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Coastal Energen raises Rs 1,950 cr for Mutiara power project

Monday, 13 Apr 2015
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Coastal Energen, part of the Coal & Oil (C&O) Group, has raised working capital of Rs 1,950 crore to complete its 1,200 MW Mutiara Thermal Power Plant in Tuticorin.

The company announced that SBI and a consortium of banks including Punjab National Bank, Central Bank of India, Indian Bank, J&K Bank, Andhra Bank and Canara Bank had completed documentation on 28 March, 2015.

The company expects to get some more funding from large infrastructure finance companies including India Infrastructure Finance Company (IIFCL) and IFCI.

Coastal Energen’s Unit-I became operational on 23 December 2014, and has generated over one billion units till date with a revenue of over Rs 500 crore.

The foundation stone for the project was laid in December 2009. After several hurdles and challenges the project has started power supply to TANGEDCO, the power generation and distribution arm of Tamil Nadu government.

More Project Info:
Coal Based Power (Melamaruthur) Project

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