PTC India Financial sanctions loans of Rs 716 crore for four power projects

NEW DELHI: PTC India Financial Services today said it has sanctioned loans worth Rs 716 crore for four power projects in the third quarter of current fiscal so far.

The entity, a leading infrastructure finance company, is part of power trading solutions provider PTC India.

In a statement, PFS said it has sanctioned financial assistance worth Rs 716 crore to four power projects, taking the aggregate amount of loan sanctions to Rs 2,255 crore till date in FY 12.

"This exceeds the aggregate amount sanctioned during the entire FY11 which was Rs 1,658 crore," it noted.

The effective undisbursed debt sanction at the end of H1 FY 12 stood at Rs 3,102 crore.

"PFS has loan pipeline of projects both for long term and mezzanine funding, which offers potential for additional sanction of more than Rs 4,000 crore," the statement said.

Noting that the company has no exposure to power distribution firms, PFS said there is increasing number of proposals for "mezzanine/short-term funding and for renewable projects, which may result in to quicker disbursement".

The firm saw an 11 per cent rise in profit after tax at Rs 22.64 crore for the three months ended September, notwithstanding losses related to foreign exchange.