India Sterlite Energy ties up funds for power project

MUMBAI, June 30 (Reuters) - A unit of Sterlite Industries (India) Ltd (STRL.BO) said late on Monday a 2,400 megawatt power project has tied up funds worth 61.5 billion rupees ($1.28 billion), with 19 lenders committing a term loan for that amount. The 82 billion-rupee project of Sterlite Energy got loans from lenders led by top bank State Bank of India (SBI.BO), the firm said in a statement.

Sterlite Industries, a part of India-focused metals group Vedanta (VED.L), has already invested 20.5 billion rupees in equity in the project, it said.

The power project in east India would be fully commissioned by mid-2010, it said.

SBI Capital Markets, a unit of State Bank of India, IDBI Bank (IDBI.BO) and Deutsche Bank (DBKGn.DE) were the arrangers for the deal, it said. ($1=48.1 rupees) (Reporting by Narayanan Somasundaram; Editing by Muralikumar Anantharaman)