Financial Daily from THE HINDU group of publications
Tuesday, May 04, 2004
Financial Daily from THE HINDU group of publications Tuesday, May 04, 2004 |
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Corporate
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Overseas Borrowings PFC gets ECB clearance to raise $100 million Our Bureau
New Delhi , May 3 POWER Finance Corporation (PFC) has obtained permission from the Government to go ahead with an external commercial borrowing of $100 million. PFC will be raising the funds from the overseas markets by the end of the month, senior PFC officials said. The funds will be utilised to fund power projects, as part of PFC's lending programme. So far, PFC has borrowed $3.8 billion from the overseas and Indian markets and onlent it to various power projects. The power sector specific-financial institution is now planning to take equity stakes in power projects. This will be done through India Power Fund (IPF), a venture capital fund, which is being set up PFC. IPF will take up to 10 per cent equity stakes in power generation, transmission, distribution and trading projects. The preference will be towards quick yielding projects. According to PFC, the fund will not invest in projects where the IPF sponsors have more than 15 per cent equity participation. PFC plans to make an initial investment of Rs 200 crore in the fund. It is currently soliciting investments from the public sector undertakings, etc, to fill the IPF corpus.
More Stories on : Overseas Borrowings | Financial Institutions | Power
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