New Delhi, April 30 -- State-owned Power Grid Corporation of India announced on Thursday that its board has approved a proposal to raise up to Rs.4,000 crore from public-sector lender State Bank of India (SBI).

"The Board of Directors.considered and approved the raising of funds through Unsecured Rupee Term Loan/ Line of Credit (Bank Facility) of up to Rs. 4,000 Crore from State Bank of India," the company said in an exchange filing. The board meeting was held in the morning hours of 30 April.

Under the Ministry of Power, Power Grid Corporation of India (Powergrid) is India's largest electric power transmission utility, responsible for the bulk transmission of electricity across the country through an extensive network of transmission l...