Jas Infrastructure & Power Ltd. expects to close a project finance facility for 60 billion rupees ($1.2 billion) by the end of the year after attracting about nine lenders, in addition to the three banks hired to arrange the loan, in syndication, according to a person familiar with the matter.
Jas Infrastructure hired Axis Bank Ltd. (AXSB), Punjab National Bank and Uco Bank (UCO) in April to help arrange the 14-year, floating-rate loan, proceeds of which will be used to build a 1,320 megawatt coal-based thermal power plant in the eastern Indian state of Bihar, the person said, asking not to be identified as details are private.
About 90 percent of the funds have been committed and Axis expects another two to three lenders to join the bank group before the loan is signed, the person said. The power plant is expected to be complete by December 2014, the person said.
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