REC tops power project borrowers in India

India has approved fund raising worth Rs 60,950 crore by companies through external commercial borrowing or foreign currency convertible bonds for infrastructure projects in the last two financial years.

Rural Electrification Corporation topped the list of biggest overseas borrowers for infrastructure projects in the Indian power sector at Rs 4,050 crore. 

Sasan Power Ltd at Rs 2,187 crore and NTPC Ltd at Rs 1,350 crore. The minister, in the written reply, said the contravention of the ECB guidelines could invite penal action under the foreign exchange management act, 1999.