NTPC fails to get stake in Lebanese firm

Public sector power generation major, National Thermal Power Corporation Ltd's (NTPC) effort to transform itself into a global player has faced a setback with the company failing to acquire a stake in a Lebanon-based mid sized power company.

NTPC sources said the corporation was outbid by other international players. The bid was for the operation and maintenance of the plant and was a turnkey contract.

Another bid by the corporation to acquire a stake in a Libyan company could also face the same fate, they added.

This has prompted the company to retrain and strengthen its foreign acquisitions team.

Nevertheless, NTPC had firmed up plans of acquiring a mid sized power plant in Lebanon and Libya for which it bid some times back.

This was also part of NTPC's strategy to make a presence in Arab countries and Africa. The corporation, however, is undeterred by these setbacks and could bid for more opportunities across the globe.

Back home, the company has added 1000 mw of power generation capacity in 2004.