State-run Power Finance Corporation (PFC) plans to raise Rs 22,000 crore through issuing infrastructure and tax-free bonds, among others, during the current financial year.

“Our borrowing target for the current financial year is Rs 30,000 crore, out of which we have already raised Rs 3,400 crore from the follow-on offer, Rs 3,000 crore via bonds and Rs 1,000 crore from term loans,” Chairman and Managing Director Satnam Singh said.

PFC has already received approval from the government to raise Rs 5,000 crore through tax-free bonds and Rs 7,000 crore through infrastructure bonds during 2011-12 and the remaining Rs 11,000 crore may come from another bond issue or external commercial borrowings.

The company’s subsidiary, PFC Consulting, is looking to expand its operation outside the country by entering other Asian countries through joint ventures (JVs) with another consultancy firms. After the JVs, PFC may look at listing the consulting subsidiary, which offers consultancy services to the Indian power market.

It may also invite bids for the second time for consultancy on its foray into the banking sector. The company had received five bids — Icra, Crisil, Deloitte, PwC and KPMG — for consultants on the proposed banking foray. But only KPMG qualified. “The price they quoted was probably high... so we will go for rebidding and would invite the bids again in a week or a fortnight,” Singh added.

Another PFC subsidiary, which will focus on financing of renewable power projects, will start operating in about a month. The authorised capital of the new subsidiary will be about Rs 1,200 crore and the existing renewable energy projects with PFC would go to the subsidiary. Currently, there are about 26 such projects of about Rs 3,000 crore with PFC. PFC will also invite bids for the Cheyyur ultra mega power project project by September. ( BS )