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Financial Close - NTDC Secures Funds of Rs 18 Billion for 250 km 500 kV Engro Thar-Matiari Transmission Line

NTDC HEADQUARTERS, WAPDA HOUSE, LAHORE, 13 Jan 2017 :  National Transmission and Despatch Company Limited (NTDC) has been entrusted by the Government of Pakistan to improve and enhance the existing Electricity and Power Transmission and Desptach network.

In this regard, one of the projects NTDC had to undertake was the development and construction of 250 Kilometer-long 500kV Double Circuit Transmission Line from Engro Thar to Matiari, Hyderabad Switching Station and the construction of Two Line Bays/Shunt Reactor at Matiari Switching Station. This transmission line is of great significance to the country as it will evacuate around 1,200 MW of electricity from the region of Thar where power projects are being set up to utilize indigenous coal as the primary fuel. The total cost of this project being undertaken by NTDC is PKR 22.3 billion.

For this project, NTDC had solicited debt arrangement offers from various Financial Institutions for an amount of PKR 18 Billion along with Letter of Credit Facility of over PKR 15 billion for building transmission network. The consortium of Askari Bank Limited, Faysal Bank Limited and Dubai Islamic Bank Pakistan Limited (DIBPL is also the Sharia Advisor) won the Mandate in December 2015 after a competitive bidding process. The transaction is a combination of Islamic and Conventional mode of financing wherein PKR 6.5 Billion have been arranged in the Conventional Mode whereas PKR 11.5 Billion have been arranged in the Shariah Compliant Mode. These transaction has a door-to-door tenor of 15 years.

To mark the financial close of the transaction, a signing ceremony was hosted by Askari Bank Limited in Karachi on Wednesday, January 11, 2017. Dr. Fiaz A. Chaudhry, Managing Director NTDC was the chief guest on the occasion. The Banks were represented by Syed Majeedullah Husaini, President & CEO Askari Bank Limited, Mr. Nauman Ansari, President & CEO Faysal Bank Limited, Mr. Zubair Haider Shaikh Group Head Corporate, and Investment Banking Dubai Islamic Bank Pakistan Limited along with members of their respective teams.

 

Mr. Wajahat Saeed Rana, GM (GSC) NTDC, Mr. Hammad Ahmed, Finance Director NTDC, Shaikh Waseem Saadat, Additional GM Finance NTDC and Mr. Mohammad Masood Anjum, Deputy Manager Finance NTDC were also present on the occasion.  ###

NTDC- Committed to Meet the Mammoth Tasks , Article by MD NTDC Dr. Fiaz A. Chaudhry & Advertisement on NTDC Projects published in Daily Business Recorder on 28 Dec 2016