Strategic project reportOn

NTPC

Submitted toSubmitted by

Mr.Shyamanuja DasChiragAdhlakha Laxmi Keswani

Shyam ModiSandeep Pattnaik

Sarada Prasan1

Saurabh Prashar

Acknowledgement

We owe a great many thanks to great many people who helped and supported us in writing the project.

We are grateful to Mr.Shyamanuja Das, for his guidance for the project for guiding and correcting various documents with attention and care. He has taken pain to go through the project and make necessary correction as and when needed.

Date:-

Place: - Sd/-

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CONTENTS

Topic Page No

1. Acknowledgement 2

2. Contents 3

3. Power Sector in India 4

4. NTPC Company Information 5

5. History of NTPC 7

6. Line of Business of NTPC 9

7. Vision and Mission of NTPC 10

8. Organization Structure and Culture of NTPC 11

9. NTPC Core Values &Objectives 12

10. SWOT Analysis 14

11. Porter’s Five force Model 16

12. Strategies of NTPC 17

13. Business Model of NTPC 18

14. Competitors Overview 18

15. Conclusion 19

16. Reference 20

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Power sector in India:-

Power development in India is the key to economic development. The power sector has been receiving adequate priority ever since the process of planned development in 1950. Hydro power and coal based thermal power have been the main sources of generating electricity. Nuclear power development is at slower pace, which was introduced in late 60’s. The concept of operating power systems on a regional basis crossing the place, the power supply industry have been under constant pressure to bridge the gap between supply and demand.

Since Independence in 1947, Indian Power sector progress has been rapid. From mere 1713 MWs of Installed capacity in 1950 the capacity at the end of March 2007 rose to 124569 excluding capacity of renewable energy. Total generation in April 2006- March 2007 was 659419 GWs in the utility sector. The per capita consumption of electricity increased from 15 KWHs in 1950 to 619 in 2006-07.

Decades of economic planning in India following independence placed significant emphasis on the development of the power sector. Electricity generation capacity with utilities in India had grown from 1713 MW in December 1950 to over 124,287 MW by March 2006. However, per capita electricity consumption remains much lower than the world average and even lower than some of the developing Asian economies. Investment in the sector has not been able to improve access and keep pace with the country’s growing demand for electricity.

India has the fifth largest generation capacity in the world with an installed capacity of 152 GW as on 30 September 2009, which is about 4 percent of global power generation. The top four countries, viz., US, Japan, China and Russia together consume about 49 percent of the total power generated globally. The average per capita consumption of electricity in India is estimated to be 704 kWh during 2008-09. However, this is fairly low when compared to that of some of the developed and emerging nations such US (~15,000 kWh) and China (~1,800 kWh). The world average stands at 2,300 kWh. The Indian government has set ambitious goals in the 11th plan for power sector owing to which the power sector is poised for significant expansion. In order to provide availability of over 1000 units of per capita electricity by year 2012, it has been estimated that need-based capacity addition of more than 100,000 MW would be required. This has resulted in massive addition plans being proposed in the sub-sectors of Generation Transmission and Distribution.

India is world's 6th largest energy consumer, accounting for 3.4% of global energy consumption. Due to India’s economic rise, the demand for energy has grown at an average of 3.6% per annum over the past 30 years. In March 2009, the installed power generation capacity of India stood at 147,000 MW while the per capita power consumption stood at 612 kWH. The country's annual power production increased from about 190 billion kWH in 1986 to more than 680 billion kWH in 2006. The Indian government has set an ambitious target to add approximately 78,000 MW of installed

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generation capacity by 2012. The total demand for electricity in India is expected to cross 950,000 MW by 2030.

About 75% of the electricity consumed in India is generated by thermal power plants, 21% by hydroelectric power plants and 4% by nuclear power plants. More than 50% of India's commercial energy demand is met through the country's vast coal reserves. The country has also invested heavily in recent years on renewable sources of energy such as wind energy. As of 2008, India's installed wind power generation capacity stood at 9,655 MW. Additionally, India has committed massive amount of funds for the construction of various nuclear reactors which would generate at least 30,000 MW. In July 2009, India unveiled a $19 billion plan to produce 20,000 MW of solar power by 2020.

