With the help of finances arranged from more than a dozen domestic banks and financial institutions, the Anil Ambani-led Reliance Power Tuesday announced a tie-up of Rs 14,500 crore funds for its Madhya Pradesh-based, Rs 19,400 crore, 3,960 MW Sasan Ultra Mega Power Project.

As per the company officials, the tie-up comprises the biggest-ever debt that has been raised from domestic banks and institutions, for any project among any industry in the country.

Numeric Power Systems, a provider of uninterrupted power supply (UPS) systems, has decided to set up a 1 MW solar energy farm at Palladam near Coimbatore district of Tamil Nadu.

The company would setup its first solar independent power project (IPP), through its newly established subsidiary, Numeric Solar Energy Pvt. Ltd.

According to company officials, the company would buy solar cells from suppliers in Japan and Germany and configure panel modules and assemble them. The cost of the project is estimated at Rs 25 crore, which will be financed through internal accruals.

GVK Power and Infrastructure Ltd (GVKPIL), which provides generation, operation, and maintenance services to power plants in country is presently looking to divest stake in its roads and power ventures.

Latest reports suggest that the company is presently in talks with at least five players for divesting up to 49 per cent stake in these two segments. However, the company said that it would retain a majority stake of at least 51 per cent in these segments.

State run Power Finance Corporation has declared the results for the three-month period ended March 31, 2009.

For the period under review, the New Delhi-based firm said that it has posted a growth of 32.22% in its net profit after higher loan disbursals.

The company’s net profit in the fourth quarter stood at Rs 390.58 crore, as compared to net profit of Rs 295.40 crore during the corresponding period of the last year.

Areva T&D India, the subsidiary of the France-based Areva Group, has received a prestigious order for two 500 MVA Power Transformers from Power Grid Corporation of India Limited.

The latest orders are considered as the highest in ratio 400 KV 3 phase class transformers in the country, which will PowerGrid in augmenting capacities of their 400 KV Substations at Malerkotla and Patiala in Punjab.

Both transformer orders are scheduled to be delivered by Q3 2010.

In a latest development, India's largest utility NTPC has informed that it would start coal production from its mines in Jharkhand in the second half of this fiscal.

The company plans to achieve a coal production target of 15 million tonnes per annum by 2012.

It should be noted that NTPC has ventured into the coal mining business with an aim to meet about 20 per cent of its fuel requirement from its captive mines by 2017.