MSETCL to get Rs626 crore JBIC funding for transformer replacement
02 Jun 2007
Mumbai: Maharashtra State Electricity Transmission Company Ltd (MSETCL) has arranged a Rs626.43 crore loan from the Japan Bank for International Co-operation (JBIC) for replacement of transformers.
The project covers 15 districts of western Maharashtra, the Konkan and Khandesh, an MSETCL release said.
The loan will be repaid in 30 years and the interest rate will be 1.3 per cent per annum. The loan agreement will be signed in August.
MSETCL plans to replace 18 existing transformers in 110 sub-stations to raise capacity by 6,675 MVA.
Earlier, the transformers were planned to be replaced over a period of five years. MSETCL now seeks to replace them on a fast-track basis within three years (before March 2010), with the help of the assistance from JBIC.
Preliminary agreement on the funding plans was signed on June 1 by MSETCL managing director Subrat Ratho and JBIC country officer Kengo Akamine in the presence of representatives from the power ministry.
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