Power Grid board approves $1 bn medium term note, Rs5,000 crore masala bonds
- Mohammed Shami cleared of corruption charges, BCCI renews his central contract
- Bharat Dynamics shares fall 16% on stock market debut
- Bitcoin slumps after Japan warns major cryptocurrency venue
- The idea of Dravida Nadu
- Monsoon rains in India unlikely to be affected by El Nino: Ministry of Earth Sciences
New Delhi: 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.