New Delhi: Central transmission utility Power Grid Corporation on Monday approved investments of ₹ 5,500 crore for upgrading networks in about 4 years.

“Board of Directors of the Company approved strengthening the transmission corridor for independent power producers in Chhattisgarh at an estimated cost of ₹ 5,151.37 crore," Power Grid Corporation informed the stock exchanges.

The commissioning schedule of the transmission project is 45 months from the date of investment approval, it said.

The board also approved investment for upgradation of the transmission system associated with Lara thermal power project of NTPC at an estimated cost of ₹ 400.47 crore, with commissioning schedule of 34 months from the date of investment approval, the statement said.

The state-owned firm plans to invest more than N61,000 crore in the next three financial years, with a significant chunk of funds to be raised by way of bonds and debentures.

Of the total amount, the company may raise N37,641 crore through bonds or debentures and N7,770 crore through multilateral funding or external commercial borrowings.

The rest is expected to come from internal accruals.

Power Grid shares closed trading at O131.65, down 0.30%, on the BSE.

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