The board of NlC Tamil Nadu Power limited (NTPl) a joint venture company of NlC has accorded approval for borrowing Rs1,184.92 crore from M/s. Power Finance Corporation. This fund is to meet out the capital expenditure for the 1,000 MW (2x500 MW) Thoothukudi Power Project. Unit I of 500 MW has already been declared for commercial operation and Unit II of 500MW is expected to commission soon. This will reduce the interest cost to the company considerably.
For this purpose, officials representing M/s. Power Finance Corporation visited Neyveli and an agreement for funding of Rs1,184.92 crore to NTPl project was signed by director, NTPl in which general manger (finance) new projects and chief financial officer, NTPl were present.