Power Grid Corporation of India Secures ₹4,000 Crore Loan from SBI
Powergrid board approves proposal to raise Rs 4,000 cr from SBI
News 18
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The Power Grid Corporation of India, the country's largest electric power transmission utility, has received approval from its board to raise ₹4,000 crore (approximately $480 million USD) through an unsecured loan from the State Bank of India. This funding is aimed at enhancing its operations under the Ministry of Power.
- 01Power Grid Corporation of India approved a ₹4,000 crore loan from SBI.
- 02The funding will be raised through an unsecured rupee term loan.
- 03Power Grid is the largest electric power transmission utility in India.
- 04The decision was made by the company's Board of Directors.
- 05This move supports the Ministry of Power's initiatives.
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On April 30, 2023, the Power Grid Corporation of India, which operates under the Ministry of Power, announced that its Board of Directors has approved a proposal to raise ₹4,000 crore (approximately $480 million USD) from the State Bank of India (SBI). The funds will be acquired through an unsecured rupee term loan or line of credit. As India's largest electric power transmission utility, Power Grid plays a crucial role in the country's energy infrastructure, and this funding will bolster its operations and initiatives aimed at enhancing power transmission capabilities across the nation.
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The loan will enhance Power Grid's ability to improve electricity transmission infrastructure, potentially leading to better power supply for consumers.
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