PFC to sanction Rs 21,500 crore in new fiscal

New Delhi, Apr 1 (UNI) The Power Finance Corporation Ltd (PFC) has set a sanction target of Rs 21,500 crore for the year 2006-07, as per a Memorandum of Understanding (MoU) signed with the Ministry of Power for improving its performance.

The sanctions will include Rs 10,600 crore towards disbursement.

The corporation has pledged that its gross margin will be Rs 1,405 crore.

The MoU enables PFC to raise domestic and external borrowings including issues of bonds, loans from banks and financial institutions and External Commercial Borowings and direct borrowings from World Bank and Asian Development Bank.

The agreement to this effect was signed by PFC's Chairman and Managing Director V K Garg and Power Secretary R V Shahi.

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