TATA Group owned Tata Power hopes to raise funds worth $250 million from the market through global depository receipt (GDR) following the success of two recent issues in which Tata Steel and Suzlon Energy raised more than $600 million through the sale of shares to the international investors.

The firm may get advantage of reviving global economy and two successful issues by Tata Group reflect investor's faith in the domestic firms. Prithvi Haldea, MD of market tracking firm Prime Database, said, "The issues show initial signs of revival of interest in Indian companies among foreign investors."

Sources said that HSBC will put $150 million in the fund-raising program, acting as anchor investor to the GDR. Tata Power will use the funds to further expand its business and it has an option to retain more than Rs 1,200 crore.

Tata Steel Group CFO, Koushik Chatterjee informed that the GDR offering has attracted demand from very good quality investors, which enabled the company to increase the offering size to $500 million.

World's sixth largest steel producer, Tata Steel will retain $100 million under the green shoe option while world's fifth-largest turbine maker, Suzlon Energy will also use funds to meet its financial needs.