Essar Power raises Rs 1,000 crore

Essar Power, a subsidiary of LSE-listed Essar Energy, said that it has completed an 11-year Rs 1,000 crore (about $147 million), rupee denominated bond offering. The bonds issued will be listed on the Bombay Stock Exchange. It will be repaid from 2017 to 2024. In FY13, Essar Power completed a number of coal-fired power projects and now has 3,910 MW of operational capacity. Work is progressing on other projects, which will take the total to 6,700 MW. Deepak Maheshwari, Chief Financial Officer, Essar Energy, said: “This further rupee bond issue will allow our power business to benefit from longer debt maturity timeframes and lower interest rates compared to our existing debt facilities.”