Corporate | GVK Coal ties up fundsfor Jharkhand project

Corporate | GVK Coal ties up fundsfor Jharkhand project

Hyderabad:GVK Coal (Tokisud) Co. Pvt. Ltd, a part of infrastructure and power conglomerate the GVK Group, has arranged funds for a Rs300 crore coal mine project it is developing in Jharkhand.

The project is being financed with an equity of Rs75 crore and a debt of Rs225 crore syndicated by IDBI Bank Ltd through a consortium of seven banks, GVK Coal, a subsidiary of GVK Power and Infrastructure Ltd, said in a statement on Tuesday.

The mine will supply coal to the 540MW thermal power project of GVK Power (Goindwal Sahib) Ltd. The coal project is expected to begin production in 26 months.

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