International BusinessPowerGrid seeks Rs 8,750 cr from WB, ADB
PowerGrid Corporation is seeking loans of Rs 8,750 crore from the World Bank and the Asian Development Bank (ADB) to fund upcoming transmission projects in the country.
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The transmission monopoly has sent its proposal to the Ministry of Finance through the Power Ministry to negotiate with the multilateral lending agencies.
"The proposals for raising $750 million from World Bank and $1 billion from ADB have been sent to Finance Ministry by the Ministry of Power," a senior company official said, adding "now they (Finance Ministry) would negotiate with the World Bank and ADB."
These loans would be utilised by the company for its projects in the next financial year (2010-11). "This loan would be for the next fiscal projects," he added.
The company plans to invest Rs 55,000 crore to set up transmission lines in the country during the current XIth 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.