Power Grid of India board okays raising borrowing limit to Rs 2.2 lakh cr

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 USD five hundred million (USD 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.