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News Brief | October 2014

NHPC scales down acquisition plans

NHPC, the country´s largest hydro power producer, has shelved plans to acquire hydel assets. NHPC officials said currently, the company had around Rs 5,000 crore in its kitty to acquire about 2,000 MW of hydro assets. However, ´the process of acquiring private companies in the country faces issues of transparency´, said a senior NHPC executive. The company has written to the power ministry, complaining about the lack of guidelines for mergers & acquisitions in the sector, especially for public sector undertakings seeking to sign deals with private entities. ´A year ago, we advertised and several major private sector players showed interest. But the circumstances have changed since then. Besides, without a proper head of the organisation, major decisions are stuck,´ said the NHPC executive. The post of chairman & managing director at NHPC has been vacant since 2011. Currently, A K Dubey, joint secretary in the power ministry, holds additional charge of the post.
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