The Hindu Business Line : NHPC net up 22%; chalks out Rs 25,000-cr investment plan

NATIONAL Hydroelectric Power Corporation (NHPC), a Government-owned organisation, has recorded a net profit of Rs 621.38 crore during fiscal 2003-04, up 22 per cent over the Rs 510.5 crore recorded during the previous year.

Addressing a press conference today, the NHPC Chairman and Managing Director, Mr Yogendra Prasad, said this is the highest profit earned by the corporation since its inception.

According to Mr Prasad, NHPC was undertaking a massive investment plan of Rs 25,000 crore during the next three years to achieve the target of adding 4,357 MW in the Tenth Plan period.

"Of the total Plan outlay of over Rs 32,000 crore, the corporation has already invested about Rs 7,000 crore and has added 1,400 MW. Three more projects totalling 1,170 MW capacity would be commissioned in the current financial year," he said.

For capacity expansion during the Tenth Plan, NHPC would be getting a Central Budgetary support of Rs 14,200 crore of which about Rs 4,000 crore had already been pumped in, he said.

Giving the year-wise break-up of investment plans during the remaining three years of the Tenth Plan, he said Rs 7,000 crore would be spent in the current financial year; Rs 8,000 crore in 2005-06 and Rs 10,000 crore in 2006-07.

The Corporation will tap the overseas markets to part finance the 2,000 MW Subansiri Lower project, according to Director (Finance), NHPC, Mr S.K. Garg.

"We will be going to the US and Europe and looking to raise about Rs 1,200 crore," Mr Garg said.

Of the estimated cost of Rs 6,900 crore for commissioning Subansiri, about Rs 2,100 crore would come in the form of equity from the Government and the remaining would be funded by the domestic and foreign sources, Mr Garg said.

Sales went up by 7 per cent to Rs 1,414 crore in the previous financial year from Rs 1,325 crore in 2002-03.

The Corporation would get a Budgetary support of Rs 2,104 crore from the Government for 2004-05.