Annualreport08 09npcil

NUCLEAR POWER CORPORATION OF INDIA LIMITED
nd
22 Annual Report 2008-09
2011 - 6780 MWe
2009 - 4120 MWe
1999 - 1890 MWe
1989 - 1010 MWe
1979 - 470 MWe
1969 - 320 MWe
Homi Bhabha Birth Centenary Year: 30 October, 2008 - 30 October, 2009
Delivering a
Delivering a
DELIVERING A VISION
Nuclear Power in India,

Bhabha envisioned it,
conceived it
and started it.
NPCIL is a testimony
to how far his dreams have been realised.
His foresight is as relevant today.
NPCIL, ably led by past and current visionaries,

marches forward towards fulfilling India's hope
of becoming energy secure for its vast populace.
NPCIL is now at an inflection point,

where its journey to make a big difference has begun.
Madras Atomic Power Station 1 & 2
The future has started…
Kudankulam Nuclear Power Project

Kaiga Plant Site
Tarapur Atomic Power Station 1 & 2
700 MWe Plant Layout
ANNUAL REPORT 2008-09

01
Delivering a
CONTENTS
Corporate Information 03
His Vision, Our Mission 04
Mission and Objectives 07
Recognition 08
Overview 10
Board of Directors 12
Chairman's Statement 16
Homi Bhabha - Architect of a Historic Future 20
Charting the Course 22
Arriving into the Future 24
Engaged with the World 26
Highly Adaptive Management 28
Planned Fuel Supply 30
Partnerships and Alliances 32
Optimising Performance 34
On the Path of Progress 36
Channelising Manpower 38
Corporate Social Responsibility 40
The Green Signal - Environment Stewardship Programme 42
Directors' Report 44
Annexure 'A' to the Directors' Report 54
Annexure 'B' Management Discussion & Analysis 56
Annexure 'C' Corporate Governance 62
Management Replies to the Observations made in
the Statutory Auditors' Report 71
Auditors' Report 73
Comments of the Comptroller and Auditor General of India 77
Financials 78
Front Cover: Night view of Kudankulam Nuclear Power Project
Tarapur Atomic Power Station 3 & 4
02 NUCLEAR POWER CORPORATION OF INDIA LIMITED

CORPORATE INFORMATION
Corporate Office, NPCIL - Nabhikiya Urja Bhavan
REGISTERED OFFICE
16th Floor, Centre-1, World Trade Centre, Cuffe Parade, Colaba, Mumbai-400 005.
CORPORATE OFFICE
Nabhikiya Urja Bhavan, Anushaktinagar, Mumbai-400 094.
STATUTORY AUDITORS
M/s. Kalani & Co., Chartered Accountants, B-145B, Kalyanpath Mangal Marg, Bapu Nagar, Jaipur-302 015.
BRANCH AUDITORS
1. M/s. PKKG Balasubramaniam & Associates, Flat No.2&3, Door No.68/38, Brindavan Street, West Mambalam,
Chennai-600 033.
2. M/s. Uberoi Sood & Kapoor, 606, Vishal Bhawan, 95, Nehru Place, New Delhi-110 019.
3. M/s. A Bafna & Co., K-2, Keshav Path, Ahinsa Circle, C-Scheme, Jaipur-302 001.
MAIN BANKER
State Bank of India, Overseas Branch, World Trade Centre, Cuffe Parade, Mumbai-400 005.

03
Delivering a
HIS VISION, OUR MISSION
Dr. Anil Kakodkar, Chairman, Atomic Energy

Commission and Secretary, Department of
Atomic Energy, being honoured with the
Padma Vibhushan from the President of India,
Pratibha Patil. He is widely recognised across
the world as a nuclear scientist par excellence
for his contribution in the field of nuclear
science and technology.
Dr. Shreyans Kumar Jain, Chairman & Managing Director, NPCIL,

being conferred the Honorary Doctorate (Honoris Causa) by
Sathyabama University, Tamil Nadu.

In Operation - 4120 MWe
Under Construction - 2660 MWe
Future Projects
1X100 MWe
1X200 MWe 2X220 MWe
2X220 MWe NARORA
2X220 MWe
2X700 MWe
RAWATBHATA
2X220 MWe
2X700MWe
KAKRAPAR
2X160 MWe (BWR)

2X540 MWe
TARAPUR
LWRs
JAITAPUR
3X220 MWe
1X220 MWe
KAIGA
2X220 MWe
KALPAKKAM
2X1000 MWe (LWR)

LWRs
KUDANKULAM
BWR - Boiling Water Reactor

LWR - Light Water Reactor
Unless otherwise specified, the type of reactor is PHWR
Map for representation purpose only, not according to scale.

05
Delivering a
NUCLEAR POWER LANDSCAPE
Piercing the vast expanse of India

are the 17 Nuclear Power
Reactors operated by NPCIL
across 6 States
Tarapur Atomic Power Station
Rajasthan Atomic Power Station Madras Atomic Power Station

MISSION & OBJECTIVES
To develop nuclear power technology and to produce Nuclear Power as a

safe, environmentally benign and economically viable source of electrical
energy to meet the increasing electricity needs of the country.
● To maximize the power generation and profitability ● To share appropriate technological skills and
from nuclear power stations with a motto of "safety expertise at national and international levels.
first and production next".
● To bring about modernisation and technological
● To increase nuclear power generation capacity in innovation in activities.
the country, consistent with available resources in a
safe, economical and rapid manner in keeping with ● To coordinate and endeavour to keep the sustained
the growth of the energy demand in the country. association with other units of the DAE.
● To continue and strengthen Quality Assurance

activities relating to nuclear power programme
within the organisation and those associated with it.
● To develop personnel at all levels through an

appropriate Human Resource Development (HRD)
programme in the organisation with a view to
further improve their skills and performance
consistent with the high technology.
● To continue and strengthen the environmental

protection measures relating to nuclear power
generation.
● To continue and strengthen the public awareness

programmes for enhancing and improving the
public perception of Nuclear Power in the country. Kaiga Plant Site
Narora Atomic Power Station Kakrapar Atomic Power Station

07
Delivering a
RECOGNITION
AWARDS AND ACHIEVEMENTS

Tarapur Maharashtra Site (TMS)
TAPS-1&2 has been awarded AERB Fire Safety Award for

the year 2007 in Category-I jointly with Heavy Water Plant,
Kota.
Rawatbhata Rajasthan Site (RR Site)
● RAPS-3&4 received the NPCIL award for “Excellent

Performing Station for the year 2007-08”.
● RAPS-1 to 4 received “Commendation Certificate
Award” along with Silver Plaque, under Large Scale
Manufacturing Group of Rajiv Gandhi National
Quality Awards-2007.
● NPCIL RR site personnel were presented “Certificate
of Honour” by state authorities for carrying out the ABCI'S AWARD FOR NPCIL'S ANNUAL REPORT 2006-07.
rescue mission during the collapse of Gapernath At its 48th Annual Awards, Association of Business
Communicators of India (ABCI) selected the Annual Report
staircase incident . 2006-07 of NPCIL in the Silver Trophy category.
Madras Atomic Power Station (MAPS) Narora Atomic Power Station (NAPS)
● MAPS received AERB Industrial Safety Award 2008- ● NAPS received “Sarvashreshtha Suraksha Puraskar”
09 under the category of Production unit. of NSCI Safety Award 2007.
● “National Safety Award Performance Year 2006”
under Scheme No-II (Accident Free Year) Winner,
conferred by Director General Factories Advice
Service & Labour Institute (DGFASLI), Mumbai,
Ministry of Labour & Employment, Government of
India to NAPS.

