SAIL receives Rs 14.5 cr as dividend from JV with NTPC

Steel Authority of India Limited (SAIL) today received a cheque for Rs. 14.5 crore as its share of dividend for FY ’10 from NTPC-SAIL Power Company Ltd (NSPCL), the 50:50 profit-making joint venture (JV) in power of two Maharatnas, SAIL and NTPC. Mr. R.N. Sen, Chief Executive Officer, NSPCL, presented the cheque to SAIL Chairman Mr. C.S. Verma in the presence of SAIL Director (Technical) Mr. V.K. Gulhati, SAIL Director (Commercial) Mr. Shoeb Ahmed and other senior executives of the JV partners.

NSPCL, which manages captive power plants of SAIL at Rourkela, Durgapur and Bhilai with a combined capacity of 814 MW, has been paying dividend since its inception in 2001-02.

On the occasion, Mr. Verma said that SAIL is planning to set up additional captive power units to meet its future power requirements. SAIL’s growth plan, which is currently being implemented, envisages enhancement of hot metal production capacity from the current level of around 15 million tonnes per annum (MTpa) to 23.5 MTpa by 2012-13 and further to around 60 MTpa by 2020. In tandem, SAIL’s power requirement is expected to grow to around 1,900 MW by 2012-13 from the current level of about 1,180 MW. By 2020, the average load of steel plants, including the power requirement of mines, is likely to grow to about 4,600 MW which the company plans to meet through captive sources.