PFC to raise foreign currency borrowing going ahead: CMD

New Delhi, Sep 8 (IANS) Power Finance Corporation (PFC) is likely to increase foreign currency borrowing going ahead, said Ravinder Singh Dhillon, the CMD of the company.

In his speech at the 34th Annual General Meeting of PFC, Dhillon said that in the financial year 2019-20, the company raised $3 billion from international markets. “In the last financial year, PFC raised about USD 3 billion from international markets. Now, the share of foreign currency borrowings in the overall borrowing has increased to 16 per cent. Going forward, we expect the foreign currency borrowings to contribute to our portfolio to a greater extent,” he said.

The CMD noted that on the borrowing front, the company’s efforts towards diversification of the borrowing portfolio has started yielding results. He said that PFC Group disbursed more than Rs 1.4 lakh crore in the last financial year.

“The loan assets also crossed the Rs 3.5 lakh crore milestone and saw a robust growth of 10 per cent during the year,” Dhillon said. He also noted that there have been significant developments on the stressed assets front. GMR Chhattisgarh and RattanIndia Amravati, two of PFC’s large stressed assets were resolved during the year. Also, resolution plan for Suzlon Energy and Essar Power Transmission were approved, Dhillon said.

–IANS

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