GAIL India to Borrow $300 Million Abroad, Seeking Cheaper Funds
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GAIL India Ltd., the nation’s biggest gas distributor, plans to borrow $300 million overseas next month to take advantage of lower interest rates outside the country for funding pipeline projects.
The company has tied up 12.5 billion rupees ($267 million) in a rupee-denominated loan from HDFC Bank Ltd. at 10.03 percent and is delaying drawing the money as it seeks cheaper funds overseas, P.K. Jain, director of finance, said by telephone from New Delhi. The utility may sell bonds overseas in November, although it is yet to decide the size, he said.