The Indian government's Power Finance Corporation, which recently announced a 37% jump in net profits to $355.77 million for the year ending March 31, 2004, plans to diversify into financing rural electrification and renewable energy projects, including wind farms. It hopes to raise funds by converting itself into a universal bank and floating a public offer of shares. The corporation has already sanctioned loans to private power producers amounting to $221.11million.
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