The Power Grid Corporation of India, which is launching its initial public offer, is planning to generate around $3 billion from the World Bank and the Asian Development Bank.
Making a statement in the Indian parliament, union power minister Sushilkumar Shinde said that the money will be used to fund various projects in the 11th five-year plan.
Power Grid Corporation, India’s biggest transmission utility, took the first tranche of $400 million from World Bank in December 2006 and is planning to get a second tranche of $600 million in 2007.