Indian power majors to raise $1 billion in UK via masala bonds

State-run power companies are planning to raise nearly $1 billion (about Rs 64 billion) through masala bonds in the UK during 2017-18. While NTPC Limited is expected to raise Rs 20 billion-Rs 30 billion to fund capital expenditure, PFC too is considering raising Rs 20 billion-Rs 30 billion to fund the expansion of the country’s transmission, distribution and generation infrastructure. Other companies looking at tapping the route include Power Grid Corporation of India Limited, the Indian Renewable Energy Development Agency, the Solar Energy Corporation of India and Energy Efficiency Services Limited. Funds raised by these power companies could aggregate around Rs 10 billion.