Vol 3, PW 5 (31 Mar 99) News in Brief

The National Thermal Power Corporation (NTPC) has raised a $120m syndicated loan form the State Bank of India and Bank of America to part finance its ongoing projects.

The loan agreement was signed in New York. The decision to borrow $120m from was taken after NTPC decided to defer its $100m euro issue in the face of adverse market conditions.

NTPC has an operating capacity of 17,735 MW and plans to add another 15,000 MW by the year 2007. With net income of $539m last year, it was ranked ninth largest power generator in the world and in terms of efficiency, it was third among the nine.