Petronet to raise $1 bn to build power plants

New Delhi: Petronet LNG Ltd plans to raise Rs5,000 crore ($1 billion) in debt to build power plants, taking advantage of increasing availability of the fuel in the South Asian nation. The money will be borrowed from overseas and local banks by the end of 2010, managing director P. Dasgupta said over the telephone from New Delhi on Thursday. Petronet may raise an additional Rs2,000 crore in 2011, selling shares to existing investors.