The turnover of NTPC increased by 10.1 per cent to Rs 14022.44 crore for the financial year ending March 31, 1999 as against Rs 12,741.20 crore in the corresponding period last year.

Announcing the unaudited financial performance for 1998-98 at a news conference, the chairman and managing director, NTPC, Rajinder Singh told reporters that return on net worth of the corporation was 13.27 per cent while return on capital employed was 12.18 per cent during the year.

While the outstanding for the year increased by 47 per cent to Rs 10,143 crore from Rs. 6,882 crore in the previous year. Singh said the total billing in 1998-99 by the corporation was Rs 14,653.38 crore with realisation of 82.9 per cent.

Giving details about its funds requirement for 1999-2000, the director, finance, C P Jain said NTPC requires funds to thetune of Rs 1150 crore during the year in order to fund various ongoing projects and also to kickstart fresh projects.

Fund raising programme for the year includes Rs 400-Rs 450 crore will be firmed up with the banks and the balance will be raised depending on the market conditions during the coming year.

Jain did not rule out the possibility of an international bond issue of $ 100 million to $ 150 million, depending on the market conditions prevailing worldwide.

It may be recalled that during 1998-99, NTPC had planned a euro issue of $ 100 million through the credit enhancement route. However, due to bad market conditions NTPC later changed its plans and instead raised $ 120 million through a syndicated foreign currency loan arranged by the state bank of India (SBI).

Singh informed the reporters that domestic financial institutions and public sector banks have already offered term loans of Rs 5710 crore for financing new projects of NTPC. ICICI has offered a credit line of Rs 2000 crore followed byIDBI with Rs 1500 crore. Other institutions include SBI (Rs 500 crore), Oriental Bank of Commerce (Rs 500 crore), HDFC (Rs 200 crore), Central Bank of India (Rs 200 crore) and Bank of Maharashtra (Rs 200 crore) amongst others.

During the year, the corporation increased the power generation capacity by 940 mw compared to the target of 115 mw, he said adding that with this the total installed capacity of the corporation by the end of 1998-99 was 17,735 mw. A generating capacity of 1115 mw is to be added during 1999-2000.

Singh said that the articles of association of NTPC has been amended, allowing the organisation to unshackle it from certain existing limitations. Government approval will not be required hereafter for any level of public investment.

Moreover, in respect of joint venture operations, NTPC would be able to invest in projects upto Rs 2000 crore. The entire exposure in joint ventures and subsidiaries will, however, be restricted to 15 per cent of the net worth of the corporation.