Business Daily from THE HINDU group of publications
Friday, Jan 05, 2007
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Business Daily from THE HINDU group of publications Friday, Jan 05, 2007 ePaper |
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Corporate
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Overseas Borrowings Industry & Economy - Power Markets - IPOs Our Bureau
New Delhi , Jan 4 Power Grid Corporation of India Ltd (PGCIL) hopes to conclude loan agreements with World Bank and Asian Development Bank next year for $2 billion to fund power transmission projects. The state-owned utility also plans to come out with an initial public offering in the first quarter of the next fiscal to part-finance its expansion plans. Elaborating on the multilateral loans, the Chairman and Managing Director, Mr R.P. Singh, told reporters: "The loan agreements may take another six months to a year." The loan is likely to have tenure of 20 years. The company proposes to fund transmission projects, which includes building lines to carry power from the seven proposed Ultra Mega projects to ramp up the country's power generation capacity to 2 lakh MW by 2012. Separately, the company plans capital expenditures of up to Rs 9,100 crore during the next fiscal to fund ongoing and new projects, Mr Singh said. During the current financial year ending March 31, the company expects to spend around Rs 6,100 crore, compared with an initial target of Rs 4,800 crore, he said. PGCIL will enter the capital market with an IPO in the first quarter of the next fiscal. "We will come out with the IPO by April-May this year," Mr Singh said, adding that the proceeds would be used to fund expansion plans, but declined to divulge how much the company hoped to raise or the likely price band.
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