India’s Power Finance Corp. (PFC) has secured board approval for rolling out a private equity fund, Economic Times reports. The $1 billion fund, which may be in place over the next six months, will be launched with $300 million initially. The board has also cleared PFC’s proposal to start a process for selecting a private Indian partner for the fund in the interim period.

The lender, which can raise $1.375 billion from infrastructure bonds and about $997 million from tax-free bonds, has so far raised $84.71 million from tax-free bonds and $17.94 million from infra bonds in the first tranche. PFC has recommended raising $1 billion through external commercial borrowings, which is likely to be completed by December next year.

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