NTPC to raise Rs90 billion to fund expansion : Business Standard
27 Feb 2007
India''s top power producer, state-run NTPC Ltd., plans to raise about Rs90 billion, to fund its expansion, the Business Standard daily reported on Tuesday.
It quoted the firm''s executive director for finance, A K Kundu, as saying that NTPC would raise half of the amount from the Asian Development Bank.
NTPC aims to raise about Rs9 million rupees from US pension funds, and private placements are likely in the fiscal year beginning in April, he told the newspaper.
The remainder will come from other institutions, he said.
A spokesman for the company, earlier known as National Thermal Power Corp. Ltd., was not immediately available for comment.
On Monday, NTPC joined many utilities in the race for British power investment firm Globeleq''s assets by bidding for a unit in Egypt.
The utility said it was submitting a non-binding bid to buy 682.5 megawatt Sidi Krir power project through 100 percent acquisition of Globeleq Maghreb.
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