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SBI Approves Rs.10,050 Crore Loan for Power Project

2024-09-17

State Bank of India (SBI) has approved a loan of Rs.100.5 billion for Damodar Valley Corporation (DVC) to develop an Ultra Super Critical Thermal Power Project in Koderma, Jharkhand. The 1,600 MW (800x2 MW) project aligns with the Ministry of Power's initiative to boost energy capacity, as India seeks to meet its growing electricity demands by 2030.

The loan agreement was exchanged in the presence of senior SBI officials, including Ashwini Kumar Tewari, Managing Director (Corporate Banking & Subsidiaries), Gulshan Malik, and Amitava Chatterjee, Deputy Managing Directors (Commercial Clients Group). Representing DVC were Arup Sarkar, Member (Finance), Joydeep Mukerjee, Executive Director (Finance), and Durgesh Maiti, Chief General Manager (Finance).

This project is a significant step toward strengthening India's thermal power infrastructure, supporting the country's long-term energy strategy.