Power Grid Corporation of India Ltd (PGCIL) has approved the raising of up to Rs.12,000 crore by way of non-convertible bonds during FY25.
In a stock exchange notification, PGCIL said that the company’s “Committee of Directors for Bonds,” in its meeting on April 17, 2024, approved the raising of bonds as unsecured, non-convertible, non-cumulative, redeemable, taxable POWERGRID Bonds Issue(s) during FY25 in one or more tranches / series up to Rs.12,000 crore. The bonds will be issued on private placement basis, the PGCIL notification said.
According to information released in the Interim Budget 2024, PGCIL’s plan outlay for FY25 has been pegged at Rs.12,500 crore.
However, according to PGCIL CMD, R.K. Tyagi, addressing a recent investor conference, PGCIL’s capex is estimated to be over Rs.15,000 crore in FY25 and that for FY26 would be in excess of Rs.20,000 crore.
For FY24, PGCIL had targeted capex of Rs.8,800 crore but the actual figure, which is not yet officially released, is likely to be over Rs.10,000 crore. In the first nine months (April to January) of FY24 itself, PGCIL’s capex had touched Rs.7,690 crore.
As of December 31, 2023, PGCIL had estimated a business opportunity size of Rs.2,07,500 crore for the period 2024 to 2032. Of this, Rs.1,90,500 crore would come from the power transmission sector alone, which would include interstate and intrastate lines, as well as cross-border lines and even international projects.
Also read: PGCIL To Form JV For Intrastate Grid Development In Rajasthan
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