State-run gas utility GAIL India today said it will raise $134 million from an export credit agency next fiscal to part-finance its capacity expansion of Rs 5,500 crore.
GAIL will also borrow Rs 1,000 crore from the Oil Industry Development Board (OILDB), GAIL Director Finance RK Goel told reporters.
The borrowing from US Exim will be at less than 8% interest rate while OILDB would lend at rates linked to Government Securities.
Goel said for the current year the capital expenditure is likely to be Rs 2,500 crore against Rs 3,200 crore previously projected. The revision is on account of lower spending on exploration and production (E&P) and pipeline expansion.
He said the Dabhol power plant will be mechanically completed by February end and will be commissioned by March.
