Following is an excerpt from a report in Economic Times.

Lanco Infratech said on Thursday that it has arranged Rs 5,544 crore from a consortium of banks led by ICICI Bank for its 1,320 MW thermal power project at Babandh in Orissa.

Lanco Infratech’s group company Lanco Babandh Power Ltd has achieved the financial closure of the 1,320 MW coal-based power project, the company informed the stock markets today.

The project estimated to cost Rs 6,930 crore, would be financed with a debt of Rs 5,544 crore and an equity of Rs 1,386 crore.

A consortium of fourteen banks and financial institutions with ICICI Bank in the lead are providing the debt required for the project, it said.