Hyderabad, February 28: The Nagarjuna Construction Company, now re-christened NCC Limited and given a new corporate look, on Sunday announced that it would achieve financial closure in three months, for the Rs.7,000 crore, 1,320 MW Nelcast Power Plant, in which it acquired a 55 per cent stake.
At a press conference here. NCC Ltd. managing director A. Ranga Raju said that in 39 and 42 months of its financial closure, phase one and phase two of 660 MW each respectively, would be operating.
Of the Rs. 7,700 crore, Rs. 5,200 was the debt component, while the rest would be raised through equity. The Rural Electrification Corporation, that led the consortium and the Power Finance Corporation, would provide Rs. 3,200 crore. “We are talking to the State Bank of India and ICICI Bank for the rest,” he said.
Mr. Raju said NCC Limited would be the mother brand with appropriate entities for the other Group companies including NCC Infra, NCC International and NCC Urban. The logos of each of these were also being changed with immediate effect. The re-branding initiative symbolised the reputation and trust that that the company earned in its 32 years of existence and also reflected its commitment to create greater value for stakeholders, he said.
NCC’s Executive Director Y.V. Murthy said that of two other power projects the company was working on, the one in HP would soon be commissioned, while the one in Sikkim was in the drawing board stage.
-Agencies