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Our Bureau

New Delhi , Jan. 18

POWER Grid Corporation of India Ltd (PGCIL) is negotiating with the World Bank and Asian Development Bank (ADB) for raising $2 billion loan, the PGCIL Chairman and Managing Director, Mr R.P. Singh, said on Monday.

Mr Singh said the funds would be utilised for laying transmission lines from various generation stations, besides setting up of the national grid.

He said the State-owned power utility had finalised terms for the loan and would soon be signing the required agreements. "We are negotiating with the World Bank and ADB for raising $1 billion each from the two multilateral institutions," Mr Singh told reporters on the sidelines of an international conference on power transmission. The Corporation plans to invest around Rs 21,000 crore in transmission projects during the Tenth Five Year Plan ending 2007.

Last month, PGCIL had announced that it had raised $400 million from ADB recently to upgrade transmission lines.

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