National Thermal Power Corporation Ltd (NTPC) has informed BSE that a Joint Venture Agreement has been executed between the Company and UPRVUNL, on February 28, 2008, for implementation of 2×660 MW coal based thermal power project at Meja in District Allahabad of State of Uttar Pradesh. The project shall be implemented by the proposed Joint Venture Company of NTPC Ltd, and UPRVUNL having equal equity participation on Build, Own and Operate basis.
National Thermal Power Corporation Ltd (NTPC) has informed BSE that the Company has signed a loan Agreement of Euro 68.56 million with the Nordic Investment Bank (NIB) on February 15, 2008, a multilateral financial institution owned by the Nordic and Baltic countries, to part finance the capital expenditure of its projects. The loan has a maturity of 12 years including availability period of 3 years. The loan carries a floating rate of interest linked to EURIBOR and is without sovereign guarantee. This is the first loan that NTPC has tied up with NIB.
National Thermal Power Corporation Ltd (NTPC) has informed BSE that the Company has signed a Joint Venture Agreement (JVA) with Bihar State Electricity Board (BSEB) on February 14, 2008 to form a Joint Venture Company to undertake the Establishment and Operation & Maintenance of a 1980 MW (3X660MW) coal based thermal power project at Nabinagar, Aurangabad District, in the State of Bihar. The Company and BSEB shall have equal shareholding (50:50) in the proposed Joint Venture Company.
National Thermal Power Corporation Ltd (NTPC) has informed BSE that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations:
“The Auditors draw attention to the following notes accompanying the un-audited financial results :
1. Note no 1(a) regarding recognition of sales on provisional basis amounting to Rs 76,944 million for the quarter and Rs 213,866 million for the nine months period ended December 31, 2007 in respect of stations for which final tariff orders issued by Central Electricity Regulatory Commission (CERC) are to be recomputed as per the directions of the Appellate Tribunal for Electricity (ATE) by CERC except for three stations / units for which sales of Rs 9,609 million for the quarter and Rs 25,376 million for the nine months period ended December 31, 2007 have been recognized based on the provisional tariff orders / principles enunciated by CERC.
2. Note no. 1(b) regarding recognition of sales on provisional basis in respect of one of the stations amounting to Rs 3,837 million for the quarter and Rs 10,136 million for the nine months period ended December 31, 2007 on the basis of principles enunciated under the Regulations, 2004 of CERC as against the billing of Rs 3,883 million for the quarter and Rs 10,273 million for the nine months period ended December 31, 2007 as per tariff order issued by CERC, prior to the takeover of the station by the Company.
3. Note no. 1(c) regarding recognition of sales on provisional basis amounting to Rs 2,604 million during the quarter and Rs 12,972 million for the nine months period ended December 31, 2007 pertaining to previous years in line with the principles enunciated in judgments passed by ATE/Orders issued by CERC.”