National Thermal Power Corporation Limited (NTPC) concluded the acquisition of Centre’s entire stake in two hydropower generating firms, Tehri Hydro Power Complex (THDC) India and North Eastern Electric Power Corporation (NEEPCO), at Rs 11,500 crore.
Under the deal, NTPC acquired the latter’s 74.496 % equity stake in THDC India Ltd (THDCIL) for Rs 7,500 crore & its 100% equity in North-Eastern Electric Power Corporation Limited (NEEPC) for Rs 4,000 crore respectively.
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The acquisition comes during coronavirus (COVID-19) outbreak and declining tax collections will help bridge the gap between DIPAM’s (Department of Public Asset Management) disinvestment target of Rs 65,000 crore for the financial year 2020 & realization (a sale in order to obtain money), which has witnessed more than Rs 34,000 crore till February 2020.
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