MSP Steel & Power, engaged in manufacturing and sale of iron and steel products said that it has achieved financial closure of INR 1.20 billion from the consortium of banks including Allahabad Bank, UCO Bank and State Bank of Mysore for its 34 MW thermal power plant at Raigarh with a project cost of INR 1.75 billion.

The power generated from this unit will be primarily for merchant sale in the open market. The coal for this plant will be met through the captive coal mines in Chhattisgarh which is due to start operations in line with the setting up of the power plant.