● “Shreshtha Suraksha Puraskar Award (Category-II)”
for the year 2007, from the National Safety Council of
India, Mumbai, in recognition of “Developing and
implementing the highly effective Occupational
Safety and Health Management Systems &
Procedures and achieving very good performance in
Occupational Safety and Health” for the assessment
years 2004 to 2006.
● Received the “Gujarat State Safety Award 2007” and
“Certificate of Honour for Lowest Disabling Injury
Index” from Gujarat Safety Council.
● An employee of KAPS was awarded the “Vishwakarma
Rashtriya Puraskar” from DGFASLI under Ministry of
First prize awarded to NPCIL's Pavilion at Enviro Tech'08, by India Labour & Employment for the year 2006.
Trade Promotion Organisation, for the propagation of nuclear power
as benign and eco-friendly solution to energy security.
Kaiga Generating Station (KGS)

● “National Safety Award Performance Year 2006”, under
Scheme No. 1 (Lowest Average Frequency Rate) Joint
Winner, conferred by DGFASLI, Mumbai, Ministry of ● KGS-1&2 received the AERB Industrial Safety Award
Labour & Employment, Government of India to NAPS. for the year 2007.
● KGS-3 received the AERB Industrial Safety Award for
the year 2008.
Kakrapar Atomic Power Station (KAPS) ● National Safety Council has also awarded KGS with
the "Prashansha Patra" under the NSCI award scheme
● Winner in “National Safety Award (NSA-2006, Scheme-I)” for the manufacturing sector.
from Ministry of Labour & Employment, Government of
● DAE has awarded KGS for the best Hindi in-house
India.
magazine.
● Runner up in the “Scheme-II of National Safety Awards”
from Ministry of Labour & Employment for the year 2006.

09
Delivering a
OVERVIEW
NPCIL - the premier nuclear power OUR INTRINSIC STRENGTHS

(As on 31st March 2009)
company in India. Set up in 1987, (Rs. in crore)
it is working under the aegis of
Department of Atomic Energy (DAE),
Government of India. It produces 3% 36,693 21,027
Total Assets Networth
of electricity for India, which is
competitive in terms of cost as well
as tariffs as compared to other
sources.
A nuclear power conglomerate, it
28,078 10,145
Total Fixed Assets Share Capital
holds the distinction of providing
end-to-end solutions from site
selection to plant life extension.
Its diverse competencies in the 10,882
nuclear power arena have got Reserves
international recognition. The

PHWRs of NPCIL have found interest
amongst nations wanting to enter YEAR WISE ELECTRICITY GENERATION
nuclear power and having small 20000 18633
grids. Continuing its incessant 16707 17136 16978
14927
15000
efforts, it is leaping into the next
MUs
orbit of building large scale reactors 10000
of 700 MWe capacity. 5000
0
2004 - 05 2005 - 06 2006 - 07 2007 - 08 2008- 09

GROUPWISE STAFF STRENGTH CAPITAL EXPENDITURE
(Rs. 2059 Crore for FY 2008-09)
Group D 4%
Ancillary Modifications in
Group A 32% Schemes Operating Stations
Group C 34% 6% 6%
New projects
6%
Kaiga 4
9%
Kudandulam 1&2
RAPP 5 & 6 66%
7%
Group B 30%
CONCRETING GROWTH DISTRIBUTION OF REVENUE
Reserves & surplus grow by Rs.458 crore, from Profit for the Fuel
Rs.12,041 crore to Rs. 12,499 crore Year 11% Charges 16%
Depreciation
19% Heavy Water
Charges 11%
SUSTAINING STRENGTHS Interest Repairs &
13% Maintenance 7%
Revenue realization maintained at 99.9%
Dividend payment maintained at 30% of net profit
Other Operating
A competitive average tariff of Rs. 2.30 per unit Expenses 23%
No Budgetary support from the Government of

India
SOURCES OF FUNDS ASSETS

Power
Bonds 6%
Domestic
Borrowings Stations 29%
Russian Credit 18% Net Current
20% Assets 18%
Equity
28%
Projects 47%
Reserves and
Surplus
34%

11
BOARD OF DIRECTORS
Dr. S.K. Jain, Distinguished Scientist of the DAE, is a contribution in the field of nuclear technology. Besides, he is
Mechanical Engineer from Jiwaji University, Gwalior. also the recipient of Indian Nuclear Society Award, 2005 in
After completing his post graduation in Nuclear recognition of his meritorious scientific and engineering
Engineering from the BARC Training School in 1969, achievements. The Indian National Academy of Engineers
he joined the erstwhile PPED which was responsible recognised his valuable contribution by bestowing on him
for setting up and operating the nuclear power its esteemed fellowship. He has been conferred with
stations. He became a member of the AECL team another Honorary Doctorate in 2009 by Sathyabama
which successfully commissioned the first Heavy University, Chennai, in the field of Science. Dr. Jain has been
Water Reactors in Rajasthan. His subsequent a part of many national and international missions for the
contribution to the design and construction of India's development of the nuclear industry. He became a figure of
first Standard PHWR at Narora brought India at par international fame on being elected as the President of the
with other advanced countries. Dr. Jain was a key WANO in 2007 for his contribution to the world nuclear
member of the team which negotiated the contract community. In 2008, the President of India conferred on him
with the Russians and later headed the LWR a special citation for his outstanding contribution to the
SHREYANS KUMAR JAIN Directorate during the initial launching phase of society. As the Chairperson of the Indian Atomic Industrial
Chairman & Managing Director 2x1000 MWe VVER units at Kudankulam. He assumed Forum, he has been successful in getting the best out of the
the charge of CMD, NPCIL on 3rd January 2004 and has industry and also gainfully showcasing the capabilities to
steered the Company through its most eventful years. the world. He is also a member of the Advisory Committee
During his tenure, the Company has touched for Project Safety Review. The DAE has entrusted Dr. Jain
unprecedented heights and has come to be known as with the additional charge of CMD, BHAVINI which has been
one of the most successful companies in the country. set up for the construction and operation of India's first Fast
Dr. Jain was conferred an honorary Doctorate by the Breeder Reactor.
University of Mangalore for his outstanding
Shri S.A.Bhardwaj, a Mechanical Engineering and procurement activities of PHWRs, new LWR projects and
graduate from Delhi University and M.Tech in Design so on. He is a member of the AERB Advisory Committee on
of Mechanical Equipment, from IIT, New Delhi, Design Codes and Guides and has participated in the
obtained training in Nuclear Engineering from BARC preparation of a number of Safety Codes and Guides for the
Training School and joined the PPED in 1971. Since AERB.
then, his career has been associated with nuclear fuel
design and engineering activities, reactor core For his services, he has been awarded the NPCIL Unit
design, shut down system design, in-core fuel Recognition Award for Outstanding Contribution and the
management, reactor physics, reactor components Indian Nuclear Society Award 2001. He is Fellow of National
and nuclear safety. With this background, since Academy of Engineers and Chairman, Nuclear Fuel Complex
February 2002, he has taken over the task of total Board.
engineering activities of PHWRs. He is a Distinguished
Scientist of Department of Atomic Energy. He is on the Board of NPCIL since 3rd Feb. 2005.
At present he is Director (Technical) with
S.A. BHARDWAJ responsibilities encompassing design, construction
Director - Technical
Shri Jagdeep Ghai, a Science graduate from Mumbai At NPCIL, he has worked towards increasing professionalism
University with dual Post Graduation in Business in the finance group, bringing qualitative improvement in
Administration (Finance) and Political Science, corporate accounts and working for raising resources for
began his career with the P&T Accounts and Finance huge expansion plans. He contributes towards the
Service of the Civil Services in 1980, after a short spell management efforts in preparing and working towards the
of teaching at the Degree level. In the tele- future vision of NPCIL in meeting the challenges of fast
communication sector, he had headed the finance growth, diversification and competitiveness.
units of DoT, MTNL and BSNL in Gujarat, Rajasthan
and Maharashtra, respectively. He is credited with He has got professional training in Japan and USA. He has
several large scale initiatives, such as the been a visiting faculty to institutes of Management Studies
introduction of Corporate Accounting System at for teaching Financial Management.
MTNL and BSNL and the computerisation of
Customer Billing and Accounting at MTNL, Mumbai. With his vast experience in the financial sector and vision, he
He brought in several customer friendly methods of has been contributing as a Board member and Head of
bill payment, like ECS and the internet Banking. At th
JAGDEEP GHAI BSNL, he introduced competitive tariffs and cash Finance in NPCIL since 16 January 2006.
Director - Finance management systems.
Shri Nageswara Rao is an Electrical Engineering In April 2002, NPCIL appointed him as the Station Director,
graduate from Jawaharlal Nehru Technological KGS. With his managerial, technical and motivational skills, he
University, Andhra Pradesh. In 1975, he joined the brought about both technical and organisational
19th batch of the BARC Training School. He received improvement at the Station. Due to his unstinting efforts,
the Homi Bhabha Award for obtaining the first rank KGS-2 recorded a run of 529 days, the longest achieved by an
in his batch.On completion of his training in 1976, he NPCIL unit, so far. In December 2006, he was posted at HQ as
joined the O&M group at MAPS. He worked on the ED (Operations) and later elevated as Director (Operations).
commissioning of the fuel handling system of both, Through dedicated initiatives, he streamlined operating
RAPS-2 and MAPS. In 1987, he was appointed as the experience sharing, station performance reviews, WANO
Senior Maintenance Engineer for the fuel handling Technical Support Missions and optimisation of fuel supplies,
unit at MAPS. In 1997, he was promoted and posted thus ensuring safe and reliable operation of the units.
as Maintenance Superintendent, at KAPS where he Recognising his outstanding contributions towards the
improved the productivity of manpower as well as safety in the operation of nuclear power plants, he was
equipment. In 2000, he was elevated to the post of honoured with the WANO Nuclear Excellence Award during
the Chief Superintendent, KAPS and worked towards the Biennial General Meeting of WANO held at Chicago in
G. NAGESWARA RAO making it as the model NPCIL station by sustaining September 2007.
Director - Operations high performance.
He is on the Board of NPCIL since 6th August 2007.

