State-run Power Finance Corporation (PFC) plans to raise $300 million (about Rs 1,400 crore) through foreign currency loan in the next two-months, a top company official said here.
"We are planning to raise foreign currency loan worth $300 million in the next two months," PFC's Chairman and Managing Director Satnam Singh told reporters here today.
With a view to diversify the lenders' portfolio, the company was keeping a tab on market and it feels that the present time is appropriate for tapping the international market, Singh said.
The international market has undergone a change and now rates are comparable to what is available in the Indian market, he said.
The company has also decided to set up two 100 per cent subsidiaries — one for consortium lending and the other for funding renewable projects — effective from April 1, 2010, Singh said.
PFC has recently established a Consortium Lending Group (CLG) with an aim to give a fillip to consortium lending operations, particularly through the Power Lenders Club (PLC), which has 21 members including LIC, HUDCO and 18 Indian banks.
The company has also signed an MoU with Gujarat Energy Development Agency for development of business in renewable energy generation projects in that state. It has sanctioned Rs 600 crore and disbursed Rs 60 crore for projects in the renewable energy sector.