NTPC gets nod to merge NTPC Hydro with itself

With a view to have benefit of synergy of operation, enhancement of efficiency and administrative control to optimize utilization of resources, State-run NTPC’s board has approved the merger of wholly-owned subsidiary NTPC Hydro with itself.

However, the merger is subject to compliance of Companies Act, 1956 and subject to receipt of requisite approval from the Ministry of Corporate Affairs, shareholders and stock exchanges. Last month, Ministry of Power, the parent ministry of NTPC allowed amalgamation of NTPC Hydro with NTPC subject to approval from the competent authority.

NTPC, the country’s largest power generation utility posted a fall of 6.77% in its net profit at Rs 2593.44 crore for the quarter ended March 31, 2012 as compared to Rs 2781.84 crore for the same quarter in the previous year. However, total income increased by 5.20% at Rs 17031.82 crore for quarter under review as compared Rs 16190.41 crore for the quarter ended March 31, 2011.