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Power Grid Corp Board Approves Major Borrowing Limit Hike
27 Jun
Summary
- Power Grid Corp's board approved raising its borrowing limit.
- The proposed limit increase is to ₹2.2 lakh crore from ₹1.8 lakh crore.
- An investment of ₹772.65 crore was approved for a line upgrade.
The state-owned Power Grid Corporation's board of directors has given its approval for a substantial increase in the company's borrowing limit. The proposed enhancement would see the limit rise to ₹2.2 lakh crore, an increase from the current ₹1.8 lakh crore. This decision is contingent upon the approval of shareholders during the forthcoming annual general meeting.
In parallel, the board has also sanctioned the raising of foreign currency funds, specifically up to USD 500 million through External Commercial Borrowings from the Bank of Baroda. Furthermore, a significant investment of ₹772.65 crore has been approved for the upgradation of the Udumalpet Madurai 400kV S/c line to a Udumalpet Madurai 400kV (quad) D/c line. This infrastructure project is slated for implementation within 30 months.
