Power Grid Corporation on Thursday said it plans to raise bulk loans worth $2 billion from the World Bank and Asian Development Bank.

"The appraisal process has been initiated to tie up bulk loans worth about $1,000 million each from the World Bank and ADB", PGCIL chairman and managing director R P Singh said in New Delhi.

The corporation has also planned capital investment of Rs 70,000 crore (Rs 700 billion) till 2012 to support generation capacity addition of 100,000 MW.

PGCIL would add 60,000 circuit km of transmission network during this period.

It has also promised to hasten the establishment of inter regional power transfer capacity to 30,000 MW by 2009-10 instead of 2011-12 as originally planned, besides further enhancing the system to 50,000 MW by 2014-15, provided matching hydro generation capacity was forthcoming.

Singh said his organisation had initiated action to bring in more private investment in transmission system for two projects worth Rs 1,300 crore (Rs 13 billion) associated with Koldam and Parbat and Maithon power stations.

Further private investment would be solicited for western region scheme costing Rs 3,500 crore (Rs 35 billion) through joint venture route.