The Mumbai Integrated SEZ project, promoted by Sea King Infrastructure Ltd, has moved closer to achieving financial closure with IDFC and IDBI providing Rs.750 crore as long-term loan.

While IDBI has sanctioned Rs.500 crore, IFCI has provided the remainder. The loans having a tenure of 13 years will carry a coupon rate of 10.3 per cent, it is learnt.

SKIL is also in the process of tying up a $250 million loan from two multilateral funding agencies, who would also be equity partners in the project.

The Rs.4,800 crore MiSEZ project coming up over 6,350 acres of land in Raigarh district of Maharashtra will have a debt component of Rs.3,100 crore.

The MiSEZ project, it may be mentioned, is the merged incarnation of the MahaMumbai SEZ project promoted by SKIL and Maharashtra government's Navi Mumbai SEZ project, both located in the Raigarh district of Maharashtra.