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).
