India Power Fund, a venture capital fund of Power Finance Corporation, catering to the need of India’s growing power needs will be operationalized by the end of the current financial year. The fund has been in the pipeline since February 2004 when it was announced by the NDA government to meet the shortfall in equity needs for the power sector.
The Indian power sector needs an investment of more than $100 bn to add 68,000 MW of additional generation capacity, besides transmission and distribution network by 2012. Life Insurance Corporation (LIC) is already participating as one of the partners contributing to the fund. The power ministry has sought an income-tax exemption of 20% of the total contribution for five years to the fund as it feels tax break will help mop up resources.
Read The Economic Times for more details.
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