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PFC Signs Agreement with CVPPPL for Rs 1869 Cr Term Loan

Chenab Valley Power Projects Private Limited (CVPPPL), a joint venture of NHPC Ltd (51%) and JKSPDC (49%), has signed an agreement with Power Finance Corporation Limited (PFC), a Maharatna Central Public Sector Enterprise and leading NBFC under the Ministry of Power, for a term loan of Rs 1869.265 crore (Rupees One Thousand Eight Hundred Sixty-Nine Crore Twenty Six Lakh Fifty Thousand only). This agreement finalizes the financial closure for the Kiru Hydro Electric Project (HEP) amounting to Rs 3738.53 crore.

As per the agreement, the loan will be utilized for the development and construction of the Greenfield Kiru Hydro Electric Project (4×156 MW) on the River Chenab in the Kishtwar District of Jammu & Kashmir.

The formal signing of the agreement took place on 14th June 2024 at the Corporate Office of CVPPPL in Jammu (J&K). The event was attended by Shri Ramesh Mukhiya, Managing Director, Shri Vasant Hurmade, GM (C&P), Shri Sanjay Kumar Gupta, GM (Finance) from CVPPPL, and Shri Nitin Kumar, GM & HOU (CSP), Shri Avinash Chand, and Shri Vishu Chaudhary from PFC. Shri Ranjan Kumar Giri, AVP from IDBI Capital Markets & Securities Limited, along with other key officials from the respective organizations, were also present.

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