The Power Grid of India Board increased the borrowing limit to Rs. 2.2 lakh crore has been approved

State-owned Power Grid Corporation on Friday said its board has set its borrowing limit at Rs. 1.8 lakh crore to Rs. 2.2 lakh crore has been approved.

The board, in its meeting held on Friday, also approved a proposal to raise foreign currency funds through external commercial borrowings (ECB) of up to USD five hundred million (USD 500 million) from Bank of Baroda, a regulatory filing said.

According to a regulatory filing, the board, subject to shareholders’ approval at the upcoming Annual General Meeting (AGM), has raised the borrowing limit to Rs. 1,80,000 crore to Rs. 2,20,000 crore was approved.

The Board has sanctioned an amount of Rs. It also sanctioned investment at an estimated cost of 772.65 crores, to be implemented by August 12, 1218 within 30 months from the date of allotment.