Power Grid board has approved company management’s proposal for investment of Rs 1,931.39 crore for High Voltage Direct Current (HVDC) bipole link between western and southern regions. The project is to be completed within 30 months after board’s approval to the investment proposal.
Besides, the board also has approved raising of rupee term loan of up to INR 3,270 crore from ICICI Bank at 3 Month MCLR of Bank (presently 7.90 p.A.) with reset every 3 months from the date of first disbursement.
Power Grid will have to draw the entire loan as per requirement within 5 years from the date of first disbursement. First disbursement has to be made before August 31, 2017.
Repayment of the loan will begin after 5.5 years from the data of first disbursement. Entire loan will be repayable in 20 half-yearly installments. There will be a grace period of 5 years.
Power Grid has drawn up capex plan of INR 25,000 crore for the current fiscal. It will raise INR 17,500 crore in debts to finance its capex plan.