PFC seeks to finance nuclear projects

The Power Finance Corporation (PFC) is eager to finance nuclear projects, if the US Congress clears the deal on the transfer of American nuclear technology to India.

"We would certainly want to finance nuclear projects, just as we are currently funding hydel and thermal projects across the country," said VK Garg, chief of PFC here today.

Garg was speaking to reporters at the end of 15th meeting organised in this resort town of Himachal Pradesh with state power utility chiefs and borrowers from all over the country.

"In the current financial year we have already financed Rs 22,000 crores till date and in the next six years we aim to become a Rs 50,000 crores annual disbursement company," Garg said.

"In our meeting an indepth interaction took place on wide ranging aspects, including existing bottlenecks for improvement of state power utilities performance and PFC's role in mitigating such problems," the PFC chief said.

"PFC is to soon launch an IPO of Rs 150 crore on face value, with 10 per cent fresh PFC equity and 5 per cent equity of the Central government," he said.

The book value of the share will be Rs 65, but the expected money to be raised has not been disclosed so far.

"PFC now figures among the top 10 performing PSUs list. The company has been made the nodal agency for setting up five ultra mega power projects , each having capacity of 4000 MW and involving an investment of Rs 80,000 crore," Garg said.