Meja Urja Nigam gets Rs.250 crore short-term loan from PNB

1 Jul 2022 , 03:21 PM

Punjab National Bank (PNB) has provided Meja Urja Nigam Private Limited with the financial support of Rs 250 crore, a business official announced on Friday (01-07-2022).

The money, according to its Additional General Manager (AGM), Amit Rautela, would be used to pay off current loans. Meja Urja Nigam Private Limited (MUNPL) and PNB have partnered to provide a 250 crore rupee short-term credit. According to him, it has been raised with the intention of lowering the company's financing costs, which would ultimately allow all beneficiaries and stakeholders to gain.

The partnership with PNB would undoubtedly boost MUNPL's commercial relationship with PNB, according to MUNPL CEO Anil Kumar. "The firm is working extremely aggressively in minimizing all the expenses involved with the facility," Kumar added.

State-owned NTPC Limited and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited have a 50:50 joint venture (JV) called MUNPL (UPRVUNL). The first supercritical power plant in Uttar Pradesh is the Meja Thermal Power Plant (MTPP), which is 45 kilometers from the Prayagraj district.

The JV was established in 2008 to build a 1,320-megawatt coal-based plant in Meja that would begin operating commercially in January 2021. The project will have two 660 MW units.

The firm had a net profit of Rs. 278 crore during FY 2021—2022 Several states and Union Territories (UTs) get the electricity generated by MUNPL through the grid. In the presence of several senior officials from both organizations, Ashok Kumar Sinha, Head of Finance at MUNPL, and R K Singh, AGM of PNB, signed the credit facility agreement on Thursday.