NTPC's JV BIFPCL ties up $1.6 billion for Maitree plant in Bangladesh

NTPC's joint venture BIFPCL ties up $1.6 billion for Maitree plant in Bangladesh

State-owned power giant NTPC's joint venture BIFPCL has tied up funds to the tune of $1.6 billion to set up 1,320 mw Maitree Super Thermal Power Project in Bangladesh.

"We wish to inform that Bangladesh India Friendship Power Company (Pvt) (BIFPCL) achieved financial closure on April 10, 2017, to set up 1,320 mw (2x660 mw) coal based Maitree Super Thermal Power Project at Rampal in Bagerhat district of Khulna division, Bangladesh," NTPC said in a BSE filing on Tuesday.

BIFPCL is a 50:50 joint venture company between NTPC and the Bangladesh Power Development Board (BPDB) for setting up this coal-fired thermal power plant.

The company further stated that an agreement was signed with Indian Exim Bank to provide loan up to $1.6 billion for financing this project.

BIFPCL is a private company duly incorporated in Bangladesh under the Companies Act 1994 and was registered with the Office of the Registrar of Joint Stock Companies and Firms (RJSC), Dhaka, Bangladesh on October 31, 2012.

During an earlier visit by Bangladesh Prime Minister to India, an MoU was signed on January 11, 2010, in New Delhi to bolster traditional ties between the two through co-operation.