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NTPC to get back three forfeited coal blocks

21 January 2013

press trust of india
NEW DELHI, 21 JAN: In a breather to NTPC, the government today said it will re-allocate its three forfeited coal blocks by tomorrow after law ministry's approval, a step that will bolster the state-run firm's valuation prior to its share sale. The three coal blocks are Chatti-Bariatu, Kerandari and Chatti-Bariatu (South).
“The whole issue of coal blocks that have to be re-allocated to NTPC will be done by tomorrow ... blocks will be re-allocated to NTPC post ministry of law's opinion on that matter,” power minister Jyotiraditya Scindia told reporters here.
Coal blocks allotted to NTPC were taken back by the government in 2011 due to delay in developing these mines.
Meanwhile, coal minister Sriprakash Jaiswal also said: “NTPC coal block re-allocation issue is being looked into. We hope that it would be resolved soon.” Both Mr Jaiswal and Mr Scindia today met finance minister P Chidambaram to discuss the matter of coal block re-allocation.
The government plans to sell stake in NTPC by the end of this fiscal. It would sell 9.5 per cent stake in NTPC through offer for sale or auction mechanism. It expects to raise Rs 12,000 crore through the offer.
The power producer today reported a nearly 22 per cent jump in net profit at Rs 2,596.76 crore for the third quarter ended December 2012.
NTPC had reported a net profit of Rs 2,130.39 crore in the corresponding period of the previous fiscal.
In a filing to the Bombay Stock Exchange, the company said its total income in the third quarter of the current fiscal rose to Rs 16,529.55 crore from Rs 16,244.41 crore in the three-month period ended December 2011.
Currently, NTPC has a generation capacity of 39,674 MW and the same is expected to go up to 1,28,000 MW by 2032.