India’s major power generator NTPC has made announcement that the company is searching the options to raise up to Rs 4,500 crore in the current financial year in order to fund its expansion proposal.

While commenting on this occasion, Mr. R S Sharma, NTPC Chairman and Managing Director stated, “We would raise up to $500 million (about Rs 2,450 crore) from the global market and Rs 2,000 crore from the domestic market through bonds for our expansion plans in the current financial year.”

According to the sources, NTPC's coal demand during the 11th Five Year Plan is 230 million tonnes, it plans to import 10 per cent of its demand every year till 2012.

The sources further revealed that the company has take over coal blocks in Indonesia to meet the shortfall in fuel supply and would soon carry out due diligence for these two blocks.

Apart from Indonesia, NTPC is also envisaging to pump in coal mines in Australia, South Africa and Nigeria where the company has sent its representatives for further negotiations.