Blackout Remedy Plan to Get $1.6 Billion Boost: Corporate India
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Power Grid Corp. of India Ltd., blamed for a network collapse that left more than half the nation’s population without electricity a year ago, will boost a $16.5 billion investment plan by 10 percent as it seeks to prevent a recurrence.
A further 100 billion rupees ($1.6 billion) will be spent in the five years to March 2017 to complete projects, Chairman R.N. Nayak said in an interview. The company, based in Gurgaon near New Delhi, plans to offer new shares to finance the additional investment after it sold 39.7 billion rupees of bonds last month.