Business & Investment

MejaUrjaNigam raises short-term Rs250cr loan from Punjab National Bank

UP-based Meja Urja Nigam Private Limited received Rs 25 billion from the Punjab National Bank (PNB), a company official said Friday.

The amount will be used to finance existing loans, its additional general manager (AGM) Amit Lautera told PTI.

Meja Urja Nigam Private Limited (MUNPL) has partnered with PNB for a short-term loan of 250 rupees. It was raised with the goal of minimizing the company’s funding costs and ultimately yields profits to all beneficiaries and stakeholders.

“The company is very active in optimizing all costs associated with the plant, and this partnership with PNB will undoubtedly help strengthen the business relationship between MUNPL and PNB,” said MUNPL. CEO Anil Kumar said.

MUNPL is a 50:50 joint venture (JV) between the state-owned NTPC Limited and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL). Located about 45 km from the Playaglazi district, the Meha Thermal Power Plant (MTPP) is the first supercritical power plant in Uttar Pradesh.

Founded in 2008, JV has installed a 1,320 MW (2X660 MW unit) coal-based plant in Meja, which has been in commercial operation since January 2021.

Between 2021 and 2010, the company achieved a net profit of 278 chlores. The electricity generated by MUNPL is supplied to several states and federal territories (UTs) via the grid.

The loan facility agreement was signed Thursday by MUNPL’s Chief Financial Officer Ashok Kumar Sinha and PNB’s AGM RK Singh in the presence of other senior management of both parties.



MejaUrjaNigam raises short-term Rs250cr loan from Punjab National Bank

https://www.financialexpress.com/industry/banking-finance/meja-urja-nigam-raises-rs-250-cr-short-term-loan-from-punjab-national-bank/2579542/ MejaUrjaNigam raises short-term Rs250cr loan from Punjab National Bank

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