Power Grid board approves USD 1 bn MTN, Rs 5K cr masala bonds

Power Grid today said its board has approved the proposal to launch USD 1 billion medium term note (MTN) programme to mobilise funds from international markets, and issue of rupee denominated Masala bond to raise up to Rs 5,000 crore.
The board of directors of the company in its meeting held today also approved investment of Rs 186.17 crore for a transmission system to evacuate power from NLC Ltd power plant of 1,000 MW at Neyveli in Tamil Nadu, the company stated in a BSE filing today.
According to the statement, the board also approved investment of Rs 175.64 crore for setting up transmission network for Ultra Mega Solar Park (700 MW) at Banaskantha in Gujarat.

Power Grid is a central transmission utility and providing power transmission services to state utilities and other players as well.