IRFC Signs ₹16,489 Crore Loan for HPGCL and MAHAGENCO Thermal Power Projects

Indian Railway Finance Corporation Ltd (IRFC) has entered into two loan agreements worth a combined ₹16,489 crore. The agreements were signed on September 29, 2025, with Haryana Power Generation Corporation Limited (HPGCL) and Maharashtra State Power Generation Company Limited (MAHAGENCO).

Haryana Project

At its headquarters in Panchkula, IRFC signed an agreement with HPGCL for a loan of up to ₹5,929 crore. The funding will support the construction of an 800 MW (third unit) supercritical thermal power project at the Deenbandhu Chhotu Ram Thermal Power Plant in Yamunanagar. HPGCL is a government-owned utility responsible for electricity generation in Haryana.

Maharashtra Project

In New Delhi, IRFC signed another agreement with MAHAGENCO for up to ₹10,560 crore. The funds will be used for the 2x660 MW supercritical expansion project at the Koradi Thermal Power Station in Nagpur. The expansion will add 1,320 MW of capacity, replacing older units operated by the state utility.

Railway Connections

Both projects maintain operational ties with Indian Railways. Coal for HPGCL’s plants is transported from eastern coalfields by rail, and the generated power supports Northern Grid requirements, including electricity for railway traction. MAHAGENCO has long-term agreements with Indian Railways for coal transport and spends heavily on freight, wagon handling, and logistics, contributing to railway revenues.

Read More: IRFC Extends ₹3,388 Crore Funding Support to PVUNL for Banhardih Coal Block!

IRFC Share Price Performance

As of September 30, 2025, 10:36 am, Indian Railway Finance Corp (IRFC) share price was trading at ₹123.56, a 0.72% decrease from the previous closing price.

Conclusion

Through these agreements, IRFC will provide ₹16,489 crore in funding to HPGCL and MAHAGENCO. The projects will add new supercritical capacity in Haryana and Maharashtra while continuing to support coal freight traffic for Indian Railways.

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