Top PSU financiers race to tap RBI’s hedge window, eye $5 bn ECBs
At least five large institutions—Housing and Urban Development Corp. (Hudco), National Bank for Financing Infrastructure and Development (NaBFID), Power Finance Corp. (PFC), Rural Electrification Corp. (REC) and Indian Railway Finance Corp. (IRFC)—are planning to raise over $5 billion through external commercial borrowings (ECBs), as the scheme announced last week could make overseas funding cheaper than domestic debt for these infrastructure financiers, according to five officials in the know.
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