Power Grid on Friday said its board has approved the proposal to launch $1 billion medium term note (MTN) programme to mobilise funds from international markets, and issue of rupee denominated Masala bond to raise up to Rs5,000 crore. The board of directors of the company in its meeting held on Friday also approved an investment of Rs186.17 crore for a transmission system to evacuate power from NLC Ltd power plant of 1,000MW at Neyveli in Tamil Nadu, the company stated in a BSE filing. According to the statement, the board also approved an investment of Rs175.64 crore for setting up transmission network for Ultra Mega Solar Park (700 MW) at Banaskantha in Gujarat. Power Grid is a central transmission utility and providing power transmission services to state utilities and other players as well.
Source:PTI
