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Jal Power Corporation Ltd. (JPCL) is setting up 3X40 MW Rangit Stage-IV Hydro Electric Project (Rangit-IV HEP) in Sikkim. Original estimated cost of the Project for commissioning by June 2013 was Rs. 775.30 crore including IDC. The project being financed with debt equity ratio of 75:25 i.e. Rs. 581.47 crore (75% of the project cost) through term loan and Rs. 193.83 crore (25% of the project cost) through equity. Out of total equity component of Rs. 193.83 crore, Rs. 143.43 crore (74% equity) will be from Coastal Projects Pvt. Ltd. (CPPL) and Rs. 50.40 crore (26% equity) will be from Government of Sikkim (GoS). Total debt of Rs. 581.47 crore will be met through Rs. 387.65 crore (50% of the project cost) from PFC and balance Rs. 193.82 crore from Punjab National Bank. Financial Closure with PFC has been achieved on 25th March, 2010.
Revolving Letter of Credit has been opened by M/s. Punjab National Bank in favour of M/s. Andritz Hydro Pvt. Ltd. (supplier of TG Package) on 30th Dec., 2010.
Details of Expenditure upto 31st Oct., 2013 are as follows:
Equity Expenditure - Rs. 138.88 crore
Loan Expenditure - Rs. 538.86 crore
Total Expenditure - Rs. 702.74 crore
Revised Cost of the Project now is Rs. 1451.06 crore including IDC and revised Commercial Operation Date is June, 2016. Revised loan is under restructuring by the Lenders.
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