NTPC to bid for 682.5 MW power project in Egypt

Mumbai: NTPC Ltd, the state-run power company, is bidding for a 682.5 MW power project in Egypt.

NTPC will submitting a non-binding indicative bid to the UK-based Lehman Brothers for 100 per cent equity acquisition of Sidi Krir power project of Globeleq Maghreb, the company said in a filing with the Bombay Stock Exchange (BSE). NTPC, however, did not disclose the amount involved in the bid.

NTPC is India''s largest power generation company with a combined installed capacity of 26,404 MW through its 14 coal-based projects, seven natural gas-based projects and four joint venture projects.

The government holds a controlling 89.5 per cent stake in the company, while foreign institutional investors, domestic banks and the public hold the remaining 10.5 per cent.

NTPC, meanwhile, plans to raise about Rs9000 crore (7.12 billion Malaysian ringgits), to fund its expansion, media reports quoted executive director for finance, AK Kundu, as saying. He said NTPC would raise half of the amount from the Asian Development Bank.

NTPC aims to raise about Rs9 crore from US pension funds, and private placements are likely beginning April, he was quoted as saying.

On February 26, NTPC joined many utilities in the race for British power investment firm Globeleq''s assets by bidding for a unit in Egypt.