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IDFC to invest Rs 250 cr in Adhunik Metaliks' unit

24 Dec 2009 Evaluate

According to the Steel product manufacturer, Adhunik Metaliks, IDFC Project Equity Company will invest Rs 250 crore in the company's subsidiary, Adhunik Power and Natural Resources. The subsidiary has entered into an agreement with India Infrastructure Fund managed by IDFC Project Equity Company for an investment of Rs 250 crore as part finance its 540 MW coal based power project at Jamshedpur, Jharkhand.

 

This agreement is a clear sign of confidence and faith in its ability by a reputed institution like IDFC and it is an important milestone in its journey towards becoming a major coal based independent power producer.

Adhunik Power & Natural Resources is a part of Adhunik group of Industries having interest in power, steel, cement, transmission towers and mining. IDFC investment would meet part of the equity requirement of Rs 663 crore. The project is likely to commence from January 2012 onwards.crackcrack

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