Pandit in his inaugural address at the CII's international conference on power tariffs said that NTPC has not been put on the block as yet because the Disinvestment Commission has not been in favour of doing so. But the Centre is now thinking of widening NTPC's shareholder base, he said.

Addressing a press conference later in the day, NTPC chairman and managing director Rajendra Singh said NTPC has not sold stock till now as it would not have fetched a good price. "Now that the company's performance is a rising graph, disinvestment can be considered," he said.

NTPC has announced a net profit of Rs 2,815.73 crore for 1998-99 and a dividend of Rs 650 crore for 1998-99. This gives the company a good earnings per share, Singh said. Once performance improves further we will be ready to approach the market, he stated.

Singh also stated that there isno clash of interest with Petronet over NTPC picking up equity in the rival LNG terminal project at Pipavav in Gujarat. NTPC is an equity holder in Petronet's LNG projects at Cochin and Dahej. There has been debate whether it would be fair for NTPC to participate in a rival LNG project at Pipavav where British Gas is a share holder. Singh clarified that Cabinet clearance has been obtained on the issue of NTPC picking up equity in the Pipavav project.

Commenting on the Central Electricity Regulatory Commission's views that power tariff should be reduced across the board, Singh said that any decision which puts the central utilities, state sector utilities and the private power projects on par would be welcome. An unequal playing field between the three categories of power generators will not be acceptable to NTPC, he said. It is felt that since NTPC's dues from state electricity boards are only rising, any diktat to reduce tariffs would put the company in difficulty.

NTPC currently has outstandingsamounting to Rs 11,978.39 crore, inclusive of Rs 4424.14 crore in the form of surcharge. Singh also stated that in the current year the company will be inviting bids for projects whose combined installed capacity will be 6100 mw. The break-up being 650 mw each for KawasII, AntII, AuraiyaII and GandharII; in addition to these projects bids will be invited for 1000 mw for RihandII, 500mw for Ramagundam and 2000mw for TalcherII.

NTPC achieved a turnover of Rs 14,371.85 crore during the year. It had a return on capital of 13.37 per cent and a return on net worth of 14.13 per cent, Singh said.