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SBI Signs 70mn euro LoC with KfW for Solar Projects

The State Bank of India (SBI) has signed 70 million euro (about Rs 6.30 billion) Line of Credit (LoC) with German Development Bank KfW for promoting solar project in the country.

 

The agreement signed at the bank's IFSC Gift City Branch in Ahmedabad, SBI said in a regulatory filing. The LoC is aimed at supporting Solar Photovoltaics (PV) projects in India, it said.

 

The country's largest lender SBI reported a 9.13 per cent growth in consolidated net profit for the September quarter to Rs 160.9958 billion as against Rs 147.52 billion in the year-ago period.

 

On a standalone basis, it posted a net profit of Rs 143.3002 billion as against Rs 132.6452 billion in the year-ago period. The bank reported a total income of over Rs 1120 billion for the quarter under review, up from Rs 887.33 billion in the year-ago period.

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