Lines up major diversification, investment plans
NHPC (formerly National Hydroelectric Power Corporation Ltd) on Tuesday posted a 83.6 per cent jump in its consolidated net profit at Rs.2,175.56 crore for 2009-10 as compared to the previous fiscal.
Addressing a press conference here, NHPC Chairman and Managing Director S. K. Garg said the company's net profit stood at Rs.1,184.89 crore in 2008-09. Consolidated net sales increased to Rs.5,114.26 crore during the year from Rs.3,427.77 crore. The company declared a dividend of 55 paise on each share. On a standalone basis, NHPC reported a net profit of Rs.2,090.50 crore for 2009-10 against Rs.1,075.22 crore in the previous financial year.
Mr. Garg also announced the company's plans to form a joint venture with PTC India for six projects. The projects will add 8,000 MW of power in 2010-11.
The Chairman said NHPC planned to add 5,322 MW during the XI Plan — 4,292 MW from NHPC projects and 1,030 MW by NHDC, a joint venture with the Madhya Pradesh Government. During the current plan, so far NHPC has added 1,030 MW in Sikkim and Madhya Pradesh.
Similarly, NHPC is all set to add another 120 MW by next month with the commissioning of Sewa-II Project in Jammu and Kashmir. A joint venture company — Loktak Downstream Hydroelectric Corporation Ltd. — has been registered for execution of the 66-MW Loktak downstream project in Manipur.
Mr. Garg said a memorandum of understanding (MoU) had been signed between NHPC, Sutlej Jal Vidyut Nigam Ltd. and the Manipur Government for the formation of a joint venturefor implementation of the 1,500 MW Tipaimukh hydroelectric multi-purpose project.