Chinese banks to fund Anil Ambani’s Power project in MP

MUMBAI: Anil Ambani’s ambitious project in Madhya Pradesh, 3,960 MW Sasan Ultra Mega Power Project (UMPP); Standard Chartered Bank as well as three Chinese banks have agreed to provide the necessary funds.

The proposed project has an estimated budget of around Rs 5,000 crore which would be funded by these four banks collectively. So far, this is the greatest amount of financing Chinese banks have provided to an Indian project.

The deal would be formally stamped with the arrival of Chinese Premier Wen Jiabao tomorrow at New Delhi. As per the information, the funding would be on a limited resource basis and would mature within a period of 13 years.