Mumbai: National Thermal Power Corporation (NTPC) is planning to float a subsidiary for its international operations since the company has received a few projects overseas. The company is building a 700 MW gas-based power plant in Nigeria and 500 MW thermal plant in Sri Lanka.

NTPC is likely to sign an agreement with the Nigerian government for the $700 million project within a month. The Nigerian government has agreed to provide gas for the project and the electricity generated from the plant will be sold to state-run utilities there.

However, officials nothing has been finalised of the global arm as yet. Once the agreements for the major overseas projects are signed, the company will consider floating a new subsidiary.

In December 2006, NTPC had signed an agreement with Ceylon Electricity Board (CEB) and the Sri Lankan government for setting up a 500 MW plant at Trincomalee.

The Sri Lankan project will involve an investment of $500 million and would be implemented by a 50:50 joint venture company formed by NTPC and CEB. NTPC has already shown interest in setting up gas-based power plants in Sri Lanka.

NTPC is also eyeing opportunities in power generation activities in Australia, Indonesia and South Africa. Recently the company submitted a non-binding bid for buying a 685.2 MW Sidi Krir power project in Egypt, owned by British power investment firm Globeleq.