State-owned Power Grid Corporation of India (PGCIL) on Friday secured board approval to raise its overall borrowing limit to Rs 2,20,000 crore from the existing Rs 1,80,000 crore, subject to shareholders' approval at the forthcoming annual general meeting (AGM).
According to a regulatory filing, the company's board approved the proposal at its meeting held on Friday. The enhanced borrowing ceiling will come into effect after receiving shareholders' nod at the ensuing AGM. The board also approved raising foreign currency funds of up to USD 500 million through external commercial borrowings (ECB) from Bank of Baroda.
Separately, PGCIL received investment approval for the upgradation and conversion of the Udumalpet–Madurai 400 kV single-circuit transmission line into a 400 kV (quad) double-circuit line.
The project entails an estimated investment of Rs 772.65 crore and is scheduled to be completed within 30 months from the date of allocation, with implementation targeted by 11 August 2028. The transmission upgrade is aimed at strengthening power evacuation infrastructure and enhancing grid reliability in the southern region. |
