PFCs to launch IPO soon: CMD

Shimla, Mar 12 (UNI) The Power Finance Corporation of India (PFC) will soon launch an IPO (initial public offer) of Rs 150 crore with 10 per cent fresh equity infusion and five per cent equity of the central government, said Chairman and Managing Director (CMD) of the company V K Garg today.

''The Rs 150 crore IPO will be launched soon with a book value of Rs 65 each share,'' Mr Garg said, while addressing a press conference here.

Mr Garg was here to participate in the fifteenth one-day meeting of the PFC representatives with chiefs of public power utilities and state energy secretaries, which was to be inaugurated by Union Power Minister Sushil Kumar Shinde.

Mr Shinde however, had to cancel his visit as his helicopter reportedly could not land due to the dense fog in the state.

Mr Garg said the PFC now figured among the top ten public sector units (PSUs), adding that the company had been made the nodal agency for setting up five ultra mega power projects, each having a capacity of 4,000 MW and involving an investment of Rs 80,000 crore.

He also expressed his willingness to finance nuclear power projects in the country, saying ''we certainly want to finance nuclear projects, just as we are funding hydel and thermal projects in the country''.

The main objective of the meeting between the PFC representatives and the chiefs of public power utilities and state energy secretaries was to have a better understanding of the needs and expectations, which the state utilities and state governments may have from PFC, besides evolving a common strategy to reorient its operations.

The PFC chief said meeting led to an in-depth interaction on a wide range of issues, including existing bottlenecks in improving state power utilities' performance and its role in mitigating such problems.

''During the current financial year, we have already financed power projects estimated to be around Rs 22,000 crore, which will increase to Rs 50,000 crore in the next six years,Ғ Mr Garg added.

The PFC was also willing to finance five MW hydel power projects in the state, Mr Garg said, adding that would be on the basis of the project report and the track record of the people applying for loans.

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