Power Grid raises Rs 4,000cr

Power Grid Corporation has raised close to $1 billion (Rs 4,000 crore) via loans from Asian Development Bank (ADB) and The World Bank.

According to a release issued by Power Grid to the BSE today, the company has signed a loan agreement with ADB, Manila for $400 million. The loan is part of ADB's newly introduced loan facility called Multi-tranche Financing Facility (MFF), which is based on time-sliced approach.

It has also signed an agreement with The World Bank for $600 million. The loan will be utilised to fund a basket of transmission projects during the 11th Plan.