[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]

dam-l LS: Maheshwar Escrow Agreement signed with MPEB



Source: Economic Times, March 28, 2000

S Kumars ink escrow pact with MPEB

Our Mumbai Bureau

Mumbai 27 March

The S Kumars promoted 400 MW Shree Maheshwar Hydel Power Corporation
signed the escrow agreement with Madhya Pradesh Electricity Board
(MPEB). A press release from the company said it was the first power
project to have achieved financial closure in the state

The group also signed a memorandum of intent (MOI) with the US based
Ogden Energy in the presence of the US commerce secretary Daley, and the
Union  minister of Power, P R Kumarmangalam. Among other dignitaries
present at the function were the union power secretary, principal
secretary of Madhya Pradesh, chairmen of MPEB, IFCI and PFC.

The Maheshwar Hydel Project is currently under construction at
Mandaleshwar about 100 km south-west of Indore. The project is expected
to generate electricity by March 2003.

"It gives a new impetus to the Indian hydel sector, and achieving the
financial closure is a significant milestone," said Mukul S Kasliwal,
director, S Kumars group, Patrick Hart, country head of Ogden Energy
Asia Pacific, said his compary is committed to the Indian power sector,
and is keenly looking forward to enhancing its presence in the country.

Financing of the $ 500 m project is being done by a consortium of banks
and financial institutions consisting of IFCI, IDBI, SBI, PFC and Dena
Bank, among others. Banks and Fis are providing mix of rupee term loans,
foreign currency loans and guarantees.

---------------