NPCIL in talks with LIC, foreign banks to raise debt

After roping in State-run lending agency Power Finance Corporation, Nuclear Power Corporation of India Ltd (NPCIL) has now initiated talks with Life Insurance Corporation (LIC) as part of its debt raising programme to finance its ambitious Rs 3,00,000-crore investment plan for the 12th Plan Period. NPCIL, which will be raising 70 per cent of this proposed investment (or Rs 2,10,000 crore) through debt, has also shortlisted 10 out of 100 overseas banks to source its foreign funding. Apart from debt financing, NPCIL is also broadening its equity base by taking on board cash-rich PSUs, such as oil marketing companies, to pick up equities in different proposed nuclear power plants.“We are planning to take up work on 20 nuclear reactors during the 12th Plan Period, with the sites being almost finalised. Of these, 14 will be light water reactors, as part of our new thrust on this category of reactors to fuel India's future nuclear energy plans,” Dr S.K. Jain, NPCIL Chairman and Managing Director, told mediapersons on the sidelines of an international conference here.

Source: The Hindu Business Line