India's Power Grid Corp enters pact with ICICI Bank
India's state-run power grid operator, Power Grid Corp, has entered a INR3,270 crore ($500m) loan agreement with ICICI Bank to help fund its capital investment programme. The utility company has budgeted for INR25,000 crore ($3.8bn) of investment between 2017 and 2018, and has issued bonds to help finance it. Power Grid Corp has also secured two other long-term loan agreements with Asian Development Bank, totalling $725m.

NEW DELHI: State-run Power Grid Corp today said it has entered into a term loan facility agreement with ICICI Bank for Rs 3,270 crore.Power Grid Corp, the central power transmission utility, has an ambitious investment plan and has budgeted capital expenditure (CAPEX) including investment in joint venture and subsidiaries of more than Rs 25,000 crore during 2017-18, Power Grid said in a statement today.During the current fiscal, it has mobilised Rs 6,130 crore through issue of bonds under private placement, term loans from domestic commercial banks and has also entered into two long term loan agreements with Asian Development Bank (ADB) for $725 million for financing CAPEX.