State-run firms seen raising Rs 618 bn in FY10
India's state-run companies are likely to raise about Rs 618 billion through bondsand overseas borrowings in the 2009/10 fiscal year, the government's interim budget documents showed. The fund-raising would include about Rs 454 billion through bonds, and about Rs 164 billion in overseas borrowings, government data showed. The borrowers include ONGC, Indian Oil Corp (IOC), Shipping Corp of India (SCI), Bharat Sanchar Nigam Ltd (BSNL), National Highways Authority of India (NHAI) and Indian Railways.
The government charted spending plans for the 2009/10 fiscal year from April to July, in an interim budget to take care of essential spending during and in the immediate aftermath of the general elections. According to the documents, 93 state-owned companies would invest 2.07 trillion rupees in FY10, from an expected 1.84 trillion rupees in this fiscal year, ending on March 31.
These companies are seen investing about 985 billion rupees of their cash reserves into projects in FY10, compared with an estimated nearly 900 billion rupees in this fiscal year. National Aviation Company of India Ltd (NACIL) would raise 75.30 billion rupees through overseas borrowings in FY10, from an estimated 37.07 billion rupees this year.
IOC is likely to raise 15 billion rupees through bonds, and 81.38 billion rupees from other sources, the documents said. BSNL has plans to raise 69.09 billion rupees through bonds. State-run power companies are likely to raise 186.08 billion rupees through bonds, and 57.27 billion rupees from overseas borrowings.
NTPC, India's largest power producer, has plans to raise 79.12 billion rupees through bonds and 34.18 billion rupees from overseas borrowings. National Hydro-electric Power Corp is likely to raise 38.19 billion rupees through bonds. Power Grid Corp plans to sell 68.78 billion rupees of bonds and raise 22.02 billion rupees through overseas borrowings in 2009/10. Nuclear Power Corp of India, which has plans to set up nuclear power reactors, is likely to raise 8.38 billion rupees through bonds, while National Airport Authority of India has plans to raise 20.04 billion rupees through bonds.
The interim budget documents said Indian Railways could raise 80.30 billion rupees and Housing and Urban Development Corporation 22 billion rupees through bonds in FY10.
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