Raj Kumar, GMR Energy’s chief executive officer, told Economic Times “We have tied up the funds and are expecting to achieve financial closure within 10 days.” He stated that GMR Energy, GMR Infrastructure’s wholly-owned unit, wanted to finish the project within three years from the date of financial closure. By May 2012, the project will be commissioned. Debt will be utilized to finance three-quarters of the project costs. GMR group intends to fund the equity part using internal accruals.
The thermal power project will utilize coal from the captive field allotted by the Orissa government to it.
