India's largest power utility, National Thermal Power Corporation (NTPC) has raised a $120 million syndicated loan to part finance its ongoing projects. The loan agreement was signed by NTPC's director of finance, Mr. C.P. Jain, executive vice president of State Bank of India, Mr. R.D. Shanbhag, and Bank of America's vice president, Mr. Ajay Kohli, on behalf of the banks from which the loan was raised.