GMR Energy Seeks $3.7bn Finance for Transmission Projects

India-based GMR Infrastructure's subsidiary GMR Energy is in discussions with IDFC to secure INR3.7bn ($83.25m) in debt to achieve financial closure for two transmission projects in the state of Rajasthan, India.

GMR secured these projects from Rajasthan Rajya Vidyut Prasaran Nigam (RRVPN) in 2010.

Under the contracts, GMR will build 400km of 400KV transmission lines along with two power sub-stations in Rajasthan.

These projects will be owned and operated by GMR for a concession period of 25 years, which also includes two years for the construction of the project, reports the Business Standard.