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: The new disinvestment policy of UPA requires all profitable PSUs to list their shares on the stock market. FE decided to catch up with the chief of one of the latest PSUs to have hit Dalal Street-NHPC Ltd. NHPC chairman and managing director S K Garg tells Praveen Kumar Singh how the listing has improved the firm’s internal and external perception in barely 60 days. Experts:
Has listing NHPC’s shares, after over a year of delay, helped the company?
The government’s policy of listing PSUs is a great move. The capability of PSUs is limited till it is listed. It has brought three benefits to NHPC. First, it has improved the corporate governance in the company. But this does not mean that the corporate governance was weak earlier. Second, the listing has brought a sense of ownership among the employees and they have become more efficient. Third, the stakeholders like suppliers and bankers are taking more interest in the company as they think we will act responsibly after entering the markets. Now, the company is more visible and marketable.
How has been the financial performance of the company since listing?
We have announced the highest-ever net profit for this quarter at Rs 1,118.74 crore and sales of Rs 2,255.65 crore. The profit of the company has almost doubled over the last 5-6 years.
What is the capacity addition target of the company for next few years?
The company is engaged in several hydroelectric projects. NHPC had set a target of commissioning 12 projects with installed capacity of 5,322 mw during 2007-12. Of these, two projects with installed capacity of 1,030 mw have commissioned in 2007-08 and one project will come up in 2009-10. Six projects with total capacity of 1,212 mw are likely to be set up in 2010-11 and further 910 mw through two projects in the following year. The balance capacity addition of 2,050 mw is expected in 2012-13. In addition to the projects under construction, NHPC is actively pursuing clearances from government for projects having aggregate capacity of 9,981 mw. Out of this, seven projects with aggregate capacity of 6,315 mw are planned to be implemented by NHPC on its own. The company has planned a capex of Rs 21,600 crore for the 11th Plan to be met through internal resources, subordinate debt from government, proceeds from IPO and borrowings. The capex for 2009-10 is planned...
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