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Home News Power Sector News Neyveli Lignite plans to enter power transmission sector

Neyveli Lignite plans to enter power transmission sector

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TransmissionIntegrated mining-cum-power producer Neyveli Lignite Corporation Ltd (NLC) is looking at further forward and backward integration with plans to get into power transmission and acquiring coal mines abroad, a top official said. ‘We had discussions with TNEB (Tamil Nadu Electricity Board) on partnering with them in their power transmission venture about one and half months back. We are also looking at acquiring lignite/coal mines in Argentina and South Africa,' NLC chairman and managing director A.R. Ansari told reporters.

On the proposed joint venture with TNEB's transmission subsidiary, Tamil Nadu Transmission Corporation Ltd (TNTCL), he said: ‘We have the experience in power transmission and funds are not an issue.'

Speaking to IANS, K. Sekar, director (finance) said the state government's transmission company is short of cash which NLC can provide. Further NLC was in the power transmission business earlier before that business was transferred to Power Grid Corporation, he said.

He said such a venture will take the relationship with the TNEB and its subsidiaries further as NLC is already in the process of constructing a power plant in Tuticorin in the state partnering with the TNEB.

The 1,000 MW power project is expected to start generation in 2012-13.

According to Sekar, the investment in the transmission project may be around Rs.400 crore.

NLC is planning to put up a 2,000 MW coal based power project on the coastal town Sirkazhi in Tamil Nadu and has signed the power purchase agreement (PPA) with TNEB.

The mining-cum-power company has also signed PPA for its proposed 2,000 MW coal based power plant in Uttar Pradesh in joint venture with Uttar Pradesh Rajya Vidhyut Nigam Ltd (UPRVNL).

According to Ansari, the company is planning to take up its generation capacity to 10,000 MW from the current 2,740 MW in ten years time frame.

Meanwhile, NLC closed last fiscal with a revenue of Rs.3,949.08 crore and a net profit of Rs.1,298.33 crore as against Rs.4,121.02 crore and Rs.1,247.46 crore posted during 2009-10.

NLC's board has recommended a dividend of Rs.2.30 per share involving an outgo of Rs.385.17 crore for 2010-11.

Source- inewsone

 

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