State-owned power giant NTPC will seek shareholders approval to raise up to Rs 12,000 crore through issuance of Non-Convertible Debentures (NCDs/bonds) on a private placement basis in its annual general meeting on August 29. "The board of directors of the company in its meeting held on 29th June, 2024 has approved the proposal and recommends the passing of the proposed special resolution (for raising up to Rs 12,000 crore in next 12 months)," the AGM notice of NTPC stated. The notice further said that the company is under capacity expansion mode, and a major portion of its capital expenditure requirement has to be funded by debt. The approval of the shareholders is being sought to authorize the board of directors to make offer(s) or invitation(s) to subscribe to the secured/unsecured, redeemable, taxable/tax-free, cumulative/non-cumulative, non-convertible debentures (NCDs/bonds) up to Rs 12,000 crore in one or more tranches, it said. View More

Adani Power Ltd has stated that it maintained uninterrupted power supply to the Bangladesh Power Development Board, even amid ongoing political unrest. The supply aligns with BPDB's schedule and their power purchase agreement. Adani Power Jharkhand delivers 1496 MW of power from its ultra-supercritical thermal power plant in Godda, Jharkhand. View More

New Delhi: Adani Power Ltd Monday said the company is continuing to supply power to the Bangladesh power utility as part of their agreement without any disruption, amid the protests that led to political unrest in the country. "In its normal course of business, Bangladesh Power Development Board ( BPDB ) is scheduling the power supply to meet their nation's demand and as per that schedule, Adani Power continues to supply power to the Bangladesh power utility without any disruption," according to a company spokesperson. "Going forward too, we will remain guided by BPDB's schedule and as per the provisions of PPA between two utilities," the person said. Adani Power Ltd has a power purchase agreement with BPDB for electricity supply which was started in June 2023. Adani Power Jharkhand , a subsidiary of Adani Power, supplies 1496 MW net capacity power from its ultra-supercritical thermal power plant in Godda, Jharkhand. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

This is the first time lenders will recover a part of their dues before a resolution is approved by the NCLT. All bidders including Adani Power, the highest bidder offering Rs 27000 crore, may want to relook at their respective offers following the NCLT order. View More

The Hyderabad bench of the National Company Law Tribunal (NCLT) today approved a plea from the resolution professional of KSK Mahanadi Power to distribute the surplus cash amounting to Rs 6400 crore among lenders. According to people with knowledge of the matter, this is the first time lenders will recover a part of their dues before a resolution is approved by the NCLT . All bidders including Adani Power , the highest bidder offering Rs 27000 crore, may want to relook at their respective offers following the NCLT order, according to the advisors involved in resolving the distressed thermal power company . KSK Mahanadi Power received plans from Adani Power , Capri Global Holdings, Coal India , National Thermal Power Corporation (NTPC), Vedanta , Sajjan Jindal-owned JSW Energy , Naveen Jindal-owned Jindal Power and Steel, iLab India Special Fund, Rashmi Metaliks and Sherisha Technologies, ET reported on August 3. The company had accumulated cash and a cash balance of little over Rs 9000 crore since three 600 megawatt units were operational for the last five years under the corporate insolvency and resolution process (CIRP). The court has ruled that after setting aside a portion of funds required for maintaining the company's daily operations, the balance can be distributed among lenders. A banker said the surplus amount amounts to Rs 6400 crore. The order from NCLT comes less than a week after ten bidders submitted a resolution plan for the power company. Almost all offers factored in the cash lying in the company as part of their resolution plan. Adani Power offered a Rs 27000 crore plan, which included Rs 12500 crore as upfront cash and balance in the form of cash and cash equivalent and receivables in the company. Capri Global Holdings' offer was Rs 25000 crore, including upfront payment, cash in the company and receivables. PWC-supported resolution professional Sumit Binani has admitted Rs 29,330 crore. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Coal India Ltd (CIL) has formed a joint venture with GAIL (India) Ltd to establish a coal-to-synthetic natural gas project in West Bengal. CIL and GAIL will have 51% and 49% shareholdings respectively. This initiative, endorsed by the Cabinet Committee on Economic Affairs, aligns with India's goal of 100 MT coal gasification by 2030. View More

