The state government will provide a USD 124 million counterpart support for the project which is estimated to be completed by June 2022, ADB said.
Asian Development Bank and three other financial institutional investors are eyeing up to 26 percent stake in PTC Energy, according to a source familiar with the development.
ADB said it in an investment programme that will improve connectivity and transport efficiency of state highways.f
The bond issue carries a 6.00 per cent interest rate with a 3.75-year maturity, falling due in February 2021, the multilateral lending said in a statement. It further said that the bonds, which are denominated in Indian rupees but settled in US dollars, were underwritten by JP Morgan and TD Securities as Joint Lead Managers.
Ahead of its 50th annual meeting to be attended by the finance ministers and central bank governors of the member nations, ADB President Takehiko Nakao said unlike China, India is yet to reach its full potential.
Speaking at a news conference in Yokohama, eastern Japan, to kick off the ADB's annual meeting, Nakao also said rising protectionism around the world was not yet hurting growth in developing Asia.
Finance Minister Arun Jaitley has cancelled his attendance at the Asian Development Bank's annual meeting here because of pressing domestic engagements back home.
Additionally, promoter group firm Trishashna Holdings & Investments Private (THIPL) has put in Rs 7.5 crore, bringing overall holding to 31.74 per cent in the company.
Developing Asian countries will drive the world economy in the next two years, the Asian Development Bank said today, but it warned of uncertainties from the United States and Europe.
"Demonetisation is likely to have a positive impact over the medium term. Along with the forthcoming implementation of the goods and services tax, demonetisation will widen the tax net and improve tax compliance," said Asian Development Outlook, ADB's flagship economic publication.
The Manila-based lender kept at 5.7 percent this year's growth forecast for developing Asia, which groups 45 countries in the Asia-Pacific region. That would be the region's weakest expansion since it grew 5.0 percent in 2001.
The ADB will offer USD 175 million loan to support construction of high voltage transmission systems to evacuate power from new mega solar parks to the inter-state grid and improve reliability of the national grid.
The project funding will improve the capacity and efficiency of interstate transmission networks, particularly in transmitting the electricity generated from new solar parks to the national grid, an ADB statement said.
Changing climatic conditions especially erratic rainfall and high temperature have aggravated the problem, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.
"Developing Asia will need to invest USD 26 trillion from 2016 to 2030, or USD 1.7 trillion per year, if the region is to maintain its growth momentum, eradicate poverty, and respond to climate change (climate-adjusted estimate)," the Manila-headquartered multilateral funding agency said.
The Manila-based bank's report covering 45 countries says despite dramatic growth in infrastructure development that has spurred an economic rise, reduced poverty and improved people's lives, a substantial infrastructure gap remains.
India and the ADB today signed a USD 500 million loan pact to expand inter-regional power connectivity in the country, and strengthen transmission system to accommodate renewable energy-generation capacity.
"This is the first transaction to include in its financing plans funding from ADB as well as Leading Asia's Private Sector Infrastructure Fund (LEAP). LEAP is a funding arrangement provided by Japan International Cooperation Agency (JICA) and is administered by ADB," a company statement said.
Prime Minister Narendra Modi will take stock of the economy with experts at NITI Aayog tomorrow against the backdrop of currency crunch post demonetisation and discuss ways to speed up growth.
ADB said however that the impact of demonetisation would be temporary and retained growth projection at 7.8 percent for the next fiscal.
Developing Asia, which groups 45 countries in the Asia-Pacific region, is now expected to expand 5.6 percent this year, rather than 5.7 percent, the ADB said in a supplement to its Asian Development Outlook 2016.
"India need Foreign Direct Investment (FDI) and it needs to participate in the global value chain," said ADB's deputy chief economist Juzhong Zhuang, referring to the push of building up manufacturing in the country.
MSRDC is the implementing agency for the 706-km road project that will require 10,000 hectares. It has appointed SBI Capital to assist in fund-raising.
The chief minister launched "Har Ghar Bijli Lagataar" programme, which was key development thrust for the Assembly polls, at an event here. It aims to supply power to every household in Bihar in the next two years.
Commerce and Industry Minister Nirmala Sitharaman said Vizag-Chennai Industrial Corridor (VCIC) and Chennai-Bengaluru Industrial Corridor (CBIC) are priority activity for her department.