Central transmission utility PowerGrid Corporation today said it would borrow $2 billion (about Rs 10,000 crore) from the World Bank (WB) and Asian Development Bank (ADB) to part finance the Rs 55,000 crore investment plans till 2012.
PowerGrid would get the global apex monetary body’s loan of $1 billion by June, 2009, and that from ADB ($1 billion) 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 (World Bank) financial year, and this amount would be utilised for projects till the end of the current plan and beginning of next plan (2012-17),” CMD PowerGrid SK Chaturvedi said.
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.