PFC to raise USD 300 million through ECB

NEW DELHI: State-owned PFC, the financial institution for lending to the power sector, will soon tap the global debt market to raise USD 300 million.

"We would be raising USD 300 million through external commercial borrowing route by March 31," R Nagarajan, Director (Finance and Financial Operations), of Power Finance Corporation (PFC), told.

For raising this amount via ECB, PFC has received the Reserve Bank of India's approval, which expires on March 31 this year.

PFC has set a target of raising funds to the tune of Rs 21,000 crore during the current financial year. It has raised Rs 16,000 crore so far.

Meanwhile, PFC recorded 66 per cent jump in its profit at Rs 563.6 crore for the quarter ended December 31, 2009 compared to Rs 338.9 crore in the corresponding quarter of the last fiscal.

Net profit for the nine-month period ended December, rose 82 per cent at Rs 1,756.4 crore from Rs 964.60 crore during the same period last fiscal.

It disbursed loans worth Rs 15,355 crore in the third quarter compared to Rs 14,101 crore in the same period last year.