PGCIL to invest Rs 22,500 crore in FY16
State-run transmission utility Power Grid Corporation (PGCIL) is planning to invest Rs 22,500 crore this fiscal to fuel its expansion plans. “We are well on track on our capex plans. This fiscal, we have earmarked an expenditure of Rs 22,500 crore for FY16, which we will use for expansion,” company’s chairman and managing director RN Nayak said.
He added that the company has already deployed Rs 4,000 crore for various projects in the last two months.
The company has earmarked a capital expenditure of up to Rs 1 lakh crore for five years, ending 2016-17.
“Out of the capex for FY16, we have already spent Rs 4,000 crore in the last two months for undertaking various projects. We plan to maintain 70:30 debt equity ratio,” Nayak said.
The company has also planned to raise up to Rs 12,000 crore through domestic bonds during the year.
“We keep raising funds as and when we require for two-three months. We have already raised Rs 3,000 crore. We will raise the remaining in tranches as and when the markets and rates of interest are favourable,” company’s director (finance) R T Agarwal said.