By IANS,
New Delhi : State-run Power Finance Corporation has sought an approval from the Reserve Bank of India to raise $1 billion from external commercial borrowings, the Rajya Sabha was informed Monday.
“Power Finance Corporation has approached the RBI for in-principle approval of $1 billion to set up a Medium Term Notes programme for raising external commercial borrowings (ECBs),” Minister of State for Power K.C. Venugopal said in written reply to a question.
The money would be utilised for funding the power projects, including ultra mega power projects financed by Power Finance Corporation.
The minister said another state-run firm, the Rural Electrification Corporation, intends to mobilise over $1 billion from ECBs during the current financial year.