India’s Ministry of Railways is seeking to raise $2.2 billion in a sale of tax-free bonds, Bloomberg reports. The transaction will be divided between a private placement and a later tranche for retail investors.

The oldest Asian train network plans to raise a total of $4.56 billion by the end of the year in March, including $750 million from abroad. Out of the total proceeds, $1.18 billion will be used for laying additional rail lines, $467.61 million for widening tracks and $189.28 million for electrification.

Click here for the story from Bloomberg.