PFC dips into reserves

NEW DELHI, March 12: Public sector Power Finance Corporation (PFC) has been forced to delve into its reserves to meet disbursal obligations in the wake of its failure to mop up about Rs 800 crore from domestic and global markets.

“We are trying to raise money from alternative sources,besides using our reserves as a short-term measure,” PFC chairman Uddesh Kohli said while admitting that the proposed Rs 225 crore taxable bond issue had been deferred till early 1998-99.

Moreover, PFC was unable to raise about Rs 550 crore through ECB in view of the difficult market conditions, Kohli said.

PFC was targetting Rs 1,300 crore from the markets, including Rs 900 crore from overseas and Rs 400 crore from the domestic markets for attaining its internal disbursal target .of Rs 2,000 crore.