The three stakeholders of Ratnagiri Gas Power’s (RGPPL), which runs the power plant at

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Dabhol in Maharashtra — NTPC, Gail and MESB Holding Company (MESB) — are likely to contribute proportionately as the company is all set to build another 2,000 mega watt (mw) power plant in Dabhol.

A senior NTPC official told Financial Chronicle that a committee has been constituted on Wednesday to look into the equity participation, financials and management structure for the new plant, at a top-level meeting between the officials of NTPC, GAIL and MESB, along with ministry of power officials.

“The discussion with the officials was very positive and it is likely the management and other participation structure would be the same as earlier,” the official said. NTPC and GAIL hold 29.65 per cent stake each of RGPPL’s equity and the Maharashtra government-owned MESB Holding Company holds 15 per cent. Financial institutions such as ICICI BANK, IDBI, Canara Bank and SBI hold the balance. “NTPC till now has an equity exposure of Rs 990 crore in RGPPL Rs 500 crore as an initial commitment and later Rs 490 crore, Besides, we have given a loan of Rs 250 crore to RGPPL, the repayment of which is expected soon,” said AK Singhal, director of finance at NTPC.

The two power plants at Ratnagiri will be fully gas-based, fuel for which would be sourced from KG D6 basin, Gail and other available sources. “Except for Gandhar and Kawas plants, all other gas-based plants can source gas from all the available sources,” HS Brahma, power secretary, told reporters in Mumbai.

At present, RGPPL is producing 1,660mw of power at Ratnagiri, which would be ramped to 1,900mw by March 2010. RGPPL is also operating an LNG terminal at the site in a joint venture and would be importing LNG for the power plant.

NTPC plans to lay the foundation stone of a new 2000mw gas based power plant by April 2010 largely to address the power shortage in Maharashtra, Goa and Daman-Diu. RGPPL has around 1,100 acres of surplus land available out of the 1,700 acres at Dabhol, which can be used for the new plant, Sharma said.

Brahma told reporters that the government is also contemplating a similar 2,000 mw plant on the eastern coast of the country.