PTI

New Delhi, May 4 (PTI) Buoyed by the recently acquired ‘Navratna´ status from the government, transmission major Power Grid Corporation India Ltd (PGCIL) is planning to foray into the neighbouring countries, beginning with Myanmar.

“PGCIL is planning to go in a big way in the neighbouring countries. We are setting up transmission lines in Myanmar,” PGCIL Chairman and Managing Director R P Singh told PTI.

After receiving the ‘Navratna´ status, the public sector company can now take investment decisions without seeking government approval to form joint ventures up to Rs1,000 crore or 15% of its net worth.

“Earlier the joint ventures took time as we had to follow the PIB (Public Investment Board route), but now they take less time,” Singh said.

“The company may also bid to set up electricity distribution networks in Turkey,” he added.

With the government targeting to add 78,000 MW in the 11th Five Year Plan, companies in the power generation and distribution sectors have lined up big investments.

PGCIL is planning an investment of Rs75,000 crore during the plan period. The company has set a target of Rs250 crore from the consultancy projects for 2008-09.

For raising resources for the expansion plans, the company is seeking loans of Rs1,600 crore each from World Bank and Asian Development Bank.