Tamil Nadu Power Finance and Infrastructure Development Corporation Limited (Powerfin) is expected to mobilise Rs 210 crore deposits in the next financial year. The corporation may also get into short-term lending in the next fiscal.
Powerfin, formed a decade ago, mobilises and lends funds on a long-term basis to the Tamil Nadu State Electricity Board (TNEB).
It has also, in the past, dabbled in the short-term lending market and funded the government institutions. The recent hike of power tariff by TNEB is expected to bring in an additional Rs 1400 crore, helping it bridge its annual deficit.
The hike in power charges is expected to reduce the demand from the SEB for funds from the organisations like Powerfin.
As a proactive measure, Powerfin is looking at the option of lending short-term to other state government institutions.
The corporation mobilised Rs 226 crore deposits from the public in the last fiscal. This entire amount was absorbed by TNEB. In the current year mobilisation is expected to be around Rs 182 crore.
The fall in fund mobilisation is mainly due to the four downward revisions in interest rates, totalling close to two percent, the corporation had effected during the year.
A Jayaraman, the deputy general manager and company secretary, said ,
