Team News Riveting
Mumbai, April 20
State-run power giant National Thermal Power Corporation (NTPC) has finalised the acquisition of entire stake of Bihar State Power Holding Company Ltd (BSPHC) in its two JV plants at Nabinagar and Kanti.
“On the basis of report submitted by the scrutiniser, it is hereby informed that the resolutions proposed for approval of the Scheme of Amalgamation of Nabinagar Power Generating Co. Ltd. and Kanti Bijlee Utpadan Nigam Limited with NTPC Limited and their respective shareholders and creditors, pursuant to the provisions of Sections 230 to 232 and other – applicable provisions of the Companies Act, 2013, at the meetings of Equity Shareholders and Unsecured Creditors were passed with requisite majority,” NTPC said in a regulatory filing today.
The Bihar political leadership has been desperately campaigning to sell the Bihar State Power Holding Company Ltd (BSPHC) stake in the Nabinagar and Kanti power plants to NTPC.
Kanti Bijlee Utpadan Nigam, (formerly known as Vaishali Power Generating Company Ltd) was incorporated on September 6, 2006, with NTPC contributing 51 per cent of equity.
Similarly, Nabinagar project known as Nabinagar Power Generation Company Pvt Ltd is also a joint venture of the NTPC and BSEB. The equity participation of the NTPC and BSEB is 50:50. The plant has 500 MW installed generation capacity and another 500 MW is under construction.
