New Delhi: Sterlite Grid 32 Ltd (SGL32), a leading power transmission developer, has successfully raised Rs 2,450 crore through listed Non-Convertible Debentures (NCDs) to refinance its Mumbai Urja Transmission Limited (MUML) project. This marks the company's first listed NCD issuance since forming a joint venture with Singapore-based GIC.
The NCDs, rated AA+ (stable) by CRISIL, were acquired by the National Bank for Financing Infrastructure and Development (NaBFID) and India Infrastructure Finance Company Limited (IIFCL). The bonds are listed on the Bombay Stock Exchange (BSE).
Pratik Agarwal, Director of SGL32, said, “This milestone reflects our commitment to delivering value to stakeholders while advancing India’s green energy infrastructure. The transaction showcases our ability to secure cost-efficient financing and diversify into debt capital markets.”
The MUML project, awarded in June 2020 under Tariff-Based Competitive Bidding, involves a transmission system spanning Maharashtra, Gujarat, Assam, and Arunachal Pradesh. It strengthens the Mumbai Metropolitan Region's grid and facilitates renewable energy evacuation, carrying over 2,000 MW of additional power to Mumbai and Navi Mumbai.
This refinancing underscores investor confidence in India’s renewable energy sector as the country works to integrate 20 GW of green energy into its national grid.
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