Shri A.P.Joshi has an outstanding academic career. He India. He joined Karnataka State Road Transport Corporation in
topped in B.Sc examination and secured 2nd rank in the October ‘06. Therein, initiatives like introduction of e ticketing,
M.Sc.(Physics) Examination of Lucknow University. He contactless passes for the students, e-recruitment, besides
is the recipient of 5 gold medals, including prestigious induction of over 1,500 new buses, brought good name and
Meghnath Saha gold medal from the President of fame to Corporation, which is considered as a role model. He
India for his academic distinctions. He joined Indian received the ‘Gold Trophy’ from Dr. A.P.J. Abdul Kalam, former
Administrative Service in 1978 and has worked as President of India for organisational innovations.
Deputy Commissioner, Tumkur and Bangalore Rural
districts and as Chief Secretary of Uttara Kannada He joined DAE in December ’08 and has been pushing several
(Karwar) district. He has a rich experience of about 12 proposals for meeting the challenges thrown by international
years as Managing Director of PSUs. He was the civil nuclear co-operation. The speedy approvals/clearances of
Managing Director of Karnataka Handloom new projects, sites of expansion of Nuclear Power Projects are
Development Corporation for 4 years and was at the top of his agenda. He has been instrumental in clearance
responsible for its turnaround. He served for about 6 of Cadre Review proposal, which were pending for a long time.
A. P. JOSHI years as the Managing Director of two major He played important role in the introduction of PRIS and its
Director infrastructure Corporations. Therein, he played a extension to NPCIL/BHAVINI.
major role in speeding up the ongoing major
irrigation projects and in particular for completion He is on the Board of NPCIL since 11th Dec 2008.
and dedication of the Upper Krishna Project, costing
over Rs.10,000 crores to the nation by the President of
Shri V.R. Sadasivam, a commerce graduate from the DRDO labs in the South. He has a long association with the
Loyola College, Chennai, joined a nationalised bank, DAE and its Units. From 1994 to 1995, he has worked with the
as an officer and worked there for 6 years. He later IGCAR and with BARC from 1998 to 2002. In 2007, he joined the
joined the Indian Defence Accounts Service in 1981 DAE on the post of the Joint Secretary (Finance).
and has served in Meerut, New Delhi, Madras,
Bangalore and Mumbai. He last held the post of the He is on the Board of NPCIL since 18th July 2007.
Controller of Defence Accounts (R&D) at Bangalore. In
this capacity, he was responsible for the payment,
accounting, audit and financial advisory services to
V.R. SADASIVAM
Director
Dr. S. Banerjee obtained his B.Tech in Metallurgical He has held some visiting positions overseas, such as the
Engineering with first class honours from IIT, University of Sussex, Brighton, UK, Max-Planck Institut fuer
Kharagpur and was trained at the BARC Training Metallforschung- Institut fuer Physik, Stuttgart and
School before he joined BARC. He was awarded the Forschungszeutrum Juelich, Germany (as Alexander von
Ph.D in metallurgical engineering by IIT, Kharagpur on Humboldt Foundation Fellow and Awardee), University of
the basis of the work carried out by him in the first few Cincinnati and the Ohio State University, USA (as Visiting
years of his career at BARC. Presently, Dr. Banerjee is Faculty). In recognition of his contribution to research, he has
the Director of BARC and has nearly 40 year's research received many awards. Notable amongst them are National
experience. He is one of the leading experts in Metallurgists' Day Award (1981), Shanti Swarup Bhatnagar
materials science and technology in the country and Prize in Engg. Sciences (1989), Indian Nuclear Society (INS)
has made outstanding contribution to many Award (2003) and Padma Shri (2005). Notable among the
materials related areas, basic as well as application international awards are Acta Metallurgica Outstanding Paper
oriented. His comprehensive work on the physical Award (1984) and Alexander von Humboldt Research Award
metallurgy of zirconium alloys is widely quoted in (2004).
scientific literature. His work has also provided a basis
SRIKUMAR BANERJEE for developing a novel fabrication schedule for the He is on the Board of NPCIL since 8th Oct2004.
Director pressure tubes used in the Indian PHWRs.
The entire career of Shri Rakesh Nath spanning over 3 inquire into grid failures and suggest remedial measures. He
decades has been shaped up in the various was Convener of Working Groups set up by the Government of
organisations of the power sector in India such as CEA, India to prepare guidelines for inter-regional power exchange.
NTPC, electricity boards of the Northern and the Shri Rakesh Nath attended courses in power system operation
Western regions, Bhakra Beas Management Board, & control in UK in 1984 and in Sweden in 1993. Shri Rakesh
Power Trading Corpn. and so on. He has served as the Nath was appointed as Chairperson, CEA in October 2005. He is
Chairman of the Bhakra Beas Management Board , the also an ex-officio member of CERC.
largest hydro complex in the Northern region. He
turned the Power Trading Corporation into a profit He is on the Board of NPCIL since 3rd Nov2005.
earning Company. He has visited Pakistan and Nepal
to promote power trade. He has been a part of the
Committees appointed by the Government of India to
RAKESH NATH
Director

