Power Grid Board Approves ₹50 Billion Bank Facility, Africa Joint Venture and More

Power Grid’s board of directors approved raising funds up to ₹50 billion through an unsecured rupee term loan or line of credit from Union Bank of India, the company said in a regulatory filing submitted to the exchange. 

Apart from this, the board cleared three other primary business items. The official stock exchange filing confirmed investment approval to establish a Centralized Security Operations Center for substations, referenced as OT SOC. This infrastructure project carries an estimated cost of ₹2.34 billion. The filing scheduled the project for implementation within 24 months from the date of approval by the Central Electricity Regulatory Commission.

Furthermore, the board provided in-principle approval to divest Power Grid’s entire equity stake in the Central Transmission Utility of India Limited. The document specified that the Central Transmission Utility of India Limited operates as a wholly owned subsidiary of Power Grid. The approval directs the transfer of the entire equity stake to Grid Controller of India Limited.

Finally, the corporate disclosure reported an international expansion. The board approved an agreement to enter a strategic alliance with Africa50 and the Uganda Development Bank. The filing stated Power Grid will sign a framework agreement to develop a transmission project in Uganda. According to the official notification, the company will execute this project under the Independent Power Transmission model.