NTPC to form JV with NPCIL

NTPC to form JV with NPCIL

New Delhi: State-run power producer NTPC said that it would form a joint venture (JV) with Nuclear Power Corporation of India Ltd (NPCIL) for setting up a nuclear power project.

“NTPC board has approved the formation of a joint venture company with NPCIL to set up a nuclear power project," company said in a statement to the Bombay Stock Exchange (BSE).

NTPC would hold 49% of the stake in the joint venture company and 51% would be held by NPCIL.

The company plans to raise up to Rs4,500 crore from domestic as well as international markets for meeting its expansion plans in the current financial year.

NTPC posted a net profit of Rs2,110 crore for the second quarter ended 30 September, a jump of 9.6% from Rs1,925 crore in the second quarter of last fiscal.

Total income rose by 18.94% to Rs10,406 crore for the quarter under review, from Rs8,749 crore in the same period last fiscal.

The company’s net sales rose to Rs19,201 crore in the first half of the current fiscal, from Rs16,976 crore in the year-ago period.

Shares of the company closed at Rs134.05, up 1.09% on the BSE.