13
BOARD OF DIRECTORS
Shri H.L. Bajaj is Technical Member in the Appellate Electricity Board, he was instrumental in accelerating rural
Tribunal for Electricity. Before this, he was Chairman, electrification by adopting innovative construction and
Central Electricity Authority and ex-officio Secretary management techniques which resulted in 100% rural
to the Government of India, Ministry of Power since electrification of Haryana, the first state to achieve such
2002 where he brought about structural changes distinction in 1970.
required within CEA and initiated action for its
massive technological and qualitative upgradation. Shri Bajaj is Fellow of Institute of Engineers, India, Institution
He evolved nationwide consensus for the adoption of Engineering and Technology, UK, the Institute of Electrical
of 800-1000 MW super critical technology units. and Electronics Engineers (IEEE), USA, Indian National
Academy of Engineering and All India Management
He served NTPC for 15 years and was responsible for Association. He is recipient of various National and
various facets of Super Thermal Power Projects and International Awards.
Operating Stations. He played a key role in
promoting power sector reforms. During his stint of He has been on the Board of NPCIL since 27th Sept2006.
H.L. BAJAJ 14 years with BHEL, he led engineering teams for
Director turnkey generation, transmission and distribution
projects in India and abroad. At Haryana State
Shri S. P. Sethi is the Principal Advisor (Energy), 2006. Shri Sethi also assisted the Prime Minister's Council in
Planning Commission in the rank of Permanent developing India's Climate Action Plan and as a core
Secretary to Government of India. After completing negotiator has led India's negotiations and presented India's
Electrical Engineering from Mumbai IIT and BITS case at the Intergovernmental Panel on Climate Change
Pilani, Shri Sethi did his MBA from IIM Ahhmedabad. (IPCC), the United Nations Framework Convention on
In a career spanning 35 years Shri Sethi has worked in Climate Change (UNFCCC), the CSD dialogue at the UN, the
some 30 countries worldwide in the field of energy, preparatory and follow up meetings of the G-8 dialogue, the
infrastructure, capital markets and multiple E-7 Group and a number of bilateral Energy and Climate
industrial sectors. His worldwide experience covers Forums with the US, EU, UK & Japan. Shri Sethi has lectured
enterprises and utilities in the private and public extensively on India's energy, infrastructure and climate
sector, multilateral and bilateral agencies, change issues at academic institutions and think tanks
governments and non-governmental organisations. around the globe.
Shri Sethi joined the Government of India in 2001. In Shri Sethi started his career in 1974 in the Tata Administrative
his current assignment, Shri Sethi coordinates the Services and rose to head International Projects at Tata
SURYA P. SETHI plans and policies of six Ministries that include the Enterprises Overseas in Zug, Switzerland with a Board
Director five energy ministries (Power, Petroleum & Gas, Coal, position. Shri Sethi joined the International Finance
Atomic Energy, Non-Conventional & Renewable Corporation (IFC), the private sector arm of the World Bank, at
Energy) and the Climate Change component of the Washington DC in 1984 and rose to become Chief Investment
Ministry of Environment. Shri Sethi services the Officer at IFC.
Prime Minister's Energy Co-ordination Committee
and wrote the Integrated Energy Policy of India in Shri Sethi is on the Board of NPCIL since 28th Jan2003.
Shri Anand Mohan, a graduate in Civil Engineering of the transmission systems of various voltage levels as well
from Delhi University and an M.Tech in Systems & as quality assurance and inspection of product & services.
Management from IIT, New Delhi began his career He has been instrumental in increasing the efficiency of
in the Central Water Commission and during this Corporate Engineering by introducing the concept of
tenure, he was on deputation to the Central standardization in systems, procedures and designs which
Electricity Authority (CEA). Later on, he joined NTPC. have resulted in a considerable reduction in gestation
During his stint with the CEA and NTPC, he was period of the Transmission System Projects. Later on, he
associated with civil and structural design of 200 worked as Executive Director (Corporate Contracts),
MWe and 500 MWe Thermal Power Plants. He Executive Director (Commercial) and Executive Director (HR
joined the Power Grid Corpn. Of India Ltd.(PGCIL) as & CC) of PGCIL.
General Manager (Engineering) and was elevated
to the post of Executive Director (Engg.& QA & I). He is on the Board of NPCIL since 3rd Jan. 2002.
During this period, he was associated with system
planning, feasibility study, design and engineering
ANAND MOHAN
Director
Shri Chandan Roy, a graduate in Mechanical Division, etc. He has also been nominated as Director on the
Engineering is a power engineer of repute with rich Boards of Damodar Valley Corporation (DVC), West Bengal
and varied experience of more than thirty eight Power Development Corporation Ltd. (WPDC) and NTPC
years in the areas of project planning, Vidyut Vyapar Nigam Ltd. and is a permanent invitee on the
conceptualization, design, engineering and Board of Northern Coalfields Ltd. (NCL).
operations. Prior to joining NTPC in 1977, he
worked with Babcock & Wilcox, London, UK. Several papers authored by him have been published in
national and international journals and fetched him great
Presently, he is Director (Operations) in NTPC and acclaim. In recognition of his expertise in the area of power
he is also the Chairman of Bhartiya Rail Bijli plant design, commissioning and generation, he has been
Company Ltd., a subsidiary of NTPC Ltd. He has also awarded “Eminent Engineer Award” by Institute of
been the founding Chairman of Ratnagiri Gas & Engineers (India) in the year 2006.
Power Private Limited (part-time), a Joint Venture
Company of NTPC Ltd. and Gas Authority of India He is on the Board of NPCIL since 8th Oct2004.
CHANDAN ROY Ltd. (GAIL) and was instrumental in the successful
Director revival of the abandoned project. In NTPC, he has
held important positions including Executive
Director of National Capital Region, Engineering

