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INDIAN MINISTRY WANTS GAIL, NTPC TO INFUSE MORE EQUITY IN DABHOL.
NEW DELHI, Sept 1 Asia Pulse - India's Finance Ministry wants state-run GAIL (BSE:532155) and NTPC (BSE:532555) to infuse an additional equity of Rs 4,750 million (US$108 million) each in the Dabhol power project along with lenders converting their Rs 450 crore (US$103 million) debt into equity as part of financial restructuring to revive the beleaguered project.
Financial Services Secretary Arun Ramanathan on August 22 suggested to Power Secretary Anil Razdan his idea for reviving the nation's largest gas-fired power plant, official sources said.
He suggested that GAIL, NTPC and Maharashtra Government infuse an additional equity of Rs 12 billion to meet the investment required for completing the balance work at the 2,150 MW power plant and the adjacent LNG import terminal.
Lenders, who had previously reduced interest during construction (IDC) by Rs 4,660 million, would convert Rs 4,500 million ...
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Source: HighBeam Research, INDIAN MINISTRY WANTS GAIL, NTPC TO INFUSE MORE EQUITY IN DABHOL.