The Tata Power Company’s subsidiary Coastal Gujarat Power has refinanced its term loan of ₹3,864 crore.
This will reduce the interest burden by Rs.77 crore a year.
A press statement issued by the company said that the refinancing scheme will help in extending the tenure of the rupee facility and assist in reducing the cost.
The total interest saving will be 2 per cent (Rs.77 crore).
The refinancing has been done under the RBI circular (August 7, 2014), which has asked banks that a minimum 25 per cent of the outstanding loan should be taken over by a new set of lenders from the existing financing banks and financial institutions.
Axis Bank has joined as a new member of the rupee lenders’ consortium of banks.
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