New Delhi: State-owned CIL on Monday said it has entered into a joint venture agreement with GAIL (India) Ltd to set up a coal-to-synthetic natural gas project in West Bengal . While Coal India Ltd (CIL) will have 51 per cent shareholding in the joint venture, GAIL, the nation's largest gas transportation and distribution firm, will have 49 per cent. The joint venture will be incorporated as a private limited company. The initial paid-up share capital is Rs 1 lakh, CIL said in a BSE filing. The registered office of the joint venture will be in West Bengal and CIL and GAIL each will have the right to nominate three executives as directors of the JV. Earlier this year, the Cabinet Committee on Economic Affairs had approved setting up a coal-to-synthetic natural gas project through a joint venture between CIL and GAIL, and a coal-to-ammonium nitrate project through a venture between CIL and BHEL. CIL will set up two coal gasification plants as part of efforts to achieve the target of 100 MT coal gasification by 2030. CIL accounts for over 80 per cent of the domestic coal output. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Tata Power Co. Ltd has received a letter of intent from PFC Consulting to acquire Paradeep Transmission Ltd in Odisha. The project will be developed on a build, own, operate, and transfer basis, offering transmission services for 35 years. It involves constructing a 190 km, 765 kV double circuit transmission line from Angul substation to Paradeep substation. The project is set to start commercial operations within 24 months of acquisition. Financial details were not disclosed. View More

Tata Power Co. Ltd Monday said it has received a letter of intent (LoI) from PFC Consulting , the wholly-owned subsidiary of state-run Power Finance Corporation , for acquiring a project specific special-purpose vehicle. In a regulatory filing, the Tata group company said the LoI is for acquiring Paradeep Transmission Ltd in Odisha . "The SPV would be developed on a build, own, operate, and transfer basis, to provide transmission service for 35 years from the scheduled date of commercial operation," the company said. It did not disclose financial details. Tata Power said the date of commercial operation is effective 24 months from acquiring the SPV. The scope of the project involves constructing 2x1,500 MVA (megavolt ampere), 190 km of 765 kV (kilovolt) double circuit transmission line from the current Angul substation to the proposed substation at Paradeep in Odisha, among other project-related work. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

The scope of the project involves constructing 2 x 1,500 MVA (megavolt ampere), 190 km of 765 kV (kilovolt) double circuit transmission line from the existing Angul substation to the proposed substation at Paradeep, Odisha among other project-related work View More

Tata Power Company on Monday said it has received a letter of intent from PFC Consulting , the wholly-owned subsidiary of Power Finance Corporation , to acquire a project-specific special-purpose vehicle. In a regulatory filing, the company said it has received a Letter of Intent (LoI) from PFC Consulting to acquire Paradeep Transmission Ltd, a project special purpose vehicle (SPV). "The SPV would be developed on a build, own, operate, and transfer basis, to provide transmission service for 35 years from the scheduled date of commercial operation," the company said. Tata Power said the date of commercial operation is effective 24 months from the date of the SPV acquisition. The scope of the project involves constructing 2 x 1,500 MVA (megavolt ampere), 190 km of 765 kV (kilovolt) double circuit transmission line from the existing Angul substation to the proposed substation at Paradeep, Odisha among other project-related work. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Banks had received a total of 10 financial bids for the thermal power company by Thursday evening. Other bidders include Capri Global Holdings, Coal India, NTPC, Vedanta, JSW Energy, Naveen Jindal-owned Jindal Steel & Power, iLab India Special Fund, Rashmi Metaliks and Sherisha Technologies, said the people cited above. View More

