NTPC Ltd., on Friday, announced its plans to raise around $750 million (Rs.4,000 crore) through bonds issue and syndicated loans from the overseas markets.
“We do not need to divest any stake for raising funds. We have tied up adequate funds at cheap rates. The Department of Divestment has not held any discussion with the company with regard to divestment. Sometime back when the issue was raised, we told the government that timing is not right,” NTPC Chairman and Managing Director Arup Roy Choudhury told journalists at a press conference here.
“We plan to raise $500-750 million through bonds issue, and, if we are unable to raise up to $750 million through bonds issue, we would raise $250 million through syndicated loans,” he said.
Mr. Choudhury said NTPC had pegged a capacity addition of 4,160 MW in the current financial year. Of that target, over 2,100 MW had already been installed.
Global expansion plans
On its global expansion plans, Mr. Choudhury said to expand the geographies of its operations, NTPC had formed a joint venture company, Trincomalee Power Company Limited, with Ceylon Electricity Board for setting up a 2x250 MW coal-based power project in Sri Lanka.
A joint venture agreement has been signed between NTPC and Bangladesh Power Development Board for setting up a 2x660 MW power plant at Khulna, Bangladesh.