Energy Grid of India board okays elevating borrowing restrict to Rs 2.2 lakh cr

State-owned Energy Grid Company on Friday stated its board has permitted the proposal to lift its borrowing restrict to Rs 2.2 lakh crore from Rs 1.8 lakh crore.

The board, in its assembly held on Friday, additionally permitted the proposal of elevating overseas forex funds by Exterior Industrial Borrowings (ECB) as much as USD 5 hundred million (USD 500 million) from Financial institution of Baroda, a regulatory submitting said.

In response to the regulatory submitting, the board permitted a proposal for the enhancement of borrowing limits from Rs 1,80,000 crore to Rs 2,20,000 crore, topic to the approval of the shareholders on the ensuing annual normal assembly (AGM).

The board additionally gave funding approval for ‘Upgradation / Conversion of Udumalpet – Madurai 400kV S/c line to Udumalpet – Madurai 400kV (quad) D/c line’ at an estimated price of Rs 772.65 crore, scheduled to be carried out inside 30 months from the date of allocation by August 11, 2028.