27-May-2011
Source : Capitalmarket.com
Rural Electrification Corporation Limited (REC), a state owned lender to Indian power projects is in talks with Life Insurance Corporation of India (LIC) to borrow Rs 15 billion, as it is likely to lend Rs 300 billion in India this year.
REC may increase disbursals to Rs 300 billion ($6.6 billion) in the year and is planning to rise $1.5 billion, or 23 % of the funds it needs this financial year, from overseas bonds and loans. The company will raise the remaining money from rupee loans domestically.
So as a part of this, the lender is in talks with state-owned LIC to borrow 15 billion rupees at 9.35% over 10 years. The company is also raising $750 million in yen, Swiss franc and dollar bonds and will arrange an additional $750 million after getting the central bank approval.
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