NTPC secures $300 mn loan from a Singapore bank

NEW DELHI: Country's largest power producer NTPC has tied up with a Singapore-based bank for a $300 million loan for funding its financial plans in this fiscal, a senior company official said on Wednesday.

"It is $300 million loan with a Singapore bank--I cannot tell you the name right now-- for funding our project in the current financial year," NTPC Director Finance AK Singhaltold reporters here.

The loan is for seven-year period, Singhal added. "We need to seek Reserve Bank approval for this loan and after that we would immediately start drawing," he said.

Singhal also noted that the company was already committed for Rs 26,000 crore worth of loan from the domestic banks which, it has not drawn yet.