Tata Power completes $770 million ECB refinancing for Mundra UMPP

Firm expects the refinancing to help reschedule cash requirements, pare effective interest cost apart and reduce forex-related volatility for Mundra subsidiary

Private power producer Tata Power on Friday said its Mundra unit subsidiary has completed the refinancing of its outstanding external commercial borrowings (ECB) loans worth $770 million. 

"Coastal Gujarat Power Limited, a wholly-owned subsidiary of Tata Power which implemented the 4,000 Mw Mundra UMPP, has completed refinancing of the outstanding ECB loans amounting to $770 million through a mix of rupee-denominated debt instruments and equity funding from the proceeds of divestment of non-core assets of the company," Tata Power said in its media statement on Friday.

The company expects the refinancing to help reschedule the cash requirements and reduce the effective interest