The Indian government has cleared investment hurdles for seven large investment projects worth Rs 21,000 crore (US$3.5bn), including an iron ore plant, a highway, a rail line and four power projects totalling 3,600 MW. The Ministry of Finance helped resolve financing issues facing three power projects, including a 96 MW hydropower project, Jorethang Loop Hydro in Sikkim worth Rs 1,182 crore (US$196m) whose construction started in 2005 and which was expected to be commissioned in December 2013 before being delayed due to financing problems. The Reserve Bank of India have expedited a loan sanction for the project. As well, a consortium of lenders has approved a loan for a 1,050 MW coal-fired power project in Odisha, Nilachal, developed by KVK Energy, while another lending consortium resolved a financing problem holding up the development of a 1,440 MW coal-fired power project in Chhattisgarth, developed by RKM Powergen (Rs 9,000 crore, i.e. US$1.5bn). Finally, a Rs 1,256m crore (US$209m) gas-fired power project in Hazira (Gujarat) developed by Essar Power was expedited with a state environmental appraisal committee being formed.
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