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28 April 2004 - Planning to raise Rs 600bn ($13.6bn) from the market over next eight years, India's state-owned National Hydroelectric Power Corporation has set up a dedicated Treasury Management Group to negotiate and arrange the funds at competitive rates.
"We are in a borrowing mood... Looking at the amount we require there was a need for a dedicated group to arrange these finances at a competitive rate of interest," S K Garg, Finance Director of NHPC, said.
The TRG was set up last month and in less than a month NHPC has swapped its high cost debt of Rs 4.3bn, raised in 2001 at an interest rate of 9.55 per cent, with cheaper debt, resulting in saving of about Rs 70m for the first year of the remaining three years, he added.
He also said that NHPC managed to raise about Rs 1.8 billion at an interest rate ranging between 6.25 per cent and 6.75 per cent.
NHPC, which plans to garner huge resources to add over 20 000 MW fresh capacity by 2012, would be going to the market through the dedicated TRG.
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