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News Topical, Digital Desk : The Indian Railway Finance Corporation (IRFC) informed the exchange on Saturday that it has approved a loan of ₹3,388.51 crore to Patratu Vidyut Utpadan Nigam Limited (PVUNL). The loan is for the development of the Banhardih Coal Block located in Latehar district of Jharkhand. PVUNL is a subsidiary of NTPC Limited and is setting up a 4,000 MW coal-based thermal power project in Patratu in two phases.
The joint venture (JV) between PVUNL and NTPC is 74% owned by NTPC and 26% by Jharkhand Bijli Vitran Nigam (JBVNL). The Banhardih captive coal block has coal reserves of approximately 956 million tonnes, which will be used in PVUNL's Patratu Power Project. The loan agreement was signed at the PVUNL office in Patratu by IRFC Chief General Manager Shwet Ketu Mishra and PVUNL CEO Ashok Kumar Sehgal.
About IRFC: IRFC, established in 1986 as the financial arm of the Ministry of Railways, has played a key role in strengthening the country's rail infrastructure and now provides financial support to various rail-related sectors such as power generation, coal, mining, fuel, warehousing, metro rail, ports, and multimodal logistics.
Stock Performance The company's shares closed at ₹122.20 on Friday, down 1.52%. The company's stock has declined 22.07% over the past year.
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