Reliance Power has got approval from the Reserve Bank of India to raise $2.2 billion in foreign loans, The Wall Street Journal reports. The credit facility will be provided by U.S. and Chinese banks to part-fund a power project estimated to cost $3.95 billion. The company will use the loan to replace an existing rupee loan for its 3,960-megawatt Sasan power project in central India, with cheaper Chinese and U.S. finance. Sasan Power, a subsidiary of Reliance Power, will secure $1.1 billion from Chinese lenders including Bank of China, China Development Bank and Export Import Bank of China, adds Economic Times.
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