Nuclear Power Corporation of India Limited Raising $250 Million
Khaitan & Co advised public sector undertaking Nuclear Power Corporation of India Limited (NPCIL) in its external commercial borrowing (ECB) of $250 million from State Bank of India, Singapore Branch (SBI) to construct new nuclear reactors and purchase of equipment for the same projects from India and abroad.
NPCIL is a public sector enterprise under the administrative control of the Department of Atomic Energy (DAE), Government of India. They are the only power utility company in India which uses nuclear fuel sources and currently generates 4,780 MW of power.
This major deal will allow them to more than double their output by the end of the 12th Plan with the addition of 4,800 MW taking its total up to 9,580 MW.
India currently generates a little less than 200,000 MW of power and plans to increase the power generation capacity to 300,000 MW by 2017 of which 3% will be contributed by nuclear power plants if NPCIL is able to augment its capacity to 9,580 MW.
State Bank of India, Singapore was advised by Baker & McKenzie, Wong & Leow and Dua Associates while Khaitan & Co Partner, Upendra Joshi acted on behalf of NPCIL. Khaitan & Co is one of India’s oldest and most recognised full service law firms with offices in Bangalore, Kolkata, Mumbai and New Delhi.
Advisor To Nuclear Power Corporation of India Limited
Khaitan & Co.
Partner Upendra Joshi commented:
"Khaitan & Co acted as borrower’s counsel in relation to external commercial borrowing aggregating USD 250 million granted by State Bank of India, Singapore Branch, to Nuclear Power Corporation of India Limited for meeting the project finance cost of undertaking the construction of nuclear power plants at various sites in India, including the procurement of equipment’s for projects from India and abroad. This marks the representation of the largest nuclear power generating company in India. This deal signifies an important development in dealing with India’s energy scarcity concerns."