NTPC net up 1.92% in FY03

Addressing the media, CP Jain, chairman of NTPC, said the net profit after tax is Rs 3,607.57 crore compared with Rs 3,539.62 crore during the previous year. The total dividend payment for the year stood at Rs 708 crore.

During the year, NTPC achieved a capacity addition of 1,000 mw, much ahead of schedule, against a target of 500 mw. It holds 19.2 per cent of the country's installed capacity and contributed 26.4 per cent of electricity generated during April-August 2003.

Jain further said that NTPC has entered into power distribution with a subsidiary called NTPC Electric Supply Co.

It is awaiting Uttar Pradesh government's approval on a memorandum of understanding to acquire majority stake in the Kanpur Electricity Supply Co (presently a wholly owned subisidiary of Uttar Pradesh Power Corporation Ltd).

The chairman also announced a tie-up with Life Insurance Corporation (LIC) for a long-term loan of Rs 7,000 crore at an interest rate of close to 6.8 per cent. He said it is the lowest rate of interest from LIC.

Commenting on the fuel pricing, Jain said he does not favour the policy of linking price of gas with that of oil. It adversely affects the buyer and the seller when there is a price change.