Dr. G.K. Pandey holds a Ph.D in Chemistry and a Post He holds the post of an Adviser in the Ministry of Environment
Graduate Diploma from the International Institute for and Forests (MoEF). He is also member of the Research Council
Infrastructural Hydraulics and Environmental of NEERI, Nagpur.
Engineering, Netherlands. He has a comprehensive
experience spanning three decades in environmental He is on the Board of NPCIL since 24th May 2005.
pollution control, environmental impact assessment,
occupational and environmental health, industrial
pollution control, air and water quality monitoring.
Dr. Pandey has represented India on the international
platform and presented papers on different aspects of
the environment several times. He is a member of the
Delhi Pollution Control Committee. He is the
Chairperson of the Task Forces on Fertilizer Plants and
Chlor-Alkali Plants constituted by MoEF.
G.K. PANDEY
Director
Shri.T.S.Bhattacharya is M.Sc. in Nuclear Physics, Product Development. Mr. Bhattacharya was entrusted with
Associate of Saha Institute of Nuclear Physics and a the crucial portfolio of Commercial Banking in the northern
Post Graduate in Management Studies. With over 36 states of Punjab, Haryana, Himachal Pradesh, and Jammu &
years of distinguished service to the State Bank of Kashmir.
India (SBI), since 1969, Shri Bhattacharya has made a
mark in the field of banking and finance. In his career Apart from his comprehensive exposure to national banking,
spanning over three decades, he has held a variety of Mr. Bhattacharya brings with him a varied and significant
critical and challenging assignments in the banking experience in international banking. He has held the posts of
sector and executed them with excellence. the Head, International Merchant Banking and the
International Correspondent Departments, at the Corporate
He was appointed Managing Director, State Bank of Office. As his offshore postings, he has worked at SBI Office,
India on 28th February, 2005. Prior to this, he has held Singapore, and headed the Representative Offices of SBI at
the post of MD, State Bank of Indore, an Associate Jakarta, Indonesia.
Bank of the State Bank Group. At its Corporate Office,
T. S. BHATTACHARYA he has held the position of the Chief General Shri. Bhattacharya is on the Board of NPCIL since 8th May 2008.
Director Manager, in this capacity he has looked after
departments such as Retail Banking, Marketing and
PERMANENT INVITEES
V.C. AGRAWAL UMESH CHANDRA SUDHINDER THAKUR

Director - HR Senior Executive Director Executive Director
SRIKAR R. PAI
Company Secretary

15
Delivering a
CHAIRMAN'S STATEMENT
Dr. S. K. Jain
Chairman & Managing Director
Ladies and Gentlemen,
Welcome to the 22nd Annual General Meeting (AGM) of satisfactory. In all earnest, we have endeavoured to deliver
your Company. I look forward to this occasion year after the trust you reposed in us which gave us the strength to
year, wherein I get an opportunity to apprise the progress face the situation realistically. The production of the units
and growth of the Company in your august presence. With was tuned to match the short fuel supply. Nonetheless, we
reasonable pride, immense satisfaction and great hope for plan to pay the dividend to the Government of India. On
the future, I wish to state that inspite of a continued introspection, I have arrived at the conclusion that the
stretched environment, the year goneby can be Company has utilised these lean years to strengthen itself
considered good from an operational perspective. Despite by self evaluation, realigning priorities, planning for
the fact that production was limited and profits were lower, organisational restructuring and laying down a road map
the average availability factor of 80% was quite for the future.

Two decades ago, NPCIL was born to make a difference. Then, overseas front. Uranium fuel is now available from overseas
we were operating only six units and constructing four and has started arriving at the site for use in Rajasthan-2
additional units. Now, twenty years down the line, we are which is already under IAEA safeguard. Therefore, it shall
operating seventeen units and have five units under get into the production mode shortly, we intend bringing
construction. I attribute this achievement to the efforts of our other pre-decided units also gradually under IAEA
dedicated team. Today, your Company is on the threshold of safeguards as per the separation plan, so that the fuel
taking off to greater heights and to make a noteworthy available from imported sources can be used in these units
difference. At this juncture, we forsake the aim of mere under safeguard. Simultaneously, the domestic Uranium
addition of nuclear capacity for power generation in the fuel production is improving and shall be available to
country. Instead, we commence our journey towards creating increase power generation by other units, which are not
a multiplier effect in nuclear power capacity enhancement of planned to be brought under the safeguard.
the country, thereby putting the realisation of Homi Bhabha's
vision on the fast track and sound footing. For the purpose of scaling up the nuclear power plant
capacity, the design of 700 Mega Watt (MWe) plant is ready
On the domestic front of Pressurised Heavy Water Reactor which is planned to be executed at the Kakrapar and the
(PHWR) programme, its units under operation demonstrated Rajasthan sites. Long delivery items have been ordered for
improved performance characterised by very long both the above stated plants, Kakrapar-3&4 site has been
continuous operation of reactors thereby setting new cleared and Rajasthan site is under active consideration of
industry standards in the country. Another milestone that we the Atomic Energy Regulatory Board. The work at these
have surpassed is that our units at Tarapur-1&2 completed sites is likely to be launched this year with ground break.
forty years of successful, safe and reliable operation, clearly Additional two sites for the launch of four more 700 Mega
demonstrating how a different technology could be Watt units in the current five year plan are under active
managed well. At the same time, the pace of new power consideration by the Government of India, thus enabling
plants' construction at Rajasthan, Kaiga and Kudankulam was
enhanced to complete them at the earliest. The construction
of units at Kaiga and Rajasthan has been brought to a level of We commence our journey towards
completion where they can start production as soon as fuel is creating a multiplier effect in
available. Apart from speeding up new construction, the
refurbishment of existing units at Rajasthan-2, Narora-2 and nuclear power capacity
Kakrapar-1 has been taking place at full swing which shall enhancement of the country,
soon bring them at par with the newly constructed reactors.
thereby putting the realisation of
With regard to fuel availability, our tenacity and resilience Homi Bhabha's vision on the fast
have yielded results, both on the domestic as well as the track and sound footing.

17
Delivering a
CHAIRMAN'S STATEMENT
the launch of eight units of 700 Mega Watts in the country

in current five year plan. Further, to assure timely An Inter-Governmental
availability of turbo- generators of matching capacities, a
Agreement has also been
Memorandum of Understanding (MoU) has been signed
with Bharat Heavy Electricals Limited for forming a joint signed between the
venture for acquiring appropriate technology. Government of India and
the Russian Federation for
Initiatives by the Government of India have made civil
nuclear co-operation now a reality, which will have multi- the setting up of four
dimensional benefits to your Company. While such an additional units at
initiative will increase possibilities of import of plants and
Kudankulam site.
nuclear material from overseas vendors and associated
commerce, it also gives your Company an opportunity to
become an international player. Your Company is working
towards collaboration with reputed nuclear vendors to Environment has been received, site grading and leveling
accelerate the growth of nuclear power within the country has been completed and efforts shall be made to launch
and to add large sized Light Water Reactors (LWRs) to the construction of Kudankulam 3&4 in the next year.
quickly add generation capacities in India.
At present, MoUs have been signed with AREVA, France;
An Inter-Governmental Agreement has also been signed General Electric Hitachi, United States of America; and
between the Government of India and the Russian Westinghouse Electric Company, United States of America.
Federation for the setting up of four additional units at Initially, the setting up of two units of 1650 Mega Watts
Kudankulam site. Clearance from the Ministry of electrical reactors by AREVA with a provision for
subsequently setting up of six units at Jaitapur sites in twin-
unit construction mode, in a phased manner, is being
At present, MoUs have been discussed. Activities related to land acquisition at the
Jaitapur site are being pursued; the technical and
signed with AREVA, France; commercial components of the projects are being worked
General Electric Hitachi, United out jointly. First stage clearance from the Ministry of
States of America; and Environment has been obtained.
Westinghouse Electric Company,

United States of America.

