State-run Power Grid Corporation (PGCIL), which reported 14.37 per cent increase in its net profit for the quarter ended September 30 at Rs 2,141.04 crore, plans to raise around Rs 3,000 crore through masala bonds.
The Navratna firm company, which had reported a net profit of Rs 1,872 crore in the corresponding period last fiscal, has already approached the Reserve Bank of India (RBI) for raising funds through masala bonds.
Masala bonds are bonds issued outside India but denominated in Indian Rupees, rather than the local currency.
"We have been raising through domestic and overseas bonds. Masala bonds are also an option that we are looking at. We have already approached the RBI for its approval for raising around Rs 3,000 crore through masala bonds," PGCIL Director (Finance) K Sreekant told PTI here.
He said the company is hopeful to come out with this bond by the end of this financial year.
For this financial year, the company has set a capex target of Rs 25,000 crore.
"We have already raised around Rs 6,100 crore through bonds and we will need to raise another Rs 18,000 crore through debt," Sreekant said.
The company reported a total income of Rs 7,492 crore for second quarter against Rs 6,480 crore in the corresponding period last fiscal, registering a growth of 16 per cent.
During the quarter, PGCIL added about 2,260 ckm of transmission lines, four substations and aggregate transformation capacity of 17,500 MVA.
The company's physical assets as on September 30 include more than 142,990 ckm of transmission lines, 226 substations with transformation capacity of more than 3,11,100 MVA.
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