Sterlite Grid 32 refinances Mumbai Urja Transmission Project
Author: PPD Team Date: January 6, 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.