India’s state-run lender Rural Electrification Corporation (REC) is planning to mop up about $1 billion in FY12 through issue of external commercial borrowings (ECBs) or corporate bond issues in the USA.
Recently, the company had raised $500-million through a bond issue in the international market. The company also announced to raise $200 million from the offshore loan market by the end of the current financial year.
Rural Electrification Corporation is engaged in providing financial assistance to state electricity boards, state government departments and rural electric co-operatives for rural electrification projects as are sponsored by them. The company reported a surge of 40.08% in net profit of Rs 664.09 crore for the quarter ended December 2010 compared to Rs 474.07 crore in the same quarter last year.
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