New Delhi, Nov. 30: The National Hydroelectric Power Corporation (NHPC) has saved Rs 250 crore by lowering the interest rate to be paid on a Rs 2,500 crore loan from Life Insurance Corporation finalised early this year.
The restructuring of the Rs 2,500 crore loan at 8 per cent as against the agreed 9.25 per cent to be repaid over 19 years would result in savings of Rs 250 crore.
Yogendra Prasad, CMD of NHPC, said the corporation has already withdrawn Rs 100 crore till now as part of its proposal to add more than 23,000 megawatt of power by 2012. The public sector power major said that, this would need a market borrowing of about Rs 60,000 crore.
“We are in talks with LIC for a fresh line of credit of Rs 6,500 crore that would have to be repaid over 20 years. A final approval from the corporation is expected after it is cleared by the board,” said Prasad.
Official said that the loan would be secured at an interest rate of less than 6 per cent.
NHPC today announced a net profit of Rs 281 crore for the first six months of current fiscal as against Rs 263 crore in the same period last year. The company achieved a sales turnover of Rs 804 crore.
During the current financial year, NHPC is likely to receive a budgetary support of Rs 2,131.14 crore. Officials said the Planning Commission has already approved a total outlay of Rs 32,226 crore during the Tenth Five Year plan. This includes an equity component of Rs 14,200 crore.
NHPC, which supplies power to 22 states, is yet to recover Rs 1,881.46 crore including a surcharge of Rs 732.80 crore.
However, with the implementation of securitisation scheme for one-time settlement of outstanding dues, NHPC has signed tripartite agreements with 19 states. This has helped the company to realise Rs 2,027.20 crore during the current financial year up to October 2003, including receipts of bonds worth Rs 813.74 crore and Rs 213.39 crore as interest on bonds. As a result, the outstanding dues have dropped to Rs 549.50 crore till October 31, 2003.