OREANDA-NEWS. Essar Power Ltd., amongst India's leading private sector power producers and a subsidiary of London-listed Essar Energy, today said that it has completed an 11-year, Rs. 1,000 crore (USD 147 million), Rupee denominated bond offering.

The new bonds issued will be listed on the Bombay Stock Exchange and will be repaid from 2017 to 2024.

During FY2013,Essar Power completed a number of coal-fired power projects and now has 3,910 MW of operational capacity. Work is progressing on further projects intended to take Essar Power's operational portfolio to 6,700MW.

Mr Deepak Maheshwari, Chief Financial Officer, Essar Energy said: “This further Rupee bond issue will allow our power business to benefit from longer debt maturity time frames and lower interest rates compared to our existing debt facilities. Essar Energy is well positioned to capitalize on the growing demand for power in India.”