Power Finance Corporation(PFC) has approached RBI for in-principle approval of US$ 1 billion to set up a Medium Term Notes (MTN) programme for raising ECBs. The proceeds of the ECB would be utilized for funding the power projects including Ultra Mega Power Projects financed by the PFC.
Giving this information in a written reply to a question in Rajya Sabha today the Minister of State for Power Shri K.C.Venugopal said that Rural Electrification Corporation (REC) intend to mobilize more than US$ 1 billion from ECBs during the current financial year i.e. 2011-12. He said the money will be utilized to fund infrastructure projects in the power sector. The Minister added that the REC has since received approval for raising US$ 750 million through ECB.
Giving this information in a written reply to a question in Rajya Sabha today the Minister of State for Power Shri K.C.Venugopal said that Rural Electrification Corporation (REC) intend to mobilize more than US$ 1 billion from ECBs during the current financial year i.e. 2011-12. He said the money will be utilized to fund infrastructure projects in the power sector. The Minister added that the REC has since received approval for raising US$ 750 million through ECB.
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