New Delhi, Nov 16: Central power utilities, on Tuesday, were caught totally unawares by the power minister PR Kumaramangalam's announcement that NTPC would buy out NHPC saying Government had not yet given them any such proposal. Baffled by Kumaramangalam's announcement in Mumbai, the chairman and managing director of NHPC Yogendra Prasad said, "I do not know anything. Government has not given us any such proposal and our board has not discussed it." When contacted a top functionary of NTPC also said that the issue had not come to the board of the corporation, which had commissioned ICICI earlier this month to explore various options of thermal power giant's disinvestment.
While the chairman and managing director of NTPC Rajendra Singh could not be contacted for his reaction, NTPC spokesman RK Nair declined to comment on the `sensitive issue'.
Government sources, however, claimed that power ministry had already broached the subject with NTPC chief.
Though no proposal has been sent to the cabinet on NTPC's `takeover' by acquiring entire stake of NHPC for Rs 4,500 crore at the face value, minister's announcement appeared to be aimed at helping the finance ministry to attain divestment target of Rs 10,000 crore for 1999-2000 in the face of adverse market conditions.
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