Plans to accelerate grid development have prompted a fund raising drive

PowerGrid Corp is seeking to raise some $2 billion in loans from the World Bank and the Asian Development Bank (ADB) in order to develop national transmission systems for power transfers across India.

PowerGrid has launched its financing bid in an effort to accelerate the completion of its Rs 710 billion ($17 billion) National Grid project to 2010, from the originally planned 2012 and with a 36 GW capacity, up from the 30 GW initially planned. PowerGrid is currently able to transfer of 9 GW between regions. ADB has already negotiated $400 million in loans.