Power Finance Corp. (PFC) has received clearance from the Reserve Bank of India to raise $1 billion in offshore medium-term debt borrowing, Reuters reports. The company is likely to set up an Euro medium-term note (EMTN) program in the next six to eight weeks. PFC will hire bankers for the offering by end of September. It will use the proceeds from the offering to fund the power projects, including ultra mega power projects.
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