PFC to raise Rs 4,700 cr from overseas in FY11

The Power Finance Corporation (PFC) today said it would raise $1 billion (about Rs 4,700 crore) from overseas during the current financial year (2010-11) to fund projects.

"During the current fiscal, we would raise approximately $1 billion through external commercial borrowings (ECBs) for lending purposes," company's Chairman and Managing Director Satnam Singh told reporters here.

Out of the yearly target of Rs 28,000 crore, PFC has been able to raise Rs 7,451 crore in the first quarter (ended June 30), which is 27 per cent of the total targeted resource mobilisation for the current financial year.

For the quarter ended June, PFC today posted a 17.55 per cent jump in net profit to Rs 652.35 crore. The company's net profit was Rs 554.91 crore in the same quarter previous year.

The total income rose to Rs 2,417.54 crore against Rs 1,892.92 crore in the same quarter a year ago.

Disbursements of the company grew 87 per cent to Rs 8,128 crore from Rs 4,345 crore in the same period last year.

As on June 30, 2010, the cumulative sanctions stood at Rs 2,88,932 crore and cumulative disbursements at Rs 1,47,056 crore.