Jayaswal Neco completes debt tie up for 600 MW power plant; stocks up
Company borrows Rs 2400 cr from Power Finance Corporation to fund the commercial power plant coming up in Chattisgarh.
By Gargi Pareek, 
| Updated:
| Updated: Jayaswal Neco completes debt tie up for 600 MW power plant. Company borrows Rs 2400 cr from Power Finance Corporation to fund the commercial power plant coming up in Chattisgarh.
The total outlay for the 600 MW power project is estimated over Rs 3500 cr. The company plans to raise remaining Rs 1200 cr via the equity route. Jayaswal Neco is heard to have been approached by various funds for equity partnership in the project.
Sources say Reliance Mutual Fund has also approached the company for an equity tie up for the project. The promoters of Jayaswal Neco may also inject funds for this power plant.
In addition to the Chattisgarh power plant the company plans another 500 MW plant in Jharkhand. The Jharkhand power project is expected to be completed in the next 3 years.
The commercial power projects of the company are managed under the 100% subsidiary, Raigarh Energy. Jayaswal Neco may consider listing this power arm in the next year.
The stock gained about 4% after the news broke on ET Now.
The total outlay for the 600 MW power project is estimated over Rs 3500 cr. The company plans to raise remaining Rs 1200 cr via the equity route. Jayaswal Neco is heard to have been approached by various funds for equity partnership in the project.
Sources say Reliance Mutual Fund has also approached the company for an equity tie up for the project. The promoters of Jayaswal Neco may also inject funds for this power plant.
In addition to the Chattisgarh power plant the company plans another 500 MW plant in Jharkhand. The Jharkhand power project is expected to be completed in the next 3 years.
The commercial power projects of the company are managed under the 100% subsidiary, Raigarh Energy. Jayaswal Neco may consider listing this power arm in the next year.
The stock gained about 4% after the news broke on ET Now.
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