The Government will consider the follow-on public issue for thermal power major NTPC Ltd and the proposed initial public offering for state-owned hydro power firm NHPC Ltd as and when the market conditions improve.
“There’s no cash crunch now, once the market conditions are conducive they will (NTPC) go for the follow-on public issue.
“NTPC’s follow-on public offer and NHPC’s initial public offer will come when the market conditions are conducive,” Power Secretary, Mr Anil Razdan, told reporters here on the sidelines of the India Energy Congress 2008.
NHPC had earlier scheduled the launch of its proposed public float during mid-October to raise fresh equity to the tune of over Rs 1,600 crore, besides premium.
Last year, the company was forced to shelve its IPO plans as the requisite number of independent directors had not been appointed on its Board.
Funds for Expansion
Meanwhile, NTPC has said it plans to raise up to Rs 4,500 crore from domestic as well as international markets for meeting its expansion plans in the current financial year.
“We plan to raise about Rs 2,000 crore in FY09 through private placement of bonds, and, up to $500 million (about Rs 2,450 crore) through overseas loans,” NTPC Chairman and Managing Director, Mr R.S. Sharma, said at the sidelines of the same conference.
The company also plans to raise Rs 2,000 crore from the domestic market through private placement of bonds.
The company aims to increase its capacity to 31,000 MW in 2008-09, from 29,000 MW currently, Mr Sharma said. He also said the company is looking to acquire coal mines in South Africa, Mozambique and Australia.
Speaking earlier at the event, the Power Secretary said the Centre will set up a target for speedy implementation of hydro power projects.
“The target will have special focus on the North-Eastern (NE) region as it has 40 per cent of India’s total hydro potential,” Mr Razdan said. Coal Secretary, Mr H.C. Gupta, who was also present at the event, said the Coal Ministry is looking at step up domestic coal production before the end of the current Five Year Plan period (2007-2012).
The Coal Ministry’s decision is in response to the its receiving frequent requests for supply of coal for thermal power plants which has resulted in the need for upward revision of domestic coal production, Mr Gupta added, reports The Hindu Business Line.
Source: Moneycontrol.com
Tuesday, October 28, 2008
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment