New Delhi: State-owned Power Grid Corporation on Friday said its board has approved the proposal to raise its borrowing limit to Rs 2.2 lakh crore from Rs 1.8 lakh crore.The board, in its meeting held on Friday, also approved the proposal of raising foreign currency funds through External Commercial Borrowings (ECB) up to $500 million from Bank of Baroda, a regulatory filing stated.According to the regulatory filing, the board approved a proposal for the enhancement of borrowing limits from Rs 1,80,000 crore to Rs 2,20,000 crore, subject to the approval of the shareholders at the ensuing annual general meeting (AGM).The board also gave investment approval for 'Upgradation / Conversion of Udumalpet - Madurai 400kV S/c line to Udumalpet - Madurai 400kV (quad) D/c line' at an estimated cost of Rs 772.65 crore, scheduled to be implemented within 30 months from the date of allocation by August 11, 2028.
Power Grid of India board okays raising borrowing limit to Rs 2.2 lakh crore
Power Grid Corporation's board has greenlit a significant increase in its borrowing limit to Rs 2.2 lakh crore, pending shareholder approval. Additionally, the company plans to secure $500 million in foreign currency funds via External Commercial Borrowings. An investment of Rs 772.65 crore has also been approved for upgrading a key transmission line, expected to be completed within 30 months.
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