NTPC reports 16.6% growth in net

Fund-raising programme for the year includes Rs 400-Rs 450 crore to be firmed up with the banks and the balance will be raised depending on the market conditions during the coming year.

Jain did not rule out the possibility of a international-bond issue of $100 million to $150 million, depending on the market conditions prevailing worldwide.

It may be recalled that during 1998-99, NTPC had planned aeuro issue of $ 100 million through the credit enhancement route. However, due to bad market conditions, NTPC later changed its plans and instead raised $ 120 million through a syndicated foreign currency loan arranged by the State Bank of India (SBI).

Singh informed reporters that domestic financial institutions and public sector banks have already offered term loans of Rs 5710 crore for financing new NTPC projects. ICICI has offered a credit line of Rs 2000 crore, followed by IDBI with Rs 1500 crore. Other institutions include SBI (Rs 500 crore ), Orental Bank of Commerce (Rs 500 crore ), HDFC (Rs 200 crore ), Central bank of India (Rs 200 crore) and Bank of Maharashtra (Rs 200 crore) amongst others.

During the year, NTPC increased the power generation capacity by 940 mw, compared to the target of 115 mw, he said adding that with this, the total installed capacity of the corporation by the end of 1998-99 was 17,735 mw. A generating capacity of 1115 mw is to be added during 1999-2000.

Singh said thatthe articles of association of NTPC has been amended, allowing the organisation to unshackle it from certain existing limitations. Government approval will not be required hereafter for any level of public investment.

Moreover, in respect of joint venture operations, NTPC would be able to invest in projects upto Rs 2000 crore. The entire exposure in joint ventures and subsidiaries will, however, be restricted to 15 per cent of the net worth of the corporation.