The State Bank of India (SBI) and Japan Bank for International Cooperation (JBIC) signed a dual-currency loan agreement of $152 million (about ₹912 crore).

“The loan is co-financed with the Bank of Tokyo-Mitsubishi UFJ Ltd amounting to ¥13.5 billion ($131 million) and $21 million approximately. The total co-financing amount came to $152 million,” an SBI official said.

This is the third time that SBI has participated with JBIC in a project funding.

The bank, in a statement, said this credit line will be utilised by Meja Urja Nigam Pvt Ltd (MUNPL) to finance the procurement of steam turbine generator equipment from Japan’s Toshiba Corporation and its subsidiary in India, Toshiba JSW Power Systems, to construct a super critical pressure coal-fired power plant (660MWx2 units) in Uttar Pradesh.

MUNPL is a joint venture, with equal investments from NTPC Ltd and UP Rajya Vidyut Utpadan Nigam Ltd.

Arundhati Bhattacharya, Chairman and MD of SBI, said, “India has a strong appetite for infrastructural development and I see a greater role for JBIC in supporting Indian commercial banks and infrastructure companies..…I would request JBIC to look at India as a land of unique opportunities.”