"We have asked the government to extend credit to two projects in South Asian region, possibly in Bangladesh and Sri Lanka, where we have secured contracts for equipment supply ... This will enable us meet the global bidding condition that a bidder should have experience of handling two international projects," Bhel chief executive KG Ramachandran has said.

The corporation could not undertake massive capital intensive projects on its own by giving 100 per cent credit on account of both the Financial implications and risk factors, he told PTI here.

"In case government agrees to give credit to such projects, we will also chip in for extending Finance... Such credit facility can be routed through exim bank," he said, adding that he had taken up the issue with both the Finance and the heavy industry ministries.

Ramachandran said that Bhel had jointly bid with a US power giant for two projects in Egypt and Taiwan and would explore possibilities for joining power MNCs like Foster Wheeler for securing third country projects through a consortium approach.

"We are already in touch with a few companies while many MNCs have also approached us as we have the advantage of supplying equipment in Asia at the least cost as against the massive transportation outgo from Europe or America," he said.

"We do not have large project reference anywhere in the world and to increase our exports and global presence Bhel also needs suitable government support for credit to enter into new markets," Bhel chief said.

Ramachandran said that although Bhel had executed two 120 mw power projects in Libya during early 1970s, their reference for global bids now would not be acceptable and Bhel needed government support to become a global equipment supplier and truly an Indian MNC. Such references could be obtained only through executing a few projects in developing or least developed countries, he said, adding that in all such cases the concerned governments or project promoters seek credit facilities and "it is not possible for Bhel to give 100 per cent credit against the present level of our exports."

Ramachandran, however, said as part of the new business strategy the corporation would back its bids both in India and abroad with Financial participation by way of credit facilities or minority equity participation.He said as a debt free company, whose paid up capital was far less than the authorised capital, Bhel had substantial potential to raise finances and it had already tied up a credit line of about Rs 2,000 crore from ICICI, IDBI and IFCI.

"With our net worth of Rs 3,500 crore and potential to raise resources, Bhel can arrange loans up to Rs 20,000 crore and we will utilise this to expand our business," the Bhel chief executive said.