NTPC says Chamoli avalanche damages hydropower project

An avalanche near Tapovan in Uttarakhand has damaged a part of NTPC's under-construction hydropower project Tapovan Vishnugad [520 mega-watt (MW)] in the region.

While rescue operations are on, situation is being monitored continuously with the help of district administration and likely loss or damage caused is being assessed. Appropriate insurance cover is available for the loss/damage caused, NTPC said.

However, considering the total size of operations of NTPC (present standalone commercial capacity 51,310 MW and group commercial capacity 63,925 MW), the impact of the event on the company as a whole may not be considered material, the firm said.

NTPC's consolidated net profit jumped 15.7% to Rs 3,876.36 crore on 4% increase in net sales at Rs 27,526.03 crore in Q3 December 2020 over Q3 December 2019.

Shares of NTPC gained 0.35% to Rs 100. NTPC is a Maharatna company operating in the power generation business. The principal business activity of the firm is electric power generation through coal based thermal power plants. It also engages in the business of generation of electricity from hydro and renewable energy sources. As of 31 December 2020, the Government of India held 51.10% stake held in NTPC.

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