ADAG cos win Project Finance magazine awards

Anil Ambani-led Reliance companies have bagged three awards including the Asia-Pacific Project Sponsor of the Year, announced by Project Finance Magazine of Euromoney Publications on Monday.

"Reliance ADAG has bagged the Asia-Pacific Project Sponsor of the year, 2009, while its Sasan Ultra-Mega Project got the 'Indian Power Deal of the Year," Project Finance Magazine's Managing Editor Sean Keating said.

"Indian Rail Deal of the Year" award has also been won by ADAG's Delhi Airport Express Link Project," Keating said. Sasan UMPP is India's largest ever-project financing sourced solely from domestic lenders against the backdrop of the global financial crisis, a top official of the company said. "Sasan UMPP's $3-billion debt is India's largest-ever project financing sourced solely from domestic lenders against a backdrop of global financial crisis," Reliance Power's Chief Executive Officer, J P Chalasani, said.

 "This is the first such project to reach financial closure without multilateral or foreign commercial banking commitments in the quickest possible time world-wide," he said. The $589-million Delhi Airport Express link, which won the Rail Deal of the Year award is the first privately developed and financed section of Delhi Metro, he said. Among other award-winners, Aircel won the Telecom Award for its $3.45-billion financing of an expansion of GSM circles.