NTPC to halt expansion of gas-based projects

“There is no gas, so we have to halt the expansion of our gas-based projects -- Kayamkulam, Ramagundam, Kawas and Gandhar,” an NTPC official said

State-controlled NTPC has frozen expansion of its gas-based projects due to non-availability of the fuel, according to a company official. The latest move also comes against the backdrop of Power Ministry advising power producers not to plan any gas-based projects till 2015-16 on account of gas shortage.
 
"There is no gas, so we have to halt the expansion of our gas-based projects -- Kayamkulam, Ramagundam, Kawas and Gandhar," an NTPC official told PTI.

The company has to stop work at these plants, the official noted.

The move follows a sharp drop in output at what was supposed to India's largest gas field, KG-D6 of Reliance Industries. Production at KG-D6 has dropped 40% in 2011 to about 35 million standard cubic meters per day and is likely to dip further.

The reduction, instead of a projected rise in output to 80 mmscmd from KG-D6 by now, has led to shortage of fuel with consumers including power generation units.

NTPC currently operates seven gas-based projects in the country --  413 MW Anta (Rajasthan), 652 MW Auraiya (Uttar Pradesh), 645 MW Kawas (Gujarat), 817 MW Dadri (Uttar Pradesh), 648 MW Jhanor-Gandhar (Gujarat), 350 MW Kayamkulam (Kerala) and 430 MW Faridabad (Haryana)-- with a total capacity of 3,955 MW.

"We aimed for 70,000 MW (capacity) by 2017. There are so many problems, coal shortage, gas shortage; we may scale down some capacity. Let's see," the official said.

With the commissioning of the 500 MW unit of its joint venture Vallur thermal power project, NTPC's total installed capacity has increased to 36,514 MW.

In the early afternoon, NTPC was trading at around Rs163.85 per share on the Bombay Stock Exchange, 0.74% up from the previous close.

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COMMENTS

S Mukherjee

5 years ago

If there is this much acute shortage of gas in our country leading to NTPC being forced to halt expansion of all gas based projects here then how is it that GAIL and others are promoting export of gas as well as power from India to Pakistan (as mentioned in the media recently), which also happens to be our 'enemy country'. Would request the author to please enlighten us on this aspect.

Muthoot Estate Investments can't accept public deposits: RBI

“The RBI has directed Muthoot Fincorp Ltd to stop allowing the use of its premises or branches or officials, in any manner by Muthoot Estate Investments for accepting deposits from public,” the RBI said in a notification

The Reserve Bank of India (RBI) directed Muthoot Fincorp arm - Muthoot Estate Investments - not to accept any deposits from public in any manner.

"The RBI has directed Muthoot Fincorp Ltd to stop allowing the use of its premises or branches or officials, in any manner by Muthoot Estate Investments for accepting deposits from public," the RBI said in a notification.

Muthoot Fincorp, a Kerala based non-deposit taking and non-banking financial company (NBFC), has partnered with its arm Muthoot Estate Investments.

"Acceptance of deposits from the public by Muthoot Estate Investments is prohibited. Members of the public are hereby cautioned that acceptance of deposits by the company or its arm (Muthoot Estate Investments) is punishable with imprisonment..." the notification said.

The company has been collecting deposits in the form of FDs, cumulative deposits and special public deposits, said RBI.

Muthoot Estate Investments, in which the promoters of Muthoot Fincorp Ltd are partners, has collected and has been collecting deposits in the form of fixed deposits, cumulative deposits and special public deposits from the public, it added

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ING Vysya launches multi-currency forex travel card

The customer will have to load the card with the desired amount of money in all the currencies required. As he travels from one destination to another, the card identifies the usage country and makes payment from the respective currency wallet

Private sector lender ING Vysya Bank launched a multi-currency forex travel card and said it is targeting up to 5% market share of the travel card segment in three years.

"We are proud to launch the world's first Visa Platinum Multi-Currency Forex Travel Card. The power of this product lies in the convenience and security it offers. Our customers can manage transactions across five currencies in one single card. This will go a long way in meeting the evolving needs of the global Indian," ING Vysya Bank managing director and CEO Shailendra Bhandari said.

The customer will have to load the card with the desired amount of money in all the currencies required. As he travels from one destination to another, the card identifies the usage country and makes payment from the respective currency wallet. Change in the exchange rate will not affect the card holder as the rate gets locked at time of uploading the card.

"We are targeting 4%-5% market share of the travel card segment in next 2-3 years, he said, adding 45,000- 50,000 travel cards are issued across all banks every month. The card is available in five currencies - USD, Pound, Euro, Australian Dollar and Japanese Yen.

"We plan to add more currencies in future depending on the demand," Bhandari said. Initially, the card will be offered only to ING Vysya Bank customers and subsequently extended beyond that, he said.

The bank will get revenue through setting up fee of Rs250 for the card and currency conversion charge, he said. Asked about ING Vysya Bank's credit growth, Bhandari said it is expected to be 16%-18% in FY12.

"We expect the credit growth to be less this year at 16%-18% compared to last year's 28%," he added.

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