FCC

CGPL completes refinancing of ECB loans

2018-12-01

Coastal Gujarat Power (CGPL), a wholly-owned subsidiary of Tata Power, which implemented the 4,000 MW Mundra Ultra Mega Power Project (UMPP), has completed refinancing of the outstanding ECB loans amounting to $770 mn through a mix of INR-denominated debt instruments and equity funding from the proceeds of divestment of non-core assets of the company. This is also expected to ease cash flow burden resulting from the continuing losses due to the continuing under-recoveries in the Mundra UMPP. <p></p>