Financial Daily from THE HINDU group of publications
Thursday, May 13, 2004
Financial Daily from THE HINDU group of publications Thursday, May 13, 2004 |
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Corporate
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Overseas Borrowings Tata Power plans to raise $500 m in global market Our Bureau
Mumbai , May 12 TATA Power Company Ltd proposes to raise $ 500 million in overseas market. The board of directors of company, which met on Wednesday, approved the proposal, a press release from the company said. The funds will be used to meet capital expenditure for its various on-going projects. These include the 330 MW hydropower project in Uttaranchal, the 120 MW project in Jojobera and other power projects. Funds will also be used for other corporate purposes, said Mr Amulya Charan, Vice President-Finance, Tata Power. The funds will be raised over a period of 2-3 years from favourable destinations on terms to be decided by the board in due course, he said. It may also use part of the fund to retire its existing high cost debt of over Rs 2,000 crore. At the board meeting, Mr Sanjay Bhatia was appointed as the nominee director of the State Government on the board of the company in place of Mr Jayant Kawale.
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