PowerGrid to raise Rs3,000 crore via bond sale
Central transmission utility PowerGrid plans to raise Rs 3,000 crore through the issue of bonds by January next year. This was stated by the company’s director finance, J Sridharan on the sidelines of an event in the capital. PowerGrid is also seeking loans to the tune of Rs8,750 crore from the World Bank and the Asian Development Bank to fund upcoming transmission projects in the country.
The company had earlier said that it has sent a proposal to the Ministry of Finance through the Power Ministry to negotiate with the multilateral lending agencies. The company plans to invest Rs55,000 crore to set up transmission lines in the country during the current Five Year Plan (2007-12).
PowerGrid plans to augment its transmission capacity to 23,400 MW in the current fiscal (2009-10) from the existing 19,800 MW and enhance it to 37,000 MW within the Plan period.