Larsen &Toubro (L&T) will be raising $2 billion for its Rajpura thermal power project in Punjab. India’s largest engineering company will be raising this amount through its special purpose vehicles (SPV)- Nabha Power Limited. The state-of-the-art 1,320-mw mega thermal plant, which will come up in Rajpura is likely to be completed by January 2014. Sources involved in the fund raising process told that L&T is in talks with various banks &financial institutions for along term debt. The plant designed, developed and operated by L&T through its subsidiary Nabha-Power Ltd and will involve Rs 9,000-crore investment. L&T is setting up three power plants at a total cost f Rs 30,000 crore by 2015.
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