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Kolkata: Government-owned Power Finance Corp Ltd (PFCL) is considering to cut its lending rate by 25 basis points to 11.50% in view of the slash in rates by different banks.
"We may reduce our rates and align it with present market levels," MK Goel, director, institution development and administration, PFC, said on the sidelines of a seminar organised by CII.
At present, the lending rate is 11.75%, Goel said. He did not say when the rate cut is likely to happen.
PFC, the non banking financial institution, financing the power sector, has plans to increase its disbursal by 15-20% at Rs 23,000-24,000 crore in 2009-2010.
Meanwhile, West Bengal State Power Transmission Company is planning to raise Rs 500 crore either through long-term borrowing, issuing bonds or taking syndicated loans.
Chairman MK Dey said the markets are showing a declining trend in terms of bank rates. “We are looking for a low cost debt and it would be ideal if we get it at 9.5%,” Dey said.
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