PGCIL to enter bond market to raise INR 4000 crore
Tuesday, 03 Nov 2009
Central transmission utility Power Grid Corporation of India will hit the bond market to raise INR 4,000 crore this year to part finance its projects, including those in the private sector.
As per report these funds would be used for building a sound transmission network for private power generation companies as well as state-run companies such as NTPC and Damodar Valley Corp.
A senior company official said that “The money will be raised by issuing bonds in two tranches before March 2010.”
Besides issuing bonds, the public sector transmission firm is also seeking loans worth INR 8,750 crore from the World Bank and the Asian Development Bank to finance its projects in the next financial year. The official said that the company has sent its proposal to the finance ministry through the power ministry to negotiate with the multilateral lending agencies.