The Power sector in India is predominantly controlled by the Government of India's public sector undertakings (PSUs). Major PSUs involved in the generation of electricity are National Thermal Power Corporation (NTPC), National Hydroelectric Power Corporation (NHPC) and Nuclear Power Corporation of India (NPCI). Besides PSUs, several state-level corporations, such as Maharashtra State Electricity Board (MSEB), are also involved in the generation and intra-state distribution of electricity. The Power Grid Corporation of India is responsible for the inter-state transmission of electricity and the development of national grid.

The Ministry of Power is the apex body responsible for the generation and development of power in India. This ministry started functioning independently from 2 July, 1992; earlier, it was known as the Ministry of Energy. The Union Minister of Power at present is Sushilkumar Shinde, who took charge of the ministry on the 28th of May, 2009.

NTPC :-NTPC Limited is the largest thermal power generating company of India. A public sector company wholly owned by Government of India, it was incorporated in the year 1975 to accelerate power development in the country. Within a span of 30 years, NTPC has emerged as a truly national power company, with power generating facilities in all the major regions of the country.

Recognizing its excellent past performance and its vast potential, the Govt. of the India has identified NTPC as one of the 'Navratnas'- a potential global giant and also it is going to be identified as one of the ‘Maharatna’- giant among the 'Navratnas'. NTPC Limited is the largest thermal power generating company of India. A public sector company, it was incorporated in the year 1975 to accelerate power development in the country as a wholly owned company of the Government of India.

At present, Government of India holds 89.5% of the total equity shares of the company and the balance 10.5% is held by FIIs, Domestic Banks, Public and others. Within a span of 30 years, NTPC has emerged as a truly national power company, with power generating facilities in all the major regions of the country.

Based on 1998 data, carried out by Data monitor UK, NTPC is the 6th largest in terms of thermal power generation and the second most efficient in terms of capacity utilization amongst the thermal utilities in the world.

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The Group's principal activity is to generate and sell power to state utilities. It also provides consultancy to power utilities and maintains power stations. The Group operates in two segments, namely, Power Generation and Others. The Power generation segment includes generation and sale of bulk power to SEBs/State utilities. Other business includes providing consultancy, project management and supervision, oil and gas exploration and coal mining.

In the Forbes list of ‘World's 2000 largest companies, 2008’, NTPC occupies 317th place. With a current generating capacity of 30,144 MW, NTPC has embarked on plans to become a 75,000 MW company by 2017.

 

Presently, Government of India holds 89.5% equity in the company and the balance 10.5% is held by FIIs, Domestic Banks, Public and others.

As on date, NTPC's total installed capacity is 27, 904 MW. NTPC's coal based power stations are at: Singrauli (Uttar Pradesh), Korba (Chattisgarh), Ramagundam (Andhra Pradesh), Farakka (West Bengal), Vindhyachal (Madhya Pradesh), Rihand (Uttar Pradesh), Kahalgaon (Bihar), NTCPP (Uttar Pradesh), Talcher (Orissa), Unchahar (Uttar Pradesh), Simhadri (Andhra Pradesh), Tanda (Uttar Pradesh), Badarpur (Delhi), and Sipat (Chattisgarh). NTPC's Gas/Liquid based power stations are located at: Anta (Rajasthan), Auraiya (Uttar Pradesh), Kawas (Gujarat), Dadri (Uttar Pradesh), Jhanor-Gandhar (Gujarat), Rajiv Gandhi CCPP Kayamkulam (Kerala), and Faridabad (Haryana). NTPC's Power Plants with Joint Ventures are located at Durgapur (West Bengal), Rourkela (Orissa), Bhilai (Chhattisgarh), and RGPPL (Maharastra).

Subsidiaries of NTPC

NTPC Electric Supply Company Ltd (NESCL): NESCL is a wholly owned subsidiary of NTPC. It was incorporated in August 2002 with the objective to acquire, establish & operate Electricity Distribution Network in various circles/cities across India. The company provides consultancy in the area of: Turnkey execution, Project monitoring, Quality Assurance and Inspection, and Third Party Quality inspection on the behalf of utility.

NTPC Vidyut Vyapar Nigam Ltd. (NVVN): It was formed to cater to and deal with the vast potential of power trading in the country and optimum capacity utilization.

NTPC Hydro Limited (NHL): It was set up in December, 2002 to develop small and medium sized Hydro Electric Power Projects of up to 250 MW capacities. 

Major Achievements of NTPC

Largest thermal power generating company of India. Sixth largest thermal power generator in the world. Second most efficient utility in terms of capacity utilization. One of the nine PSUs to be awarded the status of Navratna. Provides power at the cheapest average tariff in the country.

