You are 100% correct.
ECT does not need to fund the bond by 31 March. All they need to do by 31 March is to advise the Indians how they intend to fund the bond money.
According to the announcement "the Company is progressing its preparations to meet these commitments before execution of the major capital works contracts."
This clearly states they must fund the bond before they commence any works - which will commence after financial close.
Ann: India Project Proceeds to Next Stage, page-376
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