Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Power Finance Said to Revise Loan Plans and Seek 3-Year Debt

Power Finance Corp. has approached banks for a three-year loan after initially seeking to borrow for five years, according to three people familiar with the matter.

The state-owned Indian lender to power projects revised its loan plans after receiving feedback from banks on the cost of borrowing for a longer duration, the people said, asking not to be identified as details are private. The company is seeking Reserve Bank of India approval for its revised plans, the people said.

R. Nagarajan, Power Finance’s New Delhi-based finance director, didn’t answer three calls to his mobile today seeking comment on the loan.

India’s government restricts the amount and terms of foreign loans for companies. While it raised the cap on foreign borrowings that don’t need approvals to $750 million from $500 million in September, so-called external commercial borrowings greater than the equivalent of $20 million have a mandatory minimum average maturity of five years.

Power Finance borrowed $260 million for six years in March last year and agreed to a margin of 165 basis points more than the London interbank offered rate, according to data compiled by Bloomberg.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.