The brass of state-run Power Finance Corp (PFC) top brass is conducting road shows in Japan and China to raise $240 million (Rs 1,180 crore) through foreign loans in these markets for funding power projects in India.
PFC is in the process of arranging external commercial borrowings (ECBs) of $240 million, a source close to the development said adding that the company is in talks with Bank of China, Mitsubishi Bank and Bank of Tokyo.
It is the company’s first ECB in the current financial year.
In March, PFC had raised $300 million from State Bank of India’s London branch for funding power generation, transmission and distribution projects in India.
Meanwhile, the company is gearing to raise more funds by way of a follow-on public offer (FPO) by the end of the current financial year (2010-11).
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app