Reliance mega ECB of $1.5 bn for Dadri plant

The Reserve Bank of India’s empowered committee on external commercial borrowings (ECBs) has cleared the country’s largest-ever EC...

The Reserve Bank of India’s empowered committee on external commercial borrowings (ECBs) has cleared the country’s largest-ever ECB, a $1.5 billion one from the Reliance group to part-fund the Rs 11,000-crore power project coming up in Uttar Pradesh.

The three-member committee, which was set up recently by RBI as an independent body to vet ECB proposals, cleared the ECB proposal last week. This mega ECB will be in the form of a mix of international syndicated loans and export credit agency (ECA) funding, sources told The Indian Express.

The Reliance group, it may be recalled, is setting up the world’s largest grassroots gas-based mega power project at Dadri, Ghaziabad district, about 40 kms from Delhi. The project is being implemented by a new company, Reliance EGen P. Ltd, with Reliance Energy, the Reliance group’s power sector flagship, as equity sponsor.

The ECB approval comes on the eve of an extraordinary general meeting of Reliance Energy slated for March 22, where the company will place for shareholder approval a preferential offer of equity and a convertible bonds issue.

Once an MP, rape-convict Prajwal Revanna is now a clerk at prison library

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Former JD(S) MP Prajwal Revanna, grandson of former PM H D Deve Gowda, has been assigned clerical duties at Parappana Agrahara Central Prison after receiving a life sentence for rape. He earns Rs 520 per day and faces multiple charges stemming from four cases, with evidence including videos of the assaults recorded on his phone. He was found guilty in one case and still faces trial in the others.

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