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PowerGrid to raise $3 b from World Bank, ADB
Our Bureau
New Delhi, Sept. 6 Power Grid Corporation of India (PGCIL) plans to raise around $3 billion (about Rs 12,300 crore) from multilateral agencies to fund various transmission projects during the current Five-Year Plan period.
PGCIL plans to take loans of about $2 billion (around Rs 8,200 crore) from the World Bank and $1 billion (around Rs 4,100 crore) from the Manila-based Asian Development Bank, the Power Minister, Mr Sushilkumar Shinde, said in a written reply in the Rajya Sabha.
The country’s biggest transmission utility drew the first tranche of $400 million (around Rs 1,640 crore) from the World Bank in December 2006 and is considering availing the second tranche of $600 million (around Rs 2,460 crore) during the current calendar year. The $1-billion loan from ADB is aimed at part-financing the National Grid Project.
PGCIL, which will launch its IPO on September 10 for raising an estimated Rs 3,000 crore from the capital market, has been regularly borrowing from the overseas markets and from multilateral institutions to fund transmission projects.
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