Power Grid Corporation of India Limited (PGCIL) will seek non-sovereign loans of around Rs. 1,600 crore each from the World Bank and the Asian Development Bank to fianance the expansion and modernisation programme, company Chairman and Managing Director R. P. Singh said here on Thursday. Addressing press persons, Mr. Singh said the company had drawn up plans to invest Rs. 55,000 crore to set up transmission lines during the XI Plan. "Power Grid is ready to invest an additional Rs. 20,000 crore on its own for setting up these lines envisaged in the Plan, if there is no private sector participation,' Mr. Singh added. Eyeing global market He also unveiled the global ambitions of the company stating that PGCIL was eyeing the global market in a big way. "We will work in a big way in Myanmar and Sri Lanka where there is a huge requirement of transmission lines,' he said. The company has set a target of Rs. 250 crore from consultancy projects for 2008-09. It has realised consultancy fee of about Rs. 235 crore from its ongoing projects during the year. 16 p.c. rise in profit The net profit of the company for 2007-08 increased to Rs. 1,420 crore from Rs. 1,229 crore last year, an increase of 16 per cent. The turnover increased to Rs. 4,700 crore from Rs. 4,082 crore on the back of increased business from telecom, consultancy and performance improvement. "All the targets of the company's X Plan have been achieved, energy transactions have increased and in the last five years there has been no grid failure,' he said. With the addition of the huge transmission network, the gross asset base of the company has been enhanced to more than Rs. 35,000 crore in 2007-08 from Rs. 29,015 crore in 2006-07.