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Moser Baer's Anuppur Thermal Power Plant Attracts Investment of Rs. 580 crore from a Macquarie SBI Infrastructure Fund and SBI

  • Tuesday, January 11, 2011 1:52PM IST (8:22AM GMT)
New Delhi, Delhi, India:  MB Power (Madhya Pradesh) Limited (MBPMPL) today announced that the Macquarie SBI Infrastructure Fund (MSIF) and the State Bank Of India (SBI) on behalf of the SBI Macquarie Infrastructure Trust will together invest Rs. 580 crore (approx US$130million) in MBPMPL's Anuppur Thermal Power Plant.

MBPMPL - a step down subsidiary of Moser Baer Projects Private Limited is developing a 2,520 MW thermal power plant in multiple phases at Anuppur, Madhya Pradesh with an investment of Rs. 13,700 crore (USD$ 3 billion). With the current investment from MSIF and SBI, the first phase of 1,200 MW which is anticipated to cost Rs 6,240 crore is fully funded.

MBPMPL has already tied-up debt of Rs 4680 crore for the first phase of the project in Nov 2009 with SBI and Axis Bank as the lead banks. The 2520 MW Thermal power plant is expected to be commissioned in phases by the end of 2014. The EPC contract for phase 1 of the project has already been awarded to Lanco Infratech Ltd and construction at the site has commenced. This project is strategically located near major coal fields of South Eastern Coalfields Limited and is close to power deficit markets of Maharashtra, Gujarat and Madhya Pradesh.

Elaborating on the investment, Ratul Puri, Director, MBPPL, said "We are very proud to be associated with both SBI and MSIF. MSIF is one of leading infrastructure funds investing in India which primarily focuses on infrastructure development. Their in-depth understanding of the infrastructure sector and long investment cycles make them an ideal partner for our thermal business."

Lajpat Shrivastav, CEO, Thermal Business, MBPPL said "Since Madhya Pradesh today faces a 17.7% power deficit, our power project will significantly address the state's requirement of power and will additionally create large employment opportunities and augment the socio-economic development in district Anuppur and in the region."

MSIF is an India focused infrastructure fund that is managed by a joint venture between Macquarie Capital (Macquarie) and the State Bank of India (SBI). IFC, a member of the World Bank Group, is a minority shareholder in the joint venture management company and a cornerstone investor in MSIF. SBI Macquarie Infrastructure Trust is a domestic fund being established by the SBI Macquarie joint venture, which is expected to be established soon

Varun Bajpai, CEO, SBI Macquarie Infrastructure Management Pvte Ltd, said: "We are very pleased MSIF has secured this investment. Given the significant power deficit in India, we believe the power sector offers considerable opportunities."
"Moser Baer has a successful business track record and this project is being implemented by an experienced team."

Mr Bajpai added that having successfully completed investments in Adhunik Power and Natural Resources, VIOM Networks Limited and other investments, MSIF and SBI (on behalf of the proposed Domestic Fund) have committed over US$600 million in year 2010.
Edelweiss acted as the financial advisor to MBPMPL on the transaction.

About Moser Baer Projects Private Limited:

Based out of New Delhi, MBPPL is engaged in the development of power assets using conventional and non-conventional sources of energy. The company is currently developing 4000 MW of coal based thermal power capacity. It has an advanced pipeline of 500 MW each in the solar and hydro segments. Its most advanced thermal power plant is based in Madhya Pradesh and has already achieved financial closure and acquired fuel linkage. It has multiple solar projects in advanced stages of construction in India, while its first solar project outside India was completed in December, 2009 in Nordendorf, Germany. Further information is available at http://www.moserbaerprojects.com

About Macquarie

Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services.
Macquarie's main business focus is making returns by providing a diversified range of services to clients. Macquarie acts on behalf of institutional, corporate and retail clients and counterparties around the world.

Founded in 1969, Macquarie employs more than 15,500 people in approximately 70 office locations in 28 countries. At 30 September 2010, Macquarie had assets under management of $A317 billion.

About SBI

SBI is India's largest commercial bank by assets, profits, deposits, branches and employees and is listed on the Bombay Stock Exchange and the National Stock Exchange. It has the a market capitalisation of USD 35 billion; highest of any bank in India. As one of the leading project finance providers in India, and with more than 200 years experience in the Indian market, SBI brings unparalleled knowledge of the local infrastructure market to the joint venture.

SBI group is among the largest project loan arrangers globally. During the period January 2010 to June 2010, SBI and its associates arranged project funding aggregating USD 11 billion for 21 projects in India.

This is the first private equity fund initiative being undertaken by SBI and given the breadth of private equity opportunities emerging, SBI is considering pursuing other fund initiatives in the near future.


This press release is prepared by Macquarie Infrastructure and Real Assets Group a sub-division of Macquarie Group Limited ("MIRA") and State Bank of India ("SBI") in conjunction with Moser Baer Projects Private Limited. Any information provided in this press release is for general information purposes only and do not and shall not in any way constitute an offer, a solicitation of an offer, or any advice or recommendation to conclude any transaction (whether on the indicative terms or otherwise) in any jurisdiction. While MIRA and SBI provide the information in good faith and derived from sources believed to be reliable, MIRA and SBI do not represent or warrant the completeness, reliability, accuracy, timeliness or fitness for any purpose of any of the material and it accepts no responsibility for the accuracy, completeness or timeliness of the information contained therein. We recommend you obtain financial, legal and taxation advice before making any financial investment decision. Past performance is not indicative of future performance.

MIRA is not an authorised deposit taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia), and MIRA's obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 ("MBL"). MBL does not guarantee or provide assurance in respect of the obligations of MIRA.

MIRA and its related corporations do not carry on banking business in Singapore and India and do not hold a license to carry out banking business in those jurisdictions therefore are not subject to the supervision of the relevant regulatory authority of those jurisdictions.

Macquarie Bank Limited ABN 46 008 583 542 (MBL) is authorised by the Australian Prudential Regulation Authority in the Commonwealth of Australia to carry out banking business or to accept deposits in Australia. Each of MBL, acting through its London branch, and Macquarie Bank International Limited is authorised and regulated by the UK Financial Services Authority to carry on banking business and to accept deposits in the United Kingdom. Macquarie Group Limited and its related corporations are not otherwise currently authorised to carry out banking business or to accept deposits in any of the Asian jurisdictions

The Seoul Branch of MBL is authorised by the Financial Services Commission in Korea to carry out banking business in the Republic of Korea pursuant to the Banking Act of Korea.

Click here for Media Contact Details

Abhinav Kanchan, Head, Corporate Communications, Moser Baer India Ltd., [email protected], +91 9958867269

Balaji Krishnaswami, Corporate Communications, Moser Baer India Ltd., [email protected], +91 9971757474

Fiona McDonald, Macquarie Group Corporate Communications, [email protected], +65 6231 2749

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