NTPC to get control of Jhajjar SPV

The equity structure of the special purpose vehicle (SPV) for the 1,500-Mw project at Jhajjar has been changed to give National Thermal Power Corporation (NTPC) management control.

NTPC will now have a 51 per cent share and Delhi and Haryana governments 24.5 per cent each.

The earlier structure had proposed a 48 per cent stake for NTPC and 26 per cent each for the two governments.

The Rs 6,000-crore project will have a debt-equity ratio of 70:30. "NTPC will bring in Rs 918 crore as its part of the equity while Haryana and Delhi will contribute Rs 441 crore each," a senior government official said.

While the power ministry had suggested a smaller stake for NTPC, the Haryana government opposed less than 26 per cent stake for the power utility. Both states will receive 750-Mw each from of the project, which is expected to start generation from 2010.

This will enable Delhi to tide over its additional power requirements during the Commonwealth games.