Tata Power (TPC) has announced the financial closure of its 4,000 MW ultra mega power project (UMPP) at Mundra in Gujarat. The financial agreements have been signed under the company’s special purpose vehicle (SPV), Coastal Gujarat Power Ltd (CGPL).
The project cost is estimated at Rs 17,000 crore. The project is financed through equity of Rs 4,250 crore, external commercial borrowings (ECB) of around $1.8 billion (about Rs 7,200 crore) and rupee loans of up to Rs 5,550 crore. SBI Caps are the financial advisors and mandated lead arranger for rupee loans.
The first of the five units is expected to be commissioned by September 2011 and the entire plant is expected to be commissioned by end-2012. The project consists of 5 units, each of 800 MW which will generate saleable power of 3800 MW to be supplied to five states namely Gujarat, Maharashtra, Rajasthan, Haryana and Punjab.
The signing of the financing agreements for Mundra UMPP is an important milestone. The terms of debt financing provides TPC a long tenure of loans, supporting its competitive bid price assumptions. The good response demonstrates the faith of the lenders in its execution capabilities and expertise to complete the project in time.
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Private sector lender HDFC Bank has posted a net profit of Rs 471.1 crore for the quarter ended March 31, 2008, up by 37.1% from the corresponding quarter last year. The bank has earned a net profit of Rs 343.6 crore a year ago. Total income was Rs 3,505.5 crore for the quarter against Rs 2,321.0 crore in the same period last year, an increase of 51.2%.
For FY08, the net profit stood at Rs 1,590.2 crore compared with Rs 1,141.5 crore, up by 39.3%. Total income for the year stood at Rs 12,398.2 crore against Rs 8,164.2 crore in the previous year.
The net interest income for the fourth quarter increased by 55.7% to Rs 1,642.1 crore driven by average asset growth of 50.3% and a core net interest margin of around 4.4%. Other income of the bank grew 39.3% from Rs 394.4 crore to Rs 549.3 crore, comprising Rs 490.4 crore from fee and commissions alone. Provisions and contingencies for the quarter almost doubled to Rs 465.1 crore from Rs 267.1 crore in the corresponding quarter last year. The provisioning comprises Rs 293 crore for non-performing assets and general provisions for standard assets and Rs 172.7 crore for tax, legal and other contingencies.
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Ambuja Cements, part of the Holcim group, is planning to double its capacity to 35 million tonnes (mt) in the next five years. Currently, the company has an installed capacity of 18.5 mt and is undergoing grinding capacity additions at Dadri (UP), Nalagarh in Himachal Pradesh, Sanad in Gujarat and Barh in Bihar.
These projects are stipulated to be completed by 2010 after which the company will be having a capacity of 27 mt. By FY2012, the company plans to reach around 35 mt capacity. At a time when other comparatively smaller players are doubling and even tripling their capacities in the next few years, it is crucial for Ambuja to maintain its presence in the domestic market.
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