New Delhi: The Indian Railway Finance Corporation (IRFC) has signed a major loan agreement with Maharashtra State Power Generation Company Limited (MAHAGENCO) to provide financial assistance of up to ₹10,560 crore for the expansion of the Koradi Thermal Power Station (TPS) located in Nagpur, Maharashtra.
The agreement was signed at IRFC’s corporate headquarters in New Delhi between Sunil Kumar Goel, Chief General Manager of IRFC, and Pankaj Sharma, Chief General Manager (Finance) of MAHAGENCO.
Project to Add 1,320 MW Supercritical Capacity
The expansion project at Koradi TPS involves the addition of 1,320 MW supercritical capacity (2×660 MW units), replacing older, less efficient power generation units. This is aimed at ensuring reliable and uninterrupted power supply to Maharashtra’s key sectors, including industry and agriculture.
The project is considered strategically significant for the state and is expected to play a pivotal role in modernizing Maharashtra’s thermal power infrastructure.
Read also: IRFC Extends ₹3,388.51 Crore Loan to PVUNL for Banhardih Coal Block Development in Jharkhand
IRFC’s Diversification Beyond Rail Infrastructure
Traditionally the dedicated financing arm of the Ministry of Railways, IRFC has expanded its investment scope to include sectors with forward and backward linkages to railways. These sectors include power generation, coal mining, warehousing, metro rail, ports, and logistics.
Recently conferred Navratna status, IRFC continues to demonstrate financial strength by maintaining a zero-NPA portfolio while playing a critical role in nation-building infrastructure projects.
Strengthening IR-Railways Synergy Through MAHAGENCO
The IRFC-MAHAGENCO collaboration also reinforces the operational ties with Indian Railways. MAHAGENCO maintains multiple long-term Tripartite Agreements with Indian Railways, mainly for coal transportation. This contributes significantly to the national transporter’s freight revenues through logistics, wagon handling, and coal movement.
Leadership Statement
Commenting on the agreement, Manoj Kumar Dubey, Chairman and Managing Director & CEO of IRFC, said:
“At IRFC, our priority is to support projects that are closely integrated with Indian Railways and deliver enduring benefits. By extending funding support to MAHAGENCO, we are not only enabling critical capacity addition in Maharashtra but also strengthening the railway infrastructure that is vital for nation building.”
About IRFC
The Indian Railway Finance Corporation (IRFC) is a Navratna Public Sector Undertaking under the Ministry of Railways, responsible for mobilizing financial resources for Indian Railways and related infrastructure projects. Recently, IRFC has diversified into funding sectors with strong linkages to the railway ecosystem, including power and logistics.
About MAHAGENCO
Maharashtra State Power Generation Company Limited (MAHAGENCO) is a state-owned PSU under the Government of Maharashtra, engaged in electricity generation through thermal, hydro, and gas-based power plants. It plays a critical role in ensuring reliable power supply across the state.