Alaknanda Power Project : GVK to raise Rs.1200 Crore

ET reported that GVK Power & Infrastructure (GVKPIL) is in talks with lenders to raise additional Rs 1200 crore for the Alaknanda hydel power project.

The company will also be pumping in an additional Rs 300 crore equity.

The company is in talks with existing lenders and some banks to raise fresh debt for the delayed project. The existing lenders include a consortium of eight to ten banks spear heded by Punjab National bank.

The project cost in the mean time has shot up by Rs 1500 crore from Rs 2800 crore to Rs 4300 crore.

The Alaknanda project is being built on the river Alaknanda near Srinagar town in Pauri district of Uttarakhand.