With regard to fuel availability, our Meeting being organised by NPCIL in January 2010. The
tenacity and resilience have yielded organization of such a high level meeting could not have
been more opportune and befitting than at this time
results, both on the domestic as well when we are moving beyond the differential threshold in
as the overseas front. Uranium fuel is the nation's nuclear history.
now available from overseas and has
The Company has complied with the corporate
started arriving at the site for use in governance guidelines issued by the Authorities.
Rajasthan-2 which is already under
IAEA safeguard. I am sure that with continued support of the Department
of Atomic Energy and its units, electricity boards and
various ministries of the Government of India, we will be
Simultaneously, the domestic able to increase production of your Company to about
Uranium fuel production is improving 22,000 million Kilo Watt hours by next year. Members on
the Board of the Company have made immense
and shall be available to increase contributions, provided able guidance and
power generation by other units, encouragement for the all-round improvement in the
functioning of your Company. Finally, we proudly record
which are not planned to be brought
our culture of an overriding priority to nuclear safety and
under the safeguard. fostering the “Parivar” (extended family) culture within
the Company which has made this company unique. It's
Being the national utility company operating nuclear power now time that I move on to the Director's Report, Balance
plants, we have participated in the preparation of the national Sheet as on 31st March 2009 and Profit and Loss Account
report for contracting parties of the Convention of Nuclear for your consideration, approval and adoption.
Safety to demonstrate fulfillment of the primary
responsibility and obligation of maintaining safety as
overriding priority, while maximising the production to meet
nation's electricity demand. The safety record of 300 reactor
years of long operating experience has been well recognised. (S. K. JAIN)
Your CMD continued to lead World Association of Nuclear
Operators (WANO) as its President. It is for the first time that Mumbai
the who's-who of the nuclear industry worldwide shall Date: August 1 2, 2009
assemble in India at the WANO Biennial General

19
Delivering a
HOMI BHABHA
Architect of a Historic Future
Homi Bhabha - Nation's scientific leader sharing a platform

with national leadership
Reminiscing Homi Jehangir Bhabha (1909-1966) is a journey

into the past, with futuristic value. The creator of the 3- Stage
Nuclear Power Programme of India, Homi Bhabha
was endowed with exceptional ingenuity, scientific
temperament and excellence. Born in the pre-
independence era, he seemed to have been pre-destined to
show the path of progress to the nation and be cherished by
On the International Platform - Bhabha
posterity, for his contributions. He has scripted the nuclear at the 1st International Conference
path to energy security and progress of India which is so on Atomic Energy for Peaceful
impeccable in design that it did not need revision. By now, Uses, Geneva (1955)
NPCIL has already managed to master the first stage of the
programme and the country is now stepping into the
second stage of the programme. This onward march is
expected to lead India to greater heights of industrial and
technological achievement.
Whether he is termed as Maslow's “transcendental

personality” or India's Leonardo da Vinci, he was surely a
man born with a vision way ahead of his times. For him, the
20
The most outstanding of the
distinguished men I have known
was, undoubtedly, Homi Bhabha. In
addition to the unique intellectual
gifts nature had bestowed on him,
he was …a visionary with the
boldness, relentless energy and
drive to convert his vision into
reality. Homi was one of those who
made me believe that some men in
human history are born with the
stamp of predestination on them
which leads them to
accomplishments beyond ordinary
human capabilities.
- J. R. D. Tata
canvas of life was much larger than it is for most of us. In his research such as some other countries are fortunate to
pursuit to be, what he could be, he became accomplished in possess. And he transformed from a researcher to a
science, mathematics, music, painting and literature. Even builder of scientific institutions - to put India, his country,
racial differences paled into oblivion before his brilliance and on the scientific pedestal. He is the founder of Tata
charisma, he was termed as a world citizen. Institute of Fundamental Research (TIFR) and Atomic
Energy establishments, Trombay, now called Bhabha
Homi's early education at the Cathedral and John Connon Atomic Research Centre .
School, Elphinstone College and Royal Institute of Science in
Mumbai brought forth his incisive intellect and a disciplined The rich legacy that generations have inherited from Homi
mind ready to leap into the scientific universe. At Cambridge, Bhabha is unfolding before our eyes - to appreciate and
having completed Mechanical Sciences Tripos, Bhabha, out emulate. The nuclear scientific community and the entire
of his choice and passion, veered into the field of theoretical nation salutes the “Father of Indian Atomic Energy” for
physics. He worked with the best minds of the era, such as drawing out the energy lying within the nucleus of an
Paul Dirac, Wolfgang Pauli, Enrico Fermi, Neils Bohr and the atom to energise development for the sustenance of
like. A trail blazer in the field of academics and scientific humanity. Homi's contribution epitomises a fusion of the
research, he went on to win the most prestigious creative human intent with nuclear fission. On his 100th
scholarships. After completing his Ph.D, he continued work at birthday, we, at NPCIL, pay homage to this great visionary
Cambridge. Highly recognised for his cosmic-ray research- scientist's spirit and rededicate all our efforts to realise his
Bhabha-Heitler effect of cosmic showers, Bhabha Scattering vision.
and nuclear physics, Bhabha published 66 papers in his short
span as a researcher.
The turning point in his life came on the outbreak of World

War II (1939), due to which he had to stay back in India.
Devoting himself to “growing science” at the Indian Institute
of Science, Bangalore, he soon found himself bonding with
life beyond particles. In his consciousness, there welled up a
vision of economic prosperity and social change, for India,
based on science and technology. He held a firm conviction
that provided proper appreciation and financial support
are forthcoming, it is the duty of people like us to stay in
our own country and build up outstanding schools of

21
Delivering a
CHARTING THE COURSE

Nuclear Dreams, Macro Efforts
It is a year of celebrations. Our very first nuclear

power plant - Tarapur Atomic Power Station
(TAPS) has completed 40 years of operations, in
stark contrast to the average age of 18 years for
NPCIL stations. A model of longevity, TAPS
epitomizes the strength of NPCIL. In its
footsteps, is Madras Atomic Power Station
(MAPS) which commemorated its silver jubilee
this year. MAPS is hailed as the first embodiment
of indigenisation. Together, TAPS and MAPS
represent the transformation of Bhabha's dream
into concrete reality. Both the nuclear power
stations have been upgraded and aligned to
present levels of advanced technology and
safety standards.
TURNING POINT
With the signing of the turn-key contract with
General Electric, USA in 1963 for the
construction and commissioning of 2 Boiling
Bhabha addressing the press conference on
Tarapur Power Project (1963)
Water Reactors (BWRs) at Tarapur, India embarked

on a journey to nuclear power. It was this project
which gave India its first experience in project
management and operation of nuclear power
plants. By 1969, India stepped into the field of
nuclear power operations with the twin BWRs, 210
MWe each then, at Tarapur, which have produced
77,000 million units of electricity till date.
TOWARDS INDIGENISATION
Following TAPS, Bhabha clearly foresaw Pressurised
Heavy Water Reactors (PHWRs) as the appropriate
option for India to kindle the 3-Stage Programme.

The relative roles of indigenous
science and technology and foreign
collaboration can be highlighted
through an analogy. Indigenous
science and technology plays the
part of an engine in an aircraft,
while foreign collaboration can play
the part of a booster. A booster in
the form of foreign collaboration
can give a plane assisted take-off
and be capable of independent
flight, it must be powered by
engines of its own.
Dr. Vikram Sarabhai, Nuclear Scientist, contemporary of
Bhabha with National Leadership – Homi Bhabha
Thus came in RAPS with the help of Atomic
Energy of Canada Limited (AECL). In parallel,
indigenisation of the same was conceived at MAPS.
Conceptualised by Bhabha as early as 1965, the 2

nuclear power plants at Madras Atomic Power
Station (MAPS 1&2) attained criticality and were
synchronised to the grid in 1983 and 1985
respectively. The entire project, its design,
construction and commissioning, was marked by
Indian ingenuity, indigenisation and meticulous
workmanship. Alongwith the building of MAPS, the
Indian industry imbibed a precious new skill-set
and a comprehensive Indian nuclear industry
evolved.

