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June 14, 2001
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Money > Business Headlines > Report June 14, 2001 |
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World Bank to grant $450 m loan to PowerGrid CorpBS Economy Bureau World Bank on Wednesday signed an agreement for granting a $450-million loan to PowerGrid Corporation of India Ltd for its second system development project. The project is estimated to cost $1.3 billion. The agreement was signed here today by World Bank country director Edwin Lim, additional secretary in the department of economic affairs, Adarsh Kishore, and PGCIL chairman RP Singh. The loan is part of the bank's assistance to the power sector reforms in the country, which includes improvement in operations and promoting inter-regional and inter-state power trading. It will be provided directly to Powergrid and the repayment of the interest and the principal would be guaranteed by the central government. Powergrid will pay a guarantee commission of 1.2 per cent to the government. The company will utilise the World Bank loan for power system co-ordination and control and transmission system development including diversification into the telecommunication business. It would enable Powergrid to provide modern facilities for dispatching power efficiently to state utilities and also establish a nation-wide telecommunication network. The project would also enable state utilities to contract, trade and move power across the state boundaries. Powered by YOU MAY ALSO WANT TO READ:
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