The Hindu Business Line : NHPC to invest Rs 28,000 crore for more capacity addition

“We will invest Rs 28,000 crore in the XI th plan period for adding another 5,300 MW capacity,” NHPC Chairman and Managing Director, Mr S K Garg said.

The company plans to raise Rs 11,000 crore through its initial public offering (IPO) and the remaining Rs 17,000 crore via internal accruals.

The board members of the company would meet on August 5, NHPC is planning to hit the market for a very long time but the process got delayed due to the lack of six non-official directors on its board, a condition mandatory for a company to go public.

It plans to file a revised draft red herring prospectus with market regulator SEBI next month and is most likely to hit the market in September.

“We have identified our sixth non-official director and would submit the revised DRHP with Securities and Exchange Board of India (SEBI). We are hoping to go public in September,” Mr Garg said.

Earlier, the company had filed DRHP with SEBI in April last year but it couldn't get market regulator's nod in absence of independent directors on its board.

The company plans to pump in another Rs 35,000 crore after the XI th Five Year Plan for further expansion,

“We plan to invest Rs 35,000 crore after 2012 for expansion,” he said. It is at present implementing country's largest hydroelectric project, 2,000 MW Subansiri Lower Project in Arunachal Pradesh. - PTI

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