History of NTPC6

1975

Incorporated in November

1977 NTPC acquired the first patch of land at Sanghrauli

The first batch of executive trainees joined the company

1978 Takeover of management of the Badarpur project Construction of the first transmission network Sanghrauli- Korba- Kanpur of 400

KV systems started

1982 Power Management Institute, Delhi, a centre for education was established

1983 In the very first year of commercial operation , NTPC earned a profit of Rs 4.51

crore in the financial year 1982-83

1985 This year marked the completion of decade (1975-1985) of NTPC’s existence.

NTPC achieved a generating capacity of 220 MW by commissioning 11 units of 200 MW each at its various projects in country

The government of India approved the setting of three gas based combine cycle projects by NTPC in Kawat in gujrat, Auraiya in Uttar Pradesh and Anta in Rajasthan. For these projects, the World Bank agreed to provide US$ 485 million, which was the largest single loan in the history of bank.

1987 Crossed the 5000 MW capacity mark

1989 Consultancy division launched

1990

Total installed capacity crossed 10000MW

1992 Acquisition by the company of Feroz Gandhi Unchahar Thermal Power Station

(2x210 MW) from Uttar Pradesh Rajya Vidyut Utpadan Nigam Of Uttar Pradesh

1994 Crossed 15000 MW of installed capacity

1995 NTPC celebrated 20 yrs of its existence

A new logo was adopted

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NTPC took over the 460 MW Talcher Thermal power Station from Orrisa State Electricity Board

1997 Achieved 100 million units generation in one year

1998 Commissioned the first Naphtha based plant at kayamkulam with a capacity of

350 MW

2000 Commenced construction of a first hydro- electricity power project of 800 MW

capacity in Himachal Pradesh

2002 Three wholly owned subsidiaries viz. NTPC Electric Supply Company Limited,

NTPC Hydro Limited, NTPC Vidyut Vyapar Nigam Limited incorporated.

2004 NTPC became a listed company

NTPC made its debut issue of euro bonds amounting to USD 200 million in international market.

2005

The company rechristened as NTPC Limited in line with its changing business portfolio and transforms itself from a thermal power utility to an integrated power utility.

2008

National Thermal Power Corporation is the largest power generation company in India. Forbes Global 2000 for 2008 ranked it 411th in the world.

Line of Business of NTPC :

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NTPC Limited

Vision and Mission of NTPC :

VISION: “To be one of the world’s largest and best power utilities, powering India’s growth.”

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NTPC Vidyut Vyapar Nigam Limited 100%

NTPC Electric Supply Co. Limited 100%

NTPC Hydro Limited 100%

Pipavav Power Development Co. Ltd 100%

JOINT VENTURE

SUBSIDIARIES

NTPC-SAIL Power Company Pvt. Limited 50%

Bhilai Electric Supply Co. Pvt. Limited 50%

Utility Powertech Limited 50%

NTPC Alstom Power Services Pvt. Limited 50%

NTPC Tamilnadu Energy Co. Limited 50%

PTC India Limited 8%

Ratnagiri Gas & Power Private Ltd 28.33%

To realize this vision, NTPC has drawn up a detailed Corporate Plan for the period 1997-2012 which represents the company's collective optimism and enthusiasm, inspired by a glorious past, a vibrant present and a brilliant future. The Plan has been prepared in-house in consultation the committed, competent and confident members of the NTPC family. The road map that has been charted out was after a thorough scan of the strengths and weaknesses within the organization as well as opportunities and threats in the environment. Considering multidimensional opportunities in the energy sector, NTPC will adopt a multi-pronged growth strategy for capacity addition through Greenfield sites, expansion of existing stations, takeovers and joint ventures. The capacity addition plans that we have drawn up for the fifteen-year period using all the above strategies to enable the corporation to become a 40,000 MW company by 2012 A.D.

MISSION: “Develop and provide reliable power, related products and services at competitive prices, integrating multiple energy sources with innovative and eco–friendly technologies and contribute to society"

Make available reliable and quality power in increasingly large quantities at competitive prices and ensure timely realization of revenues.

Adopt a broad based capacity portfolio including Hydro Power, LNG, Nuclear Power, and non conventional and eco-friendly fuels

Plan and speedily implement power projects using state-of- the art technologies.

Be an integrated utility by implementing strategic diversifications in areas such as power trading distribution, transmission, coal mining, coal beneficiation etc.

Develop a strong portfolio of profitable businesses in overseas markets including technical services, generation assets etc.

