Sterlite Grid 32 Secures Historic Refinancing for Mumbai Urja Marg Project

Sterlite Grid 32 Ltd has secured Rs 2,450 crore via non-convertible debentures to refinance its Mumbai Urja Marg Ltd project. The deal, involving NaBFID and IIFCL, marks a milestone as SGL32 diversifies its funding strategies, showcasing confidence in India's renewable power sector.

Sterlite Grid 32 Ltd (SGL32), a leading power transmission solutions provider, announced a significant achievement on Monday, securing Rs 2,450 crore through the issuance of listed non-convertible debentures. The financing move aims to refinance its ambitious Mumbai Urja Marg Ltd (MUML) project, a critical green energy corridor.

The National Bank for Financing Infrastructure and Development (NaBFID) and India Infrastructure Finance Company Limited (IIFCL) successfully bid on the NCDs, which are now listed on the Bombay Stock Exchange. Rated AA+ stable by CRISIL Ratings, this is the first listed NCD issuance following SGL32's joint venture with Singapore's GIC.

With this landmark transaction, SGL32 has diversified its financial sources, moving from traditional debt financing to the debt capital market. Pratik Agarwal, Director of SGL32, emphasized the significance of the deal, which underscores the company's capability to secure cost-effective financing while maintaining robust investor confidence, crucial for India's renewable energy integration into the national grid.

(With inputs from agencies.)