Financial Daily from THE HINDU group of publications
Wednesday, Jul 03, 2002
Financial Daily from THE HINDU group of publications Wednesday, Jul 03, 2002 |
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Industry & Economy
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Power NTPC to tap global equity markets Archana Chaudhary
MUMBAI, July 2 THE National Thermal Power Corporation (NTPC) is expected to go in for an international equity float in the next 12 months. The corporation planned to raise close to Rs 13,000 crore through equity issues in the international and domestic markets, said a senior NTPC official. The domestic issue is expected in the next six months. "NTPC will make a formal proposal to the Union Government for permission to approach international markets to raise funds very soon," the official said. Discussions with merchant bankers for advice on the issue are expected to begin next month. The corporation, which has so far raised money through fixed deposits, will have to raise equity to meet its capacity addition targets for the Tenth Plan. The company plans to add more than 10,000 MW to its existing capacity of 20,092 MW in the coming five years. "The Union Government had made it clear that it could not provide any budgetary support to NTPC for its capacity addition plans. So raising money through an equity or ADR/GDR issue is on the anvil," Mr R.V. Shahi, Union Power Secretary, told Business Line.
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