23
Delivering a
ARRIVING INTO THE FUTURE

Big Dreams, Nuclear Reality
Having diligently built and successfully operated 17 small and mid-size reactors over
the past 4 decades, NPCIL has attained high degree of expertise in implementing the
technology for Boiling Water Reactors (BWRs) of 160 MWe as well as that for
Pressurized Heavy Water Reactors (PHWRs) upto 540 MWe. With untiring efforts
towards indigenisation, we have accomplished the present capacity of 4,120 MWe.
We still have a long way to go.
ON THE THRESHOLD
Striving to implement the 3-stage nuclear blueprint laid out by Bhabha and to
enhance the contribution of nuclear power to the entire pool of India's energy, we
are continuously building capacity. On the threshold of completion are the following
nuclear power plants which will take our nuclear power capacity to 6,780 MWe in the
very near future.
Nuclear Power Plant Reactor Type Capacity (MWe)

RAPP 5 PHWR 220
RAPP 6 PHWR 220
Kaiga 4 PHWR 220
KK 1 PWR 1000
KK 2 PWR 1000

For the full industrialisation
of the underdeveloped
countries, for the
continuation of our
civilisation and its further
development, atomic
energy is not merely an aid,
it is an absolute necessity.
The acquisition by man of
the knowledge of how to
release and use atomic
energy must be recognised
as the third epoch of
human history.
– Homi Bhabha
MOVING UP THE SCALE

In a bid to move on to the next scale of operations,
we have come up with an indigenous design for 700
MWe PHWR. Execution of this design will capacitate
India to be in league with major global nuclear
power producers using similar technology of heavy
water reactors. We have already received the
in-principle approval of the Government of India.
The sites selected for setting up 4 units of 700 MWe
PHWR are Kakrapur in Gujarat (KAPP-3&4)
and Rawatbhata in Rajasthan (RAPP-7&8).
Subsequently, an addition of 4 more 700 MWe
PHWRs has been planned. With its execution, an
addition of 8 X 700 MWe will be enabled.
PLANNED MOVES
In addition to being steadfast on our indigenous
nuclear power programme, we have garnered
international co-operation for the establishment of
nuclear reactors of 1000 MWe and higher.

25
Delivering a
ENGAGED WITH THE WORLD

Global Opportunities
The Indo-US civilian nuclear deal

signed in 2008 has thawed the nuclear
freeze imposed on India and has
opened global opportunities for us,
both technical and commercial, in the
field of nuclear power. India has, for
long, nurtured the vision of energising
the industrial development of the
country with nuclear power. To fuel its
engine of development, India has now
taken up the mission of nuclear
power with even greater intensity.
Simmering with the intense desire and
determination to add capacity for
nuclear power generation, NPCIL, the
Signing of MoU between NPCIL and Westinghouse Electric Company (WEC), USA
face of nuclear power in India, is in

discussion with the most prominent
international providers of nuclear
power technology, equipment and
services.
EMERGING VISTAS
Along with its indigenous nuclear
power programme of scaling PHWRs
to 700 MWe, NPCIL is gaining
momentum to move into higher orbits
by building and commissioning
reactors of 1000 MWe and higher unit
size for which it is actively seeking
international co-operation. Today, as
NPCIL's Top Management in discussion with high level delegation from
Russian Federation led by Head ROSATOM

It is now patent that without
science and technology we
cannot progress. We should
realise how modern life is an
offspring of science and
technology. If modern life
depends so much on science
and technology, then we must
seize hold of them, understand
them and apply them.
– Homi Bhabha
Signing of MoU between NPCIL and AREVA, France
the winds of change have begun to

blow over the terrain of Indian nuclear
power, NPCIL is being ably propelled
in the direction of greater capacity
attainment.
STRATEGIC STROKES
Simultaneously, NPCIL's PHWR
designs are being sought after by
nations stepping into the arena of
nuclear power. NPCIL is also seeking
co-operation on various front-end
activities of the fuel cycle such as JVs
in mining for natural uranium abroad.
Signing of MoU between NPCIL and General Electric Hitachi (GEH), USA

27
Delivering a
HIGHLY ADAPTIVE MANAGEMENT

On the Untread Path
Our journey towards becoming a nuclear powered nation The operational excellence of our plants is reflected in a
has indeed been exciting. We have learnt to expect the marked reduction in the number and duration of outages,
unexpected on every turn and confront varied situations. record continuous operations by our nuclear power plants,
Our perseverance has seen us through many obstacles and safety performance and environmental impact (ISO 14001
has made us a resilient force towards realising Bhabha's compliant). By revitalising the old nuclear power plants
dreams. through repairs and modernisation, we are making optimal
use of our existing resources.
FACING TOUGH REALITIES
Responding to the call for leadership in this time of ON THE INTERNATIONAL FRONT
tumultuous change, we are minimising costs and The signing of the civilian Indo-US nuclear deal, marks the
maximising benefits, with a clinical look at aligning all the beginning of a nuclear epoch for India. It offers an
facets of the company, including operations, technology opportunity to establish partnerships with companies in
development, finance and business development. With the nuclear power industry world over. A confident and
diverse parts of the nuclear power business coupled to one energetic organisation that NPCIL is, today, it has already
another more tightly, we are linking with the outside world
for making substantive progress in the near future.
ON THE FINANCIAL FRONT

With a cash surplus of Rs. 12,000 crores, we are amongst the
few financially healthy and forward looking players within
the power generation business. Maintaining a well
balanced mix of debt to equity on a 70:30 ratio, our
capacity to raise debt funds has remained unimpaired
despite trying times. Till date, we have picked up a total
debt of Rs.78,000 crore from the Indian market at
competitive rates. For funding our current projects, we
plan to tap the Indian markets on a continual basis. The
Government of India is our sole equity stakeholder.
Through our prudent financial management, we have
been able to fund our operations and expansions through
our internal accruals, without any further financial support
from the Government of India since the last five years.
ON THE OPERATIONS FRONT

Having overcome initial design challenges and a nascent
industry base, we have evolved by leaps and bounds in
compressing the gestation period for greenfield projects
begun forging such alliances for the dual purpose of
to around five years through efficient project management
expanding and upscaling its activities and exporting
strategies. For tapping the economies of scale, the new
technology of small and medium size reactors, which it
nuclear power plants of 700 MWe size and above have
mastered long ago.
been strategically planned at selected locations in India,
making nuclear power economically competitive with
conventional coal-based thermal power generation.

The type of administration
required for the growth of
science and technology is
quite different from the type
of administration required for
the operation of industrial
enterprise. The administration
of scientific research and
development must
necessarily be done by
scientists and technologists
themselves.
- Homi Bhabha
CARRYING THE INDIAN INDUSTRY ALONG

Fully aware of the need to grow nuclear power rapidly, we
have not limited the arena of nuclear power to ourselves.
Over the years, we have encouraged the private sector to
participate in construction, fabrication, and supporting
the operations in many areas. They are now valued
SCOUTING FOR FUEL SUPPLY designers, vendors and service providers to our
In the earlier years, NPCIL bore the cost of maintaining a large ecosystem. We have recently entered into several MoUs
inventory of uranium, the fuel for our nuclear power plants. with organizations such as BHEL and NTPC for playing
Improved capacity utilization and recent addition in the significant roles in the nuclear power development of
number of nuclear power plants at a fast pace have led to a India.
temporary demand-supply mismatch of fuel from domestic
sources. With the signing of the Indo-US nuclear deal and the The skills, which we have built over the years, give us the
NSG waiver, international markets are no more forlorn confidence to be bold yet prudent and pragmatic in the
destinations beyond our reach. Apart from being more present times.
involved in shaping the domestic nuclear fuel supply scene,
we are also now in a position to leverage the global sourcing
option thanks to the move towards open co-operation by
international players with India's civilian nuclear
programmes. Currently we are exploring the possibility of
buying “the yellow cake” at competitive rates from the
international market, which should fill the immediate supply
gap to a great extent. Further, acquiring stakes in several
uranium mines abroad is another consideration. For the
Kudankulam project specifically, we resolved the issue of fuel
supply for its life-long needs by signing a perpetual supply
contract with the Russian Federation.

