State Bank of India (SBI) and Japan Bank for International Cooperation (JBIC) signed a loan agreement to set up an export credit line.

The loan is co-financed with the Bank of Tokyo-Mitsubishi UFJ (BTMU) which brings the total co-financing amount to JPY 13.5 billion and USD 21 million approx.
 
This credit line will be utilized by Meja Urja Nigam (MUNPL) to finance the procurement of steam turbine generator equipments from Japanese Company and its subsidiary in India to construct a super critical pressure coal-fired power plant (660MWx2 units) in Meja, Uttar Pradesh. MUNPL is a joint venture equally invested by NTPC and UP Rajya Vidyut Utpadan Nigam.
 
Arundhati Bhattacharya, chairman of SBI said, "India has a strong appetite for infrastructural development and I see a greater role for JBIC in supporting the Indian commercial Banks and Infrastructure companies. From our side, I assure JBIC of all support and the State Bank of India will always look forward to such participation with JBIC. I would request JBIC to look at India as a land of unique opportunities. Today’s agreement with JBIC is a landmark agreement in this direction and such large-scale funding will benefit all the parties involved."

Shares of the company gained Rs 42.95, or 1.75%, to settle at Rs 2,503.40. The total volume of shares traded was 204,441 at the BSE (Monday).