Financial Daily from THE HINDU group of publications
Sunday, Mar 24, 2002
Financial Daily from THE HINDU group of publications Sunday, Mar 24, 2002 |
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Corporate
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Mergers & Acquisitions SAIL, NTPC sign shareholder pact for Bhilai Electric Our Bureau
NEW DELHI, March 23 STEEL Authority of India Ltd (SAIL) has signed a shareholder's agreement with the National Thermal Power Corporation (NTPC) for transfer of shares and management of Bhilai Electric Supply Company Ltd (BESCL). BESCL was incorporated as a subsidiary company of SAIL earlier this year with a share capital of Rs 33.2 crore. Both NTPC and SAIL will have 50 per cent stake each in the joint venture company in which post-transfer the debt-equity ratio will be 70:30, according to a company release. NTPC will acquire 50 per cent stake in the company for an estimated Rs 110.5 crore for the unit. Cash flow to SAIL as a result of the sale will be to the tune of Rs 94 crore. The power facility in Bhilai has an installed capacity of 74 MW and a steam generation capacity of 150 tonnes per hour. SAIL and NTPC already have a joint venture in SAIL Power Supply Company Ltd, which operates two captive power plants of SAIL at Durgapur and Rourkela having a combined capacity of 240 MW.
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