NCC, the Hyderabad-based engineering and construction company has completed raising of funds for the 1,320 MW, Rs 7,000-crore greenfield thermal power plant coming up in Nellore district of Andhra Pradesh. The debt component of Rs 5,300 crore is led by a consortium of Rural Electrification Corporation with Rs 1,900 crore, Power Finance Corporation pitching in with Rs 1,700 crore along with ICICI Bank and others.
The company is going to execute project through a special purpose vehicle in a joint venture with Gayatri Projects, another Hyderabad-based infrastructure company. The power project mandate was secured from Nelcast, which had the permission to develop the project. The equity component has also been completed. While NCC will chip in with Rs 350 crore, Gayatri and other sources have closed in with the rest.
Further, the company has taken a few crucial steps towards implementation of the project. It has chosen Harbin of China for boiler supplies and NCC itself would be the EPC and balance of plant services provider. It is proposed to commission unit one in 39 months and unit two in 42 months. All mandatory clearances for the project are in place.