By IANS,
New Delhi : State-run power utility NTPC Thursday said the government may sell up to 5 percent in the company before March.
“The government is looking to dilute between 4.7 to 5 percent. We are awaiting the government’s approval for this,” NTPC chairman R.S. Sharma told reporters on the sidelines of a power conference.
“The government wants this before March,” Sharma said after the conference, organised by the Federation of Indian Chambers of Commerce and Industry (FICCI).
The move is part of the second United Progressive Alliance (UPA) government’s decision to offload stake in state companies.
Upstream oil company OIL India’s initial public offer closes Friday, while hydel power major NHPC too had made a went public last month.
REC, the nodal company for funding power projects in rural areas, is also believed to be on the government’s radar for equity divestment.
NTPC, with an installed capacity of over 30,000 MW, needs money to increase production by 22,430 MW by the end of the 11th plan period (March 2012).
Its profit after tax for 2008-09 was Rs.8,201 crore compared to Rs.7,415 crore in 2007-08, an increase of 10.61 per cent.