Continuously attract and develop committed human resources to match world standards.

Lead fundamental and applied research for adoption of the state-of-the-art technologies, breakthrough efficiency improvements and new fuels.

Lead developmental efforts in the Indian power sector including assisting state utility reform, policy recover etc.

Be a socially responsible corporate entity with thrust on environment

protection, ash utilization, community development, and energy conservation.

Organization Structure and Culture of NTPC:Organization Structure

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NTPC : Culture

Core values are both intensely and widely shared

Climate of high behavioral control

Low employee turnover

High agreement among the employees, for what NTPC stands for.

All these point to the fact that strong cohesiveness, loyalty and organization commitment exist in NTPC lowering he attrition Rate.

NTPC : Core Values &Objectives CORE VALUES This corporate plan provides details of the overall agenda for NTPC. The successful delivery of this agenda would require a committed work force that identifies with and

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supports the vision. To ensure realization of this corporate agenda, a set of core values should be central to, and govern each activity of the organization. Known as one of the NAVRATAN‟S of the PSU‟S NTPC has its following core values. They are known as (BCOMIT) as follows:- B-Business Ethics C-Customer Focus O-Organizational & Professional pride M-Mutual Respect and Trust I- Innovation & Speed T-Total quality for Excellence

CORPORATE OBJECTIVE

BUSINESS PORTFOLIO GROWTH To further consolidate NTPC‟S position as the leading thermal power

generation company in India and establish a presence in hydro power segment.

To broad base the generation mix by evaluating conventional sources of energy to ensure long run competitiveness and mitigate fuel-risks.

To diversify across the power value chain in India by considering backward and forward integration into areas such as power trading, transmission, distribution, coal mining, coal beneficiation, etc.

To develop a portfolio of generation assets in international markets.

To establish a strong brand in the domestic & international market.

CUSTOMER FOCUS To foster a collaborative style of working with customer growing to be a

preferred brand for supply of quality power. To expand the relationship with existing customers by offering a bouquet of

services in addition to supply of power e.g. trading, energy consulting, distribution consulting, management consulting, management practices.

To expand the future customer portfolio through profitable diversification into downstream business, inter alia retail distribution and direct supply.

To ensure rapid commercial decision making, using customer specific information with adequate concern for the interests of the customer.

AGILE CORPORATION To ensure effectiveness in business decisions and responsiveness to change in

the business environment by Adopting a portfolio approach to new business development. Continuous and coordinated assessment of the business environment to

identify and respond to opportunities and threats. To develop a learning organization having knowledge based competitive edge

in current and future businesses. To effectively leverage information technology to ensure speedy decision

making across the organization.

PERFORMANCE LEADERSHIP To continuously improve on project execution time and cost in order to sustain

long run competitiveness in generation. 12

To operate & maintain NTPC stations at par with the best-run utilities in the world with respect to availability, reliability, efficiencies.

To aim for performance excellence in the diversification businesses. To embed quality in all systems and processes.

HUMAN RESORUCE DEVELOPMENT To enhance organizational performance by institutionalizing an objective and

open performance management system. To align individual and organizational needs and develop business leaders by

implementing a career development system. To enhance commitment of employees by recognizing and rewarding high

performance. To build and sustain a learning organization of competent world-class

professionals. To institutionalize core values and create a culture of team building,

empowerment, equity, innovation and openness which would motivate employees and enable achievement of strategic objectives.

FINANCIAL SOUNDNESS To maintain and improve the financial soundness of NTPC by prudent

management of the financial resources. To continuously strive to reduce the cost of capital through prudent

management of deployed funds, leveraging opportunities in domestic and international financial markets.

To develop appropriate commercial policies and processes this would ensure remunerative tariffs and minimize receivables.

To continuously strive for reduction in cost of power generation by improving operating practices.

SUSTINABLE and DEVELOPMENT To contribute to sustainable power development by discharging corporate

social responsibilities. To lead the sector in the areas of resettlement and rehabilitation and

environment protection including effective ash-utilization, peripheral development and energy conservation practices.

To lead developmental efforts in the Indian power sector through efforts at policy advocacy, assisting customers in the operations and management of power plants etc.

RESEARCH and DEVELOPMENTS To pioneer the adoption of reliable, efficient and cost-effective technologies by

carrying out fundamental and applied research in alternate funds and technologies. To carry out research and development of breakthrough techniques in power plant

construction and operation that can lead to more efficient, reliable and environment friendly operation of power plants in the country.

