Power Grid transmits about half of total power generated in India
Power Grid transmits about half of total power generated in India

Power Grid to raise Rs 10,000 crore, board meeting on July 3

ANI | Updated: Jun 28, 2019 12:43 IST

Gurugram (Haryana) [India], June 28 (ANI): Power Grid Corporation of India said on Friday it plans to raise about Rs 10,000 crore from the domestic market through the issue of bonds in a bid to fund its capital requirements.
The company's board of directors will meet on July 3 to consider the plan of issuing secured I unsecured, non-convertible, non-cumulative I cumulative, redeemable, taxable I tax-free debentures I bonds under private placement during the financial year 2020-21 in upto 20 tranches I offers, it said in a statement.
Power Grid is a government-owned electric utility company and transmits about 50 per cent of the total power generated in India on its network.
It recently formed a joint venture company with public sector utility NTPC to accelerate the pace of power distribution reforms. Both companies will have 50:50 equity base in the National Electricity Distribution Company.
This paves way for NTPC, a leading power generator, and Power Grid, which owns the country's largest power transmission network, to get into consumer electricity supply business.
The development comes at a time when the government's ambitious scheme UDAY (Ujwal Discom Assurance Yojana) has been declared as a failure by several agencies. (ANI)