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NLC to invest Rs 29,000 cr

Plans to hike power generation capacity

BS Reporter  |  Chennai 

Neyveli Lignite Corporation (NLC) has announced its plans to invest around Rs 29,000 crore to set up with a capacity of around 8,450 Mw. These projects are expected to go on stream by the end of 13th Five Year Plan (2017-22).

“The investments would help the company raise power generation capacity from the current 2,740 Mw to 11,195 Mw,” said B Surender Mohan, company's chairman and managing director.

He said the company aimed to grow its business 4-5 times to acheive the status of Maharatna PSU.

The PSU firm plans to acquire coal assets in the order of 10 million tonne outside India, for which it had already received 25 offers. The firm maintained that internal accruals and borrowings would fund the proposed investments.

The company had proposed a coal-based power project with a capacity of 1,980 Mw in Uttar Pradesh in partnership with Uttar Pradesh Power Ltd, with holding an equity stake of 59 per cent, while the remaining would be held by its partner. Besides, it is planning to set up a 4,000-Mw plant in Tamil Nadu.

It plans to raise its lignite capacity from the present 30.60 mtpa to 38.85 mtpa by developing projects including the Devangudi mine project (2 mtpa), Bithnok Mine (2.25 mtpa), Hadla and Palana mine project in Rajasthan (2.50 Mtpa).

On renewable energy, Mohan said it planned to set up 50 Mw wind farm and 30 Mw solar farm (10 Mw in Neyveli and 20 Mw in Rajasthan).

reported a net profit of Rs 1,459.75 crore during 2012-13, up 3.43 per cent, as against a profit of Rs 1,411.33 crore for the previous year.

Discoms dues Rs 3,457 crore: NLC
Various discoms need to owe Rs 3,457 crore to NLC, said B Surender Mohan, chairman and managing director,
He added our profit would have been better if Discoms paid the money on time.
He said that Tamil Nadu Electricity need to owe Rs 2,728 crore, while Karnataka Board need to owe Rs 169 crore, Kerala Electricity Board Rs 121 crore, Andhra Pradesh Rs 261 crore and Puducherry Rs 92 crore.

First Published: Wed, May 29 2013. 20:49 IST