Author: PPD Team Date: 06/01/2025

Sterlite Grid 32 Ltd (SGL32) has refinanced its Mumbai Urja Transmission Limited (MUML) project through listed non-convertible debentures (NCDs), its first NCD issuance since its joint venture with GIC of Singapore. 

The NCDs are rated AA+ stable by CRISIL and were secured by bidders including the National Bank for Financing Infrastructure & Development (NaBFID) and India Infrastructure Finance Company Ltd (IIFCL).

The MUML project, won in June 2020 under tariff-based competitive bidding, will strengthen the Mumbai Metropolitan Region’s transmission system. It is capable of carrying over 2,000 MW of additional power to Mumbai and Navi Mumbai. 

Developed on a build-own-operate-maintain (BOOM) basis, the project supports green energy corridors in Maharashtra, Gujarat, Assam, and Arunachal Pradesh.

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