Mumbai: Power Grid Corporation of India mulls to tie up overseas loans of up to $3.6 billion this fiscal. Additionally, the company will issue a $1-billion global tender this February for equipment for an 800 KV HVDC transmission line connecting the North-East to the western and northern regions. Bidders will also arrange the financing, and bids will be evaluated not only on technical and cost parameters but also on terms of finance offered. Of the overseas loans of $3.6 billion, the company expects to complete negotiations for a $600-million loan from the World Bank this month and shortly follow this up with negotiations for another $600 million with the Asian Development Bank. Loans of up to $1.6 billion will have sovereign guarantee. PowerGrid will also mops up to $2 billion, again from multilateral agencies, but without sovereign guarantee and on its own financial strength.
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