Mumbai: Adani Power has offered the highest bid of ₹27,000 crore for KSK Mahanadi Power's 1,800-megawatt plant that's undergoing insolvency proceedings, people with knowledge of the matter told ET. The Adani offer already ensures a 92% recovery for the lenders. Banks had received a total of 10 financial bids for the thermal power company by Thursday evening. Other bidders include Capri Global Holdings, Coal India , NTPC , Vedanta , JSW Energy , Naveen Jindal-owned Jindal Steel & Power, iLab India Special Fund, Rashmi Metaliks and Sherisha Technologies, said the people cited above. Adani Power's offer is a combination of ₹12,500 crore in upfront cash, ₹9,000 crore of accumulated cash in the company since three of its units are operational, and an estimated receivables of ₹5,500 crore, one of the persons cited above said. Capri Global Holdings made the second highest offer. It sought to pay ₹25,000 crore inclusive of cash in the company, receivables, and upfront cash payment to lenders. NTPC, the third largest bidder, is offering ₹22,200 crore, which includes ₹7,700 crore upfront payment and ₹14,500 crore as the cash in the company and receivables. The resolution professional at KSK Mahanadi Power, Adani Power and NTPC did not respond to ET's requests for comment. Capri Global, in a mailed response, reaffirmed its commitment. "Our AIF, along with our investors, are committed and would like to acquire this company," it said. The AIF that Capri refers to here is the Capri Xponentia Stressed Asset Fund. 'May Receive Almost Entire Dues' The PWC-supported resolution professional, Sumit Binani, has admitted ₹29,330 crore in claims from financial creditors for the thermal power company, which operates three units of 600 MW each. For the Adani Group, the actual outgo as per the plan is ₹12,500 crore. This works out to a ₹7-crore bid per MW-the highest offered for any distressed thermal power asset so far. During Thursday's meeting with lenders, Binani disclosed the 10 plans, following which banks decided to seek improved offers from all bidders and subsequently hold an auction among them, people cited above said. "There is a likelihood that lenders could receive nearly their entire dues after an auction among bidders," one lender said. Adani Group had shown interest in acquiring KSK Mahanadi even before it was admitted for insolvency in October 2019. Late 2018, it had offered ₹10,300 crore, but backed out in February 2019 after the Uttar Pradesh government revised tariffs downward, a banker cited above said. The debt resolution of KSK Mahanadi, admitted into the National Company Law Tribunal (NCLT) five years ago, is delayed due to a series of litigations. Losing patience, a dozen lenders with about ₹16,165 crore of verified claims among them, separately sold their debts to various asset reconstruction companies (ARC). As many as six ARCs jointly control 54.4% of verified claims after acquiring loans from multiple banks. Among the lenders, State Bank of India , Life Insurance Corporation, Axis Bank , Punjab National Bank , Bank of Baroda , Indian Overseas Bank , Union Bank of India , Jammu and Kashmir Bank , Indian Bank , Federal Bank , Central Bank of India and L&T Finance sold their loans. Among the ARCs, Aditya Birla ARC has the largest share, with 33.38% of the debt, followed by ASREC (India) at 12%. NCLT had stayed the sale process in June 2022 after a plea from a lender to consolidate the resolution of KSK Mahanadi Power and two of its ancillary companies. These are KSK Water Infrastructure, which supplies water to the plant, and Raigarh Champa Rail, which carries the raw material to the plant. These companies were separately admitted for corporate insolvency, and lenders wanted a consolidated resolution to maximise recovery, but NCLT rejected the consolidation proposal. Subsequently, lenders appealed against the tribunal's order at the National Company Law Appellate Tribunal, which, too, stayed the process. Binani invited bids after the stay was lifted. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

NTPC Ltd and the Nuclear Power Corporation of India are likely to invest around Rs 50,400 crore in the 2,800 MW Mahi-Banswara nuclear power plant, which will be jointly developed by the two state-owned companies. The power generator expects the tendering process for the nuclear power project to start in the current financial year. View More

New Delhi: NTPC Ltd and Nuclear Power Corporation of India are likely to invest around Rs 50,400 crore for 2,800 MW Mahi-Banswara nuclear power plant to be jointly developed by the two state-owned companies. The power generator expects the tendering process for the nuclear power project to start in the current financial year, people in the know said. A proposal for transfer of the nuclear units to joint venture Anushakti Vidhyut Nigam Ltd from parent NPCIL is likely to go for approval of the Cabinet this month. However, the company will not be involved anymore in the 1,400 MW Chutka Madhya Pradesh Atomic Power Project, which was also to be jointly developed with NPCIL, the person said. For the power major, the Mahi-Banswara project would be an experience to carry forward its nuclear energy plans on a standalone basis, the person said. Green IPO The company is also looking to list its green arm in November targeting a 10% dilution of its stake, the person said. In November, NTPC Green Energy Ltd (NGEL) is likely to have a total installed capacity of 4,000 MW, another 8,000 MW under construction, and 8,000 MW more in various stages of development. NGEL will drive India's largest power producer's ambitious clean energy programmes. The company will have subsidiaries and joint ventures to carry out the projects. The power generator's subsidiary will be the flagbearer of its aim to add 60 GW renewable energy capacity by 2032. It is also looking to develop pumped hydro storage and green hydrogen and ammonia manufacturing projects. Coal Procurement For the first time, NTPC has issued an order to procure coal to the tune of 1 million tonnes from the commercial coal mines. These mines were opened for the private sector in 2020. This tender, which was placed last month, is on fuel transported to plant on 'quantity and quality' basis and the cost is projected to be lower than import, the person added. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

NTPC searching for land in Gujarat, Tamil Nadu, Chhattisgarh, Odisha and Karnataka to set up nuclear power plants View More

NTPC aiming for a reliable and cost-effective supply chain View More