Business Daily from THE HINDU group of publications
Friday, June 13, 2008 ePaper | Mobile/PDA Version
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Business Daily from THE HINDU group of publications Friday, June 13, 2008 ePaper | Mobile/PDA Version |
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Update at 1645 hrs (IST)
Industry PowerGrid to seek $600 m fresh loan from World Bank, ADB NEW DELHI: State-owned PowerGrid Corp will seek fresh loan of $600 million (Rs 2,400 crore) from the World Bank and the Asian Development Bank (ADB) to fund its mega transmission projects, including those relating to the ultra mega power projects. PGCIL, which has won transmission projects for the three ultra mega power projects, would approach ADB for $400 million and the World Bank for $200 million, a company official said. "This would be over and above $800 million (Rs 3,200 crore) already sought from the two multilateral agencies," he said, adding the loans would be guaranteed by the Government, which owns majority shareholding in the PSU. The company expects to achieve a turnover of Rs 5,400 crore in the next fiscal, an 18 per cent rise over the previous year's revenues. The country requires over Rs 70,000 crore during 2007-12 for expanding and upgrading the electricity transmission net work. Of this, private players would invest only about Rs 20,000 crore and the remaining would have to be spent by PGCIL and other public sector utilities. The company targets to add about 5,500 circuit kms of extra high voltage transmission lines and about 6,300 MVA of transformation capacity in this financial year (2008-09). The BSE listed company, which recently received Navratna status from the government, is planning to foray into the neighbouring countries, beginning with Myanmar. - PTI
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