India's Power Finance Corp. Ltd. plans to raise 700 billion Indian rupees in the 2017-2018 fiscal year through the issuance of a mix of financial instruments, The Economic Times reported June 7, citing Rajeev Sharma, the company's chairman and managing director.

The company will issue external commercial bonds, rupee-denominated masala bonds and other instruments. It also sought permission to issue 54EC capital gain tax bonds.

Sharma said the company is diversifying its borrowing portfolio to reduce cost of funds.

As of June 7, US$1 was equivalent to 64.42 Indian rupees.