To disseminate the technologies to other players in the sector and in the long-run generating revenue through proprietary technologies.

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SWOT Analysis :

Strengths Largest market share in domestic power generation and a broad customer

portfolio across the country.

Excellent track record of performance in project implementation and plant operation.

Diversified thermal generation portfolio – multiple sizes and fuel types.

Highly skilled and experienced human resources, exposed to state-of-the art technologies in project execution and power generation.

Navaratna status

High brand equity among shareholders.

Strong balance sheet – ability to raise low cost debt.

Engineering skills in project configuration and package design.

Turnaround ability for old plants – demonstrated in the takeover plants of Talcher, Tanda & Unchahar.

High credit rating that is indicative of the confidence of lenders.

In-house training facility (PMI), CENPEEP, R&D etc that assist in development of the sector.

Thrust on reducing social costs of capacity growth – strong execution of Resettlement and rehabilitation plans.

Weakness Low risk-diversification of business portfolio consists primarily of generation

assets.

Poor financial health of customers.

Functional orientation hampering cross functional perspective in decision making.

Long and multi layered procurement process leading to long lead times and process delay.

Fragmented IT architecture.

Gaps in HR systems such as performance management, rewards and incentives and career development.

Inadequate deployment of a strong knowledge management system that could

assist in improving efficiency and effectiveness in all aspects of the business.

Hierarchy for decision making that affects responsiveness.

Role ambiguity and dilution within different lends of the organization.

Opportunities Expand generation capacities by putting up thermal and hydro capacities,

maintaing the position of a dominant generating utility in the Indian Power sector.

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Broad base fuel mix by considering imported coal, gas, domestic coal, nuclear power etc with a view to mitigate fuel risks and maintain long run competitiveness.

Expand services for EPC, R&M and O&M activities in the domestic as well as international markets.

Backward integrate into fuel management to exercise greater control and understanding of supply economics.

Lead the development and commercial deployment of non-conventional energy sources especially in the distributed generation mode.

Improve collections by trading, direct sale to bulk customers and the active role in allocation in new plants.

Execute increased number of power plants that classify for Mega Power Projects status, thereby reducing the cost of the projects and power and power generated.

Forward integrate into the distribution business in India.

Threats Limited experience of operating in a truly liberalized environment with

competition.

Limited experience of operating in an independently regulated system.

Redirecting power may be constrained by inter-regional connectivity.

Downward regulatory and competitive pressure on tariffs.

Stringent norms for approval of increase in capital costs for projects in event of time overrun.

Stringent environmental norms in the future may add to the cost of generation.

Absence of an independent regular for coal industry and the delay in private investments lending to the risk of low availability of coal in the future

Porter’s Five force Model :

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Bargaining Power of Supplier :

The bargaining power of supplier is used to be there in 1980s as the company had to

depend on the Govt. for its raw materials. But after 2000 the bargaining power has been

reduced a lot. Because after that it became an autonomous organization and it started

taking its own decision as well as its supplier’s decision to some extend. The company

has proved its ability as well as its performance in the first 25yr of its incorporation. So

we can say that the bargaining power of supplier is very low.

Bargaining Power of Customer :

As there are very few number of players in this market, that’s why the bargaining power

of the customer is very low. Its customers are the different state Govt. who purchases

the power for the consumption in their own state. So as there are very few offers in the

market, the customer has less chance to shift. In this regard the bargaining power of the

customer is very low.

Threat of New Entrant :

This kind of business requires huge amount of capital investment as well as it need to be

flexible which can adopt the Govt. policies very easily. Due to huge capital requirement

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most of the private companies are not interested in this business and those companies

who can invest the capital they also have to obey the Govt. policies. So they are not so

interested in entering into this kind of business. From this aspect the threat of new

entrant is very low.

Threat of Substitute Product :

There is no threat from the substitutes, because there in no substitute for this product.

The product is power i.e.-electricity and it has become a vital part of our life but there is

no substitute to this product. So in this regard there is no threat from the substitute

products.

Threat From Competitors :

This company is owned by the central Govt. as it is a PSU. The competitors are Reliance

Energy and Tata Power. Their capital investment, their output and the revenue

generated by these companies are very low compared to NTPC. So there is no threat

from the competitors. We can say that this is the only company who has the power to

rule the entire power sector.

