Rural Electrification, an Indian state-controlled lender to power projects, has increased the size of its yen-denominated loan and expects to borrow as much as $230 million, finance director Hari Das Khunteta said.

The New Delhi-based lender signed the five-year facility for $150 million, arranged by Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking and Mizuho Financial Group, last month, Khunteta said in a telephone interview.

Syndication to other lenders is expected to close as early as tomorrow and a mix of Japanese and Taiwanese banks are expected to lend the balance, Khunteta said.