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Abhijeet Power to Raise $1.2Bn Debt for Bihar Power Plant

  • Abhijeet Power is planning to raise $1.2Bn debt for a a 1,320 MW coal-fired power project by March.Axis Bank is lead banker for the deal. Others in the consortium include Punjab National Bank, UCO Bank, Rural Electrification Corp, Power Finance Corp, Bank of India, State Bank of Bikaner and Jaipur , Oriental Bank of Commerce, IIFCL , HUDCO and LIC.The project in Bihar is being developed by Abhijeet Power's unit, Jas Infrastructure and Power Ltd. Jas Infrastructure is planning to fund the project through 20% equity and 80% debt.
  • Abhijeet Power is Manoj Jayaswal, Abhijeet Mining Limited and Corporate Ispat Alloys Limited. It is a part of the Abhijeet Group, which has interests in power, mining, roads, steel and ferroalloys space. The Abhijeet Group has developed a 25 MW captive power project and a ferro alloys project in West Bengal, a road project in Karnataka and a bridge project in Maharashtra.
  • The power generation company is currently developing three thermal power projects with a combined installed capacity of 2,671.6 MW in the states of Maharashtra, Jharkhand and Bihar. These include - MIHAN Power Project in Nagpur, developed by its subsidiary Abhijeet MADC Nagpur Energy Private Limited, where Abhijeet holds 74% stake; Chandwa Power Project in Jharkhand, a 1,080 MW coal-fired plant being developed by its 49% JV Corporate Power Ltd and Banka Power Project in Banka district in Bihar, being developed by Jas Infrastructure and Power Limited, where Abhijeet holds 94.4% stake.Abhijit has also filed for a R1375Cr IPO in July last year. the company is also onsidering a pre-IPO placement of upto 33.33 Cr shares to raise about R500Cr.

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