The state-run power major on Friday (1 January 2021) announced that it has executed agreement for a composite resolution plan with lenders of Ratnagiri Gas & Power (RGPPL).
As part of the resolution plan, outstanding debt liabilities of Ratnagiri Gas & Power (RGPPL) have been settled through one-time settlement by NTPC. Subsequently, 35.47% of equity held by lenders (IDBI, ICICI, SBI, IFCI and Canara Bank) in RGPPL have been transferred to NTPC. Consequently, NTPC's equity shareholding in RGPPL has increased from 25.51% to 60.98% as of 31 December 2020.Accordingly, RGPPL has become a subsidiary company of NTPC with effect from 31 December 2020.
RGPPL was incorporated on 8 July 2005 and is promoted by NTPC and GAIL (India). The company was set up to takeover and revive the assets of Dabhol Power Company Project. RGPPL owns an Integrated Power generation and Re-gasified LNG facility. The power station is one of the India's large gas based combined cycle power station.
Shares of NTPC were down 0.25% at Rs 99.05 on BSE.
NTPC is a Maharatna company operating in the power generation business. The principal business activity of the firm is electric power generation through coal based thermal power plants. It also engages in the business of generation of electricity from hydro and renewable energy sources.
The company's consolidated net profit slipped 7.74% to Rs 3,494.61 crore on 7.77% rise in revenue from operations to Rs 27,707.76 crore in Q2 September 2020 over Q2 September 2019.
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