The Hindu : Business : NTPC to seek steam coal mines abroad

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Tuesday, Dec 11, 2007
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NTPC to seek steam coal mines abroad

Special Correspondent

NEW DELHI: The National Thermal Power Corporation (NTPC) on Monday disclosed that it was bullish on acquiring coal mining on its own especially that of steam coal abroad. “We are looking at strategic advantage, energy security and adequate returns for any future venture as our basic approach,” NTPC Chairman and Managing Director T. Sankaralingam stated.

Stating that generation will continue to be the focus of the company, Mr. Sankaralingam said NTPC was looking aggressively at African nations. “We are looking on our own at mining of steam coal and have short listed Nigeria, Australia, Mozambique and South Africa for this purpose. This investment will be separate from the Rs. 3,500-crore pledged by five PSUs, including NTPC, for acquiring coal mines abroad. There has been positive response from all these countries,” he added.

Upbeat on the company’s future plans, Mr. Sankaralingam said that if all goes according to the plan, whatever NTPC achieved during the last 30 years will be covered up during the next five years. “We are already on the lookout for a foreign partner to bid for New Exploration Licensing Policy VII. We will select a foreign partner who can get better market and lucrative terms. We have also opened talks with Indian Oil Marketing Companies also,” he remarked.

Asserting that its plans were very much on track despite a change of Government in Nigeria, Mr. Sankaralingam said the company had also recently signed a memorandum of understanding (MoU) for setting up of a 500 MW coal based power plant in Sri Lanka.

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