL project became operational in April and India Grid Trust (IndiGrid) — an infrastructure investments trust (InVit) backed by KKR and GIC where Sterlite offloads its transmission assets — has agreed to acquire the project for Rs 1,075 crore.
According to sources, the project was earlier financed by a consortium led by Yes Bank. The GPTL project connects around 2,000 MW additional power to Gurgaon and Palwal areas in Haryana. The company has implemented the country’s first vertical GIS substations built at Prithla, Kadarpur and Sohna for this project.