Tata Power Company (TPC) will seek shareholders’ approval at its 85th annual general meeting on Tuesday to raise $500 million through securities from the international market. The company proposes to use the proceeds mainly to fund its investment worth Rs 6,000 crore lined up for next five years. 

TPC’s AGM conincides with its decision to move the Mumbai high court against the Maharashtra Electricity Regulatory Commission’s (MERC) order of June 1 on sharing of standby charges. MERC had directed TPC to refund Rs 322 crore to Reliance Energy Ltd (REL) as standby charges over the 1998-04 period. TPC was also asked to pay delayed payment charges worth Rs 32.2 crore and interest worth Rs 190.2 crore to the Maharashtra State Electricity Board as on December 2003. 

Apart from the projects in hand, TPC is evaluating new power generation projects and is keenly following the privatisation initiatives in distribution taken up by various electricity boards. 

The power utility has already started construction of a 120-mw unit at Jojobera and also a 40-km transmission line to evacuate power.