International Finance Corporation (IFC) has made an equity investment of $20.4 million in Power Grid Corporation of India (PGCIL). The investment was through its participation in the follow on public offer (FPO).
The company lined up a project whose cost is estimated at about $16 billion out of which $1 billion is funded through an equity infusion in the FPO. The project comprises of several transmission lines and sub-stations in various parts of the country.
PGCIL is India’s principal electric power transmission company. It owns and operates most of India’s interstate and inter-regional electric power transmission systems with inter-regional power transfer capacity of about 20,800 MW and wheels nearly 45% of total power generated across India.
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