Adani Transmission, the electrical power transmission company of the Adani Group, is anticipated to achieve financial closure of Rs 17 bn for its Mumbai transmission line project by the end of July. It was reported that a consortium of nine global banks is providing the financing through an international construction facility. It was stated by sources close to the development that the raised funds will be utilised to establish a 400 KV substation and transmission lines in Maharashtra. Initially estimated at Rs 21 billion in 2021, the project's cost has been reduced to Rs 17 billion, which is the amount being drawn by the company. The facility is being raised by Adani Transmission, the largest private power transmission and distribution company in the country, at competitive interest rates and tenures. The consortium includes DBS Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation, among others. In 2019, Maharashtra State Electricity Transmission Company awarded Adani Transmission a letter of intent to construct, own, operate, and maintain a transmission project in the state for 35 years. The project involves the development of Mumbai's first-ever 400 kV substation facility and was obtained through a tariff-based competitive bidding process. The Kharghar Vikhroli Transmission project consists of 34 km of 400 kV and 220 kV transmission lines, as well as a 400kV GIS substation in Vikhroli. This facility is in addition to Adani Transmission's plans to raise approximately Rs 85 billion through Qualified Institutional Placements (QIP). Previously, Adani Enterprises, the flagship company of the Adani Group, and Adani Transmission had announced their intentions to raise a total of Rs 21 billion through QIP or other methods in order to secure additional capital for expansion and growth plans. Adani Enterprises had specifically stated its plan to raise up to Rs 125 billion. Adani Green Energy, the renewable energy division of the group, is also seeking to raise funds through a share sale. While the exact amount of funds has not been disclosed by the company, sources familiar with the matter had previously informed FE that it was aiming to raise Rs 41-57.40 billion) for capital expenditures and debt reduction. Also read: Rs 10k crore in pipeline for coal-fired thermal power project in UP Think-tank enlisted by Ludhiana MC to enhance city’s air quality