Aditya Aluminium achieves financial closure

Hindalco Industries Limited has achieved financial closure for its Rs. 13,195 crore greenfield Aditya Aluminium smelter project at Lapanga in Odisha.
The project has been funded in a debt equity ratio of 75:25 with a debt component of Rs. 9,896 crore. The debt carries a tenor of 12.5 years and is priced at the SBI base rate plus 125 bps, which presently works out to 11.25 per cent p.a. SBI Capital Markets and IDBI Bank led the debt syndication, with a total of 28 commercial banks and financial institutions participating in the transaction.
At the rupee loan agreement signing held in Bhubaneswar on 17th September, Praveen Maheshwari, CFO informed that this plant with a proposed annual aluminium production capacity of 359,000 tonnes and backed by captive power plant of 900 MW will be amongst the lowest cost producers globally.
The rupee term loan facility got oversubscribed 2.25 times even as this facility represents one of the largest debt syndications launched in the recent times.

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