Monday, 27 June 2016

Food Corporation of India to raise Rs 20,000 crore short-term loan

NEW DELHI: State-run Food Corporation of India (FCI) has invited bids from the scheduled banks for raising short-term loan of Rs 20,000 crore to meet the cost of procurement.
The Corporation is raising the loan because its subsidy arrears have touched Rs 58,650 crore, as on March 31, a source said."FCI intends to raise short-term loan of Rs 20,000 crore with greenshoe option (the borrowing through STL will not exceed Rs 30,000 crore at any point of time) from scheduled banks .

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