The 1,050 mw North Madras or Videocon power project's financial closure will be further delayed following the demand made by the State Bank of India's on first charge on the escrow cover given to independent power producers in Tamil Nadu.
The lenders and promoters have to rework the comfort level as SBI's claim for pari passu charge reduces the fund flow towards lenders of the project.
With more than $1 billion being raised in the form of debt fi
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