Hindalco Industries has achieved the financial closure for its Rs 10,500-crore greenfield aluminium smelter project at Mahan in Madhya Pradesh. The company has signed a rupee loan agreement for the entire debt portion of Rs 7,875 crore on Wednesday. The debt will have a tenor of 12.75 years, the company said in a press release on Thursday.
SBI Capital Markets, Citi Bank NA, The Royal Bank of Scotland NV and Kotak Mahindra Bank acted as lead arrangers while another 31 bank and insurance companies participated in the loan syndication.
The company is setting up a 359,000 tonnes per annum aluminium smelter with a captive power plant of 900 MW.
Shares of the company were up 1.58 per cent at Rs 209 on Thursday.