Rural Electrification Corp., the state-owned lender to power projects in India's villages, will lend 38 billion rupees ($894 million) to a utility that's partially owned by NTPC Ltd.
NTPC Tamil Nadu Power Co., a joint venture by India's biggest power producer and the Tamil Nadu Electricity Board, will use the funds to set up a 1,000 megawatts-power generation plant near the southern city of Chennai, the ministry of power said in a statement on a government Web site today. The utility will start generating power in the year ending March 31, 2011.
The ministry didn't provide the interest rate at which the loan will be given, or the tenure. Rural Electrification plans to provide 160 billion rupees to finance the addition of 3,000 megawatts-capacity by the Tamil Nadu Electricity Board, the statement said.
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