New Delhi: Sterlite Grid 32 Ltd (SGL32) has refinanced its ₹2,450 crore Mumbai Urja Transmission Limited (MUML) Project through listed Non-Convertible Debentures (NCDs). The NCDs, rated AA+ stable by CRISIL, were subscribed by the National Bank for Financing Infrastructure and Development (NaBFID) and India Infrastructure Finance Company Limited (IIFCL). The issuance has been listed on the Bombay Stock Exchange (BSE).
The MUML Project, awarded in June 2020 through Tariff Based Competitive Bidding (TBCB), is being executed on a build, own, operate, and maintain (BOOM) basis for 35 years. The project spans Maharashtra, Gujarat, Assam, and Arunachal Pradesh and is part of the western and northeastern region strengthening schemes. It is expected to deliver over 2,000 MW of additional power to Mumbai and Navi Mumbai.
The financing marks the first NCD issuance by SGL32 following its joint venture with GIC of Singapore. The MUML Project is a critical component of India’s green energy corridor and will facilitate the evacuation of 20 GW of renewable energy from Rajasthan.
“This transaction highlights our ability to diversify financing sources and secure cost-efficient funding,” said Pratik Agarwal, Director, SGL32.
