About $400 million financing of Indian Tata coal deposit development in Kamchatka

18.03.2017 19:43:27 (GMT+12)

Indian Tata Power – subsidiary of conglomerate Tata Group – and Sberbank of Russia have negotiated about the project of financing the coal deposit development in Kamchatka to the amount of $400 million.

Framework agreement on realization of investment project of deposit development as well as package of related agreements including agreement on financing project were signed on 15 March in the presence of Yuri Trutnev, Deputy Prime Minister of Russia and Presidential Envoy to the Far Eastern Federal District.

On the Russian side the documents were signed by Vladimir Iluhin, the Governor of Kamchatka Kray; Alexander Krutikov, the Deputy Chief of Ministry for Development of Russian Far East; Leonid Petukhov, the Head of Far East Investment and Export Agency; Alexey Chekunkov, the Head of the Far East Development Fund; and Marina Perebeynus, the Deputy Chairman of Dalnevostochny Bank, “Sberbank of Russia”.

Perebeynus informed after the signing of the agreement that the amount of the financing is about 400 million of dollars. “The exact amount has not been determined and the business-model has not been constructed yet, but it may be approximately 400 million of dollars. The financing will start in 2018”, - she said answering to Russian News Agency TASS. According to her, this is a credit term for 10 years, “but it is possible to extend the term up to 15 years”.

According to the bank representative, the fundraising rate has not been determined yet because credit rates can change essentially in 2018. Russian News Agency TASS has informed about this.

Translated by Marina Barannik.

«Полуостров Камчатка» — ежедневная деловая интернет-газета.

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