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Govt plans Telecom Finance Corp by 2017

By PTI

  • 04 Aug 2014
Govt plans Telecom Finance Corp by 2017

The government proposes to set up a Telecom Finance Corporation (TFC) in the 12th Five Year Plan period (2012-17) which will be registered as a non-banking and non-deposit infrastructure finance company.

"It would be registered as non-banking finance company and non-deposit infrastructure finance company. The Telecom Finance Corporation would be a public sector unit under the administrative control of Department of Telecom," Communications and IT Minister Ravi Shankar Prasad said in a written reply to the Lok Sabha.

He added the time frame to set up proposed TFC is up to March 31, 2017, that is within 12th five year plan.

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Prasad said the main sources of funds for TFC shall be through issue of taxable and tax-free bonds.

The other source of funds include term loans from banks/financial institutions and off-shore borrowings and borrowings from multilateral agencies such as Asian Development Bank, International Monetary Fund, World Bank and other sovereign funds.

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