Strategies of NTPC :

Maintain its position as the leader:As the largest power Generation Company in India NTPC Ltd is looking to increase its

capacity to 75000 MW by 2017.

Adopt the new technology:NTPC Ltd is also looking to utilize other sources of power generation in the next 5

years namely Hydel power and nuclear energy to generate electricity.

Resource management :The company will look to continue with their stringent recruitment and retention

policy which has provided it with the best minds in the country.

Environment management :Being the leader in its trade the company will look towards fulfilling its corporate

social responsibility and contributing towards the environment.

Business Model of NTPC :17

Business model of NTPC has been formed based on the strategies of NTPC :

1. Efficiency improvement includes both improvements in the existing process and through improvement in the technology used to increase the productivity of the company. Research & Development Centre is ISO 17025 accredited and provides high end scientific services to all the company’s stations as well as many outside stations resulting in improving availability and reliability of stations by providing condition assessment, failure analysis, solving and analyzing specific problems, and helping our stations in increasing the availability and reliability of their units.

2. Cost efficiency i.e. providing power at reasonable prices so that they could provide power to all in need. Their ultimate aim is to reduce the cost because without being the cost leader they can’t dominate the market. So as a market leader they are always aiming at reducing the cost.

3. Technology enhancement i.e. to stay in competition they have to continuously enhance their technology. Technology enhancement is also a part of cost efficiency. That means by applying the new technologies the company can reduce the cost as well as improve the efficiency.

4. Eco friendly system: Driven by its commitment for sustainable growth of power, NTPC has evolved a well defined environment management policy and sound environment practices for minimizing environmental impact arising out of setting up of power plants and preserving the natural ecology.

Competitors Overview:The major competitors are Reliance Energy and the TATA Power.

Tata power is India’s largest private sector power utility. Its revenues are $ 1 bn. Its Profit after tax is $ 137 mn. Its generation capacity is 2300 MW. Out of that in Mumbai, the capacity is 1800 MW. It has presence in generation, transmission and distribution of power. It supplies power to Mumbai and Delhi regions.

Reliance Energy Ltd (REL) formerly known as Bombay Suburban Electric Supply (BSES) is a part of the Anil Dhirubhai Ambani Group. It is an integrated power utility company in the private sector in India which came into existence when it took over BSES in 2002. The company is the sole distributor of electricity to consumers in the suburbs of Mumbai. It also runs power generation, transmission and distribution businesses in other parts of Maharashtra, Goa and Andhra Pradesh. REL has significant presence in the field of execution of the Power projects on EPC (Engineering, Procurement and Commissioning) basis.

Conclusion:

NTPC Ltd is the country’s largest power generation company and Asia’s 4th largest power generation company. It is one of the few companies that have been /will be elevated to the Maharatna status so it speaks a lot about the companies standing .It is a leader at

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what it does and the strategies implemented by it have reaped benefits as a result of which it is the best and the largest company in the power sector.

NTPC is keenly exploring opportunities to mark its footprints in different parts of the world. In line with its Globalization strategy, NTPC is making consistent efforts to enter the overseas markets and is focusing its efforts in the Middle East, Asia-Pacific and Africa regions for business. A Representative office is functioning in Dubai. A site has been identified for setting up a 2X250 MW coal based power plant in Trincomalee region, Sri Lanka in Joint Venture with Ceylon Electricity Board. Energy Audit of 15 Units of Saudi Electric Company has been successfully completed. Pursuant to signing of MoU with Government of Nigeria, our team is working on selection of prospective site for setting up one 700 MW Gas based and one 500 MW coal based power plant in Nigeria. In lieu of this, Government of Nigeria shall provide LNG for our stations.

So as far as its strategy is concerned it is not only doing well but also creating a benchmark for those companies who are operating in this sector.

Reference :1) www.ntpc.co.in – accessed on 23rd March 2010 at 11.40 a.m.

2) http://goliath.ecnext.com/coms2/product-compint-0000470912-page.html - accessed on 23rd March 2010 at 11.49 a.m.

3) http://biz.yahoo.com/ic/57/57108.html - accessed on 23rd March 2010 at 2.18 p.m.

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4) www.managementparadise.com/ntpc/report-annual - accessed on 24th March 2010 at 2.35 p.m.

5) http://en.wikipedia.org/wiki/National_Thermal_Power_Corporation - accessed on 25th March 2010 at 1.46 p.m.

6) http://www.nagpurpulse.com/investment-pick-ntpc - accessed on 25th March 2010 at 2.10

p.m.

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