PTC India Financial Services (PFS) today said it has raised $25 million in overseas loans for financing power projects.
PFS, an arm of PTC India, has raised external commercial borrowings (ECBs) from International Finance Corporation aggregating to $25 million (about Rs 125 crore), an official statement said.
The ECBs will help in lowering the interest cost of the company significantly.
The company had entered into loan agreements with IFC in 2011 for availing ECBs of $50 million to finance the projects.
The ECBs are repayable in 32 quarterly instalments.
The disbursement of balance facility available will help in bringing down the borrowing costs in the coming years, thereby improving the spread and net interest margin.
PFS has focus on infrastructure development, which includes debt (short-term and long-term) financing and making equity investments in private sector Indian companies.
