Reliance Power to Receive US Exim Bank Loan for New Projects

26 July 2011 (Last Updated July 26th, 2011 18:30)

India's Reliance Power is seeking a loan of INR28bn ($625m) from the US Exim Bank for the construction of a 2,400MW gas-based power plant in Andhra Pradesh, India. The loan is a part of the $5bn deal with Reliance Power for the purchase of US-manufactured equipment for power projects.

India's Reliance Power is seeking a loan of INR28bn ($625m) from the US Exim Bank for the construction of a 2,400MW gas-based power plant in Andhra Pradesh, India.

The loan is a part of the $5bn deal with Reliance Power for the purchase of US-manufactured equipment for power projects.

US Exim Bank president and chairman Fred Hoghberg told the Times of India.

The company expects the loan to be disbursed by next month.

Besides the $5bn deal with the US Exim Bank, Reliance Power has struck a deal with the Chinese Exim Bank for $12bn to fund power projects.