Sterlite Grid 32 Limited (SGL32) has refinanced its Rs 24.5 billion Mumbai Urja Transmission Limited (MUTL) project through listed non-convertible debentures (NCDs). The NCDs were subscribed by the National Bank for Financing Infrastructure and Development (NaBFID) and the India Infrastructure Finance Company Limited (IIFCL). The issuance has been listed on the Bombay Stock Exchange (BSE).
The MUTL project, awarded in June 2020 via tariff-based competitive bidding, is being implemented on a build, own, operate, and maintain basis for 35 years. It spans Maharashtra, Gujarat, Assam, and Arunachal Pradesh, forming part of the western and northeastern region strengthening schemes. The project is expected to supply over 2,000 MW of additional power to Mumbai and Navi Mumbai.
This financing represents SGL32’s first NCD issuance following its joint venture with GIC of Singapore. The MUTL project plays a significant role in India’s green energy corridor, facilitating the evacuation of 20 GW of renewable energy from Rajasthan.
