New Delhi: Moser Baer Power Projects on Tuesday said it has tied up with Macquarie SBI Infrastructure for funding its Rs580 crore thermal power project in Madhya Pradesh by offering the latter minority stake in the project.
MB Power Madhya Pradesh Ltd, a subsidiary of Moser Baer Projects Private Ltd is developing a 2,520 MW thermal power plant in multiple phases at Anuppur in Madhya Pradesh with an investment of Rs13,700 crore.
“Macquarie SBI Infrastructure would invest Rs580 crore for developing the first phase of 1,200 MW of the Anuppur power plant,” Moser Baer Projects Private Ltd promoter Deepak Puri said at the company’s press conference.
“Macquarie SBI Infrastructure would be picking up ‘significant’ minority stake in the project,” Puri added.
The power project is expected to be commissioned in phases by the end of 2014.
The coal for the power project would be sourced from the South eastern Coalfields.
“We are very pleased Macquarie SBI Infrastructure Management has secured this investment,” Macquarie SBI Infrastructure Management CEO Varun Bajpai said.
With the current investment from Macquarie SBI Infrastructure, the first phase of 1,200 MW which is anticipated to cost Rs6,240 crore is fully funded.
“The remaining funding would come from equity infusion by the Moser Baer Projects Ltd,” Moser Baer Projects Private Ltd director Ratul Puri said.
Lanco Infratech would be sourcing equipment for the project.