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Signing of closing syndication agreement Between POWERGRID and SMBC

Power Grid had entered into a JPY 22 billion syndicated term loan facility agreement with Sumitomo Mitsui Banking Corporation Singapore Branch (SMBC) on December 10, 2018

Signing of closing syndication agreement Between POWERGRID and SMBC
Signing of closing syndication agreement Between POWERGRID and SMBC

New Delhi/Gurugram: Power Grid had entered into a JPY 22 billion syndicated term loan facility agreement with Sumitomo Mitsui Banking Corporation Singapore Branch (SMBC) on December 10, 2018. The facility has a door to door maturity of 12 years and is on floating rate interest basis linked to JPYLIBOR. Power Grid has fully drawn the loan and utilised the proceeds toward part-financing of its capital expenditure for its on-going and new projects.

SMBC, Aozora Asia Pacific Finance Limited (Aozora) and The Bank of Yokohama, Ltd have committed JPY15.5 Billion, JPY3.5 Billion and JPY 3 Billion respectively as a part of syndication. Closing syndication agreement for the loan facility was signed on March 15, 2019, at corporate office Gurgaon.

ALSO READ: Power Grid CVO Deepak Kashyap (IRTS) gets tenure extension

Power Grid

Power Grid is a state-owned electric utility company headquartered in Gurugram. It is a Maharatna PSU under the administrative control of the Ministry of Power. The company transmits about 50 percent of the total power generated in India through the transmission network. Its former subsidiary company Power System Operation Corporation Limited (POSOCO) handles power management for the national grid and all state transmission utilities.

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