IRFC extends funding support to PVUNL for INR 3,388.51 crore

Indian Railway Finance Corporation (IRFC) has extended loan assistance of ₹3,388.51 crore to Patratu Vidyut Utpadan Nigam Limited (PVUNL), a subsidiary of NTPC Limited, for the development of the Banhardih Coal Block in Latehar district, Jharkhand. The loan agreement was signed today at PVUNL's office in Patratu by Shri Shwet Ketu Mishra, Chief General Manager, IRFC and Shri Ashok Kumar Sehgal, Chief Executive Officer, PVUNL.

Established in 1986 as the dedicated financing arm of the Ministry of Railways, IRFC has played a pivotal role in strengthening India's rail infrastructure by mobilising resources at competitive rates. Recently accorded Navratna status, the company is expanding its role as a diversified infrastructure financier within the railway ecosystem, with a mandate covering projects that have forward and backward linkages with railways such as power generation and transmission, mining, fuel, coal, warehousing, telecom, hotels and catering, metro rail, freight corridors, ports, and multimodal logistics. IRFC continues to maintain a strong asset quality track record with a zero-NPA portfolio.

PVUNL, incorporated as a joint venture between NTPC Ltd. (74%) and Jharkhand Bijli Vitran Nigam Limited (JBVNL) (26%), is setting up a 4,000 MW coal-based thermal power project at Patratu in two phases. The Banhardih captive coal block, with estimated reserves of around 956 million tonnes, has been allocated to PVUNL for end use in this project. Coal from this block will be transported through the Indian Railways network, reinforcing the strong forward and backward linkage of the project with the railway sector.

Speaking on the occasion, the Chairman & Managing Director of IRFC said from New Delhi: "This loan marks IRFC's continued commitment to support projects of national importance. Our long-term financing will contribute to the timely development of the Banhardih Coal Block, ensuring fuel security for PVUNL's power plant and strengthening rail-linked infrastructure under India's growth plans."

IRFC remains committed to financing projects that are of national significance, closely linked with the railways, and aligned with India's developmental priorities.

Shares of Indian Railway Finance Corporation Limited was last trading in BSE at Rs. 121.90 as compared to the previous close of Rs. 124.10. The total number of shares traded during the day was 891197 in over 13377 trades.

The stock hit an intraday high of Rs. 124.30 and intraday low of 121.55. The net turnover during the day was Rs. 109424989.00.

Source : Equity Bulls

Keywords

IndianRailwayFinanceCorporation INE053F01010 IRFC NBFC FundingSupport PVUNL