Power Grid seeks $500 million loan from World Bank

The company said that discussions are undergoing with the Ministry of Power and Ministry of Finance and the World Bank regarding funding assistance of transmission systems for evacuation of power from the solar parks

Central transmission utility Power Grid Corporation has sought $500 million loan assistance from the World Bank for financing projects.

"Discussions are undergoing with the Ministry of Power and Ministry of Finance and the World Bank regarding funding assistance of transmission systems for evacuation of power from the solar parks," Power Grid said in a regulatory filing to the stock exchanges.

For funding of its other transmission projects, Power Grid has submitted a proposal to the Ministry of Power for recommending it for consideration of Finance Ministry for sovereign loan assistance of $500 million from the World Bank, the company said.

The company said, "On approval of concerned schemes and loan approval by Board of Directors of Power Grid, the stock exchanges will be duly informed."

Power Grid is engaged in building transmission projects across the country. It also provides consultancy services in the power sector.

Shares of the company were trading at Rs 152.90 , down 1 per cent on the BSE.