India's principal power transmission company Power Grid Corporation of India Limited (PCIL) will raise multi-lateral loan assistance of $3 billion (Rs 12,500 crores) from the World Bank and Asian Development Bank (ADB) to fund various projects during the eleventh five year plan.
Out of the $3 billion, PCIL will take $2 billion (Rs 8,350 crores) loan from World Bank and $1 billion ( Rs 4,150 crores) from ADB. The loans are proposed to be availed in tranches. According to a written reply in the Rajya Sabha from the power ministrym, out of the $2 billion from the World Bank, the first tranche of $400 million (Rs 1,650 crores) had become effective in December 2006. The proposal for availing the second tranche of $600 million (Rs 2,500 crores) during 2007 is under consideration.
The PGCIL has proposed for ADB funding for the National Grid Development Programme. The total programme cost is estimated at $2,577 million out of which ADB funding is $1 billion.
The ADB has proposed to provide a multi-tranche sovereign guaranteed loan of $800 million and non-sovereign loan of $200 million for two components of the National Grid Development Programmes. The first one involves upgradition of transmission capacity from Uttarakhand (component 1, estimated cost $383 million) and second 800 KV High Voltage Direct Current (HVDC) Northeastern-Northern/Western inter connector ( component second estimated cost $2,194 million). The sovereign guaranteed loan ($ 800 million) will be under the multi-tranche financing facility of ADB.
PCIL plans to invest Rs 55,000 crores over the next five years for transmission and telecommunications projects
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Thursday, September 6, 2007
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