NHPC to bring out IPO this year

New Delhi, Apr 13 (UNI) National Hydro Power Corporation (NHPC) is gearing up to bring out a Initial Public Offering (IPO) this year end, Chairman and Managing Director S K Garg said here today.

''We are taking the initiative in bringing out an IPO this year or early next year. The process has already started,'' Mr Garg told reporters here.

Mr Garg said Power Ministry has asked the PSU to expedite the process for an IPO.

NHPC IPO comes in the wake of other PSUs making a beeline for launching their IPOs. The Ministry has set December 31 this year as the deadline for listing. They include apart from NHPC, North Eastern Electric Power Corporation, Satluj Jal Vidyut Nigam Ltd, Tehri Hydro Development Corporation Ltd, Rural Electrfication Corporation, Powergrid Corporation and Power Finance Corporation.

Power Finance Corporation is expected to hit the market next month while Power grid will come up with an IPO by December.

Currently two power PSUs are listed in the stock market. NTPC has raised Rs 2,684 crores from its ten per cent float in Novemeber 2004. Power Trading Corporation has raised Rs 94 crores in March 2004.

For the year 2005-06, NHPC has posted a net profit of Rs 701 crores against Rs 685 crores during the previous financial year.

The company achieved a turnover of Rs 1,834 crore in 2005-06 compared to 1,668 crore in previous fiscal.

Mr Garg said the net profit would have been Rs 800 crores but the company had to write off Rs 52 crores besides there were changes in accounting standards and the compamny had to pay arears due to hike in pay scale amounting to another Rs 45 crores.

He said the company had achieved a Rs 1911 crore realisation. The paid up capital of the Corporation has been raised to RS 10125 crores.

NHPC also achieved highest ever generation of 12567 million units against last years generation of 11286 million units.

The NHPC chief aid that the capacity addition plan for 10th plan is 2480 MW, out of which 1580 MW has already been achieved and is poised to become 10,000 MW plus company by end of 2012.

The Corporation is in the process of raising 100 million dollars loan through the ECA route for part financing the Subansiri project.

''The corporation is poised to liquidate all general purpose loans during the current financial year'', Mr Garg said.

During the financial year 2005-06, the Corporation raised a total billing of RS 1858.27 crores to the various beneficiaries and the total amount realised was RS 1911.27 crores.

The current outstanding dues towards principal amount have been reduced to Rs 20.75 crores as on March,31 2006 from Rs 73.80 crores in the corresponding period last year which is equivalent to reduction in terms of months of average billing from 0.54 to 0.13.

Long pending outstanding dues as on September, 2001 amounting to Rs 33.38 crores have been securitised into power bonds in respect of Bihar (Rs 19.70 crores) and Jharkand (Rs 14.31 crores).

NHPC, Mr Garg said the signed Power Purchase Agreement (PPA) for the 330 MW Kishanganga, 45 MW Nimmo Bazgo, 44 MW Chutak, 240 MW Uri-11, 1390 MW Dul Hasti, 231 MW Chanera-111 and 160 MW Teesta Low Dam-1V projects with the concerned beneficiaries of nortehrn and eastern regions.

UNI RT MP GC1531