Financial Daily from THE HINDU group of publications
Wednesday, Jan 05, 2005
Financial Daily from THE HINDU group of publications Wednesday, Jan 05, 2005 |
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Corporate
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Announcements Industry & Economy - Power NTPC firms up capital outlay of Rs 8,550 cr Our Bureau
New Delhi , Jan. 4 NATIONAL Thermal Power Corporation (NTPC) has firmed up a capital outlay of Rs 8,550 crore for the year 2005-06, which will be funded on a 70:30 debt-equity ratio, the company informed the Bombay Stock Exchange on Tuesday. The State-run power giant also announced that it has started scouting for gas overseas to ensure continuous supplies for its gas-based power plants. According to information, the company is in the process of negotiating a loan of up to $45 million (about Rs 198 crore) from the Swedish Export Credit Agency to part finance the second stage of the Sipat project, it told the BSE. NTPC has also signed an MoU with the Central Electricity Authority under which the latter will provide design and consultancy services to the former for two run-of-the-river projects in Uttaranchal. While the 520-MW Tapovan Vishnugahad project will be built on Dhauliganga river in Chamoli district, the 600-MW Loharinag Pala will be on Bhagirathi river in Uttarkashi district. The electricity authority will carry out the basic design, prepare technical specifications and do tender drawings for the projects. It will also train NTPC officers in design and engineering of hydro projects, an NTPC release said. In its declaration to the exchange, NTPC said, "The company is exploring the availability of gas in countries abroad and the possibility of importing it in the liquefied form and to regassify and use it." The company needs gas for its combined cycle power plants at Anta (Rajasthan), Auraiya (Uttar Pradesh) and Kayamkulam. NTPC has mandated Reliance Industries (RIL) for Kawas and Gandhar power plants of 1,300 MW each in Gujarat. RIL will supply 13 million standard cubic metre of gas per day from its offshore finds in the K-G basin near the Andhra Pradesh coast. The gas supplies are expected to begin from early 2007. RIL will supply gas at a rate of $2.97 per million British thermal unit (mmbtu). NTPC is looking to get two million tonnes of LNG or natural gas at a price less than $3 per mmbtu for its proposed 1,900-MW Kayamkulam plant in Kerala, sources said. So far, NTPC has failed to get gas supplies at the RIL rate. It had invited bids last year but a decision could not be taken due to lack of bidders.
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