India's PowerGrid to borrow $ 2 bn from World Bank and ADB
Central transmission utility PowerGrid Corp said it will borrow $ 2 bn (about Rs 10,000 crore) from the World Bank
and Asian Development Bank (ADB) to part finance Rs 55,000 crore investment plans till 2012.
PowerGrid would get the global apex monetary body's loan of $ 1 bn by June, 2009, and that from ADB ($ 1 bn) in the
next financial year 2010-11. These loans would be utilised for financing the company's projects over a period of 3-4
years.
"The World Bank loan would be approved by June this year, it is also the end of their (WB) financial year, and this
amount would be utilised for projects till the end of the current plan and beginning of next plan (2012-17)," CMPD
PowerGrid S.K. Chaturvedi told.
The ADB loan would be utilised for building the transmission link for the 4,000-MW Tilaiya Ultra Mega Power Project
in Jharkhand, slated for commissioning in 2015, sources said.
This is part of company's plan to invest Rs 55,000 crore for setting up transmission lines in the country during the
on-going 11th Five-Year Plan.
PowerGrid plans to augment its transmission capacity to 23,400 MW in the current fiscal, from the existing 19,800 MW
and further enhance it to 37,000 MW within the plan period.
