KSPIFC looking for funding options

THIRUVANANTHAPURAM: The Kerala State Power and Infrastructure Finance Corporation Limited (KSPIFC), which was incorporated as a public limited company in 1998 and funding exclusively for the Kerala State Electricity Board (KSEB) projects is now looking for funding options.The KSEB no more requires funding for its projects as it has surplus funds.This year, the KSPIFC is planning to spend its own funds of Rs 50 crore and borrow Rs 100 crore for Infrastructure projects.KSPIFC business manager and MD K K Devi told Express that the Corporation is wooing state PSUs to utilise the funds and looking for viable projects to fund.In 2006, the state government gave approval for providing financial assistance for other Infrastructure projects in addition to Power sector. Thereafter, no projects were funded by the KSPIFC for the Board.The Corporation is now funding only viable Infrastructure projects and to those government agencies that are providing equipment for KSEB projects.Last year, the Corporation disbursed loan worth Rs 26 crore to the agencies. As per understanding, the Board will pay back with interest directly to the Corporation.At present all projects were carried out with the fund of the Board, KSEB sources said.Moreover, the Board also received Central allocation for various projects.The main objectives of the company were to finance for development and operations of the KSEB, development and operations of the power sector projects, units and stations involved in the generation, transmission and distribution of electricity within the state, to assist the KSEB with long, medium and short term loans and also to enter into business segment of building commercial complexes on a Build Operate Transfer (BOT)  basis.However, the focus of the Corporation has changed with funding for Infrastructure projects.The PWD contractors are also given funds for the construction of roads on condition that the PWD will pay back the money to the Corporation.“We are ready to give financial assistance to all the major viable projects in the state including Kannur Airport, Vizhinjam Port, commercial complexes and other BOT projects.