Japanese Banks Commit $496 Million to India's Power Grid Expansion

Japanese banks are set to provide financing of up to the equivalent of $496 million for a key grid transmission project in India under a new Asian framework on energy cooperation, Nikkei Asia reported on Thursday.

Japan's Sumitomo Mitsui Banking Corp (SMBC), Kansai Mirai Bank, and the state-backed Japan Bank of International Cooperation (JBIC), are lining up for up to 80 billion yen, or $496 million in current exchange rates, in syndicated financing for a high-voltage direct current (HDVC) transmission project by India's state-owned power transmission…