29
Delivering a
PLANNED FUEL SUPPLY

Securing Our Future
Uranium is required as fuel to implement the first stage of the 3

Stage Nuclear Power Programme devised by Homi Bhabha.
Taking big and rapid strides in the development and
commissioning of nuclear power plants, in recent years, NPCIL
has 17 reactors in operation, 5 under construction and many
more in the planning stage. Consequently, there is a large
demand for fuel to operate the nuclear plants at optimal levels.
As India continues to excavate its indigenous mines in
Jharkhand and develop others at Andhra Pradesh and other
places in India for uranium, the international co-operation
agreements have paved way for NPCIL to buy uranium from
the international uranium market. The imported uranium will
be used in nuclear power plants under IAEA safeguards in
accordance with the Separation Plan.
ADVENT OF A NEW ERA

The international developments usher an era of international
nuclear trade for India as never before. To ensure the supply of
fuel for the entire life-time of reactor operations, India is not
only making direct purchases of uranium, but also intends to
negotiate for stakes in uranium mines abroad. Also, India is
aiming at developing comprehensive fuel fabrication facilities
so that this front-end fuel cycle activity for all LWRs can be
taken care of.
Uranium, the "Yellow Cake", fuel

for Nuclear Power Reactors
Narora Atomic Power Plant 1 & 2

The key to national prosperity,
apart from the spirit of the
people, lies in the modern age, in
the effective combination of
three factors, technology, raw
material and capital, of which
the first is perhaps the most
important, since the creation
and adoption of new scientific
techniques can, in fact, make-up
for a deficiency in natural
resources, and reduce the
demands on capital.
- Homi Bhabha
A Panoramic View of MAPS 1 & 2
The pursuit of science and its practical application are no longer subsidiary social
activities today. Science forms the basis of our whole social structure without which life
as we know would be inconceivable. And we have in our own time seen the history of the
world shaped by those countries which have made great scientific progress. Science has
at last opened up the possibility of freedom for all from long hours of manual drudgery
and today we stand at the beginning of an age when every person will have the
opportunity to develop himself spiritually to his fullest stature.
- Homi Bhabha

31
Delivering a
PARTNERSHIPS AND ALLIANCES

Co-creating Energy
Against the backdrop of the growing Indian economy,

energy needs of the country are growing in leaps and
bounds. It is, therefore, imperative to forge ahead
partnerships and alliances and accelerate the process of
power generation. NPCIL has joined hands with many
organisations to attain its goal with the resulting synergy.
Our partners in the co-creation of energy are namely,
NTPC, BHEL, THDC and ITER and the list is growing.
NTPC Limited is the country's largest power generator.

Aiding NTPC's wish to diversify into the arena of nuclear
power generation, we, at NPCIL, have inked a
Memorandum of Understanding (MoU) with it, for working
together to set up nuclear power plants in India.
We have signed an MoU with Bharat Heavy Electricals Ltd.

(BHEL), our partner in technological upgradation and
manufacturing equipment since 1970, for carrying out EPC
activities for Nuclear Power Plants Conventional Island,
and explore and evaluate the various technology options
available for Steam Turbine Generator sets of 700 MWe
rating and above.
NPCIL and NTPC Top Management

exchanging the Signed MoU in the
august presence of Shri Jairam Ramesh,
then Hon'ble Union Minister of State
(Commerce and Power)

If Indian industry is to
take off and be capable
of independent flight, it
must be powered by
science and technology
based in the
country.
– Homi Bhabha
Malshej Ghat site showing Kalu river
GOING BEYOND NUCLEAR

For tapping opportunities in the development of
hydropower inclusive of Pumped Storage Schemes, the
joint venture between NPCIL and Tehri Hydro Electric
Development Corporation (THDC) has been allotted
detailed survey, investigation and preparation of
detailed project report of Malshej Ghat (600 MWe) and
Humbarli (400 MWe) Pumped Storage Schemes by the
Government of Maharashtra.
FUSION POWER
Thinking beyond its business of nuclear fission, NPCIL
has signed an MoU with International Thermonuclear
Experimental Reactor (ITER) to co-operate and
contribute in demonstrating the scientific and technical
feasibility of fusion power.
FORGING BONDS
NPCIL is also considering joint venture partnership with
Indian Industries for the manufacture of Heavy Forging
required for nuclear power plants.

33
Delivering a
OPTIMISING PERFORMANCE
On the Centre-Stage
Catapulted to the centre-stage with the signing of international

co-operation agreements in nuclear power, we are continuously
evolving towards optimal performance, in terms of human
productivity as well as operational efficiency. The high
watermark of operations performance this year again is the long
continuous performance of certain operating units. In general,
all nuclear power plants are braced up to have only planned shut
downs without any major forced outages. No safety significant
events occurred.
REVVING UP
Gearing up to play a long innings and demonstrate a frictionless
performance, our units at Kakrapar are undergoing enmasse
coolant channel replacement, calandria vault leak identification
and its rectification. At Narora Atomic Power Station, jobs
pertaining to the coolant channel were undertaken and
finished.

The lack of proper
conditions and
intelligent financial
support hampers the
development of
science in India at the
pace the talent in the
country would
warrant.
- Homi Bhabha
OUR PEOPLE, OUR MACHINERY

At NPCIL, we consider our people to be the critical contributors. They are
encouraged to share their work related experiences and voice their suggestions. It
helps the management to identify niche areas requiring improvement.
Implementing the modern-day organisational practices, we have launched
programmes of monitoring performance at junior levels and providing
performance based in-house training. Meeting a higher goal for performance, by
our people and by our machinery, is an incessant striving.
DEFINING NEW METRICS

Our nuclear power plants at Narora and Kaiga-3 & 4, have set new metrics in safe
performance. Narora has been awarded “Sarvshreshtha Suraksha Puraskar” and
units 3 & 4 at Kaiga have been conferred with Fire Safety Award.
PLANTS IN OPERATION
Nuclear No. of Capacity Year of Commercial
Power Plant Location Units Type (MWe) Operation
TAPS Tarapur, 1 BWR 160 1969

Maharashtra 2 BWR 160 1969
3 PHWR 540 2006
4 PHWR 540 2005
RAPS Rawatbhata, 1* PHWR 100 1973

Rajasthan 2 PHWR 200 1981
3 PHWR 220 2000
4 PHWR 220 2000
MAPS Kalpakkam, 1 PHWR 220 1984

Tamil Nadu 2 PHWR 220 1986
NAPS Narora, 1 PHWR 220 1991

Uttar Pradesh 2 PHWR 220 1992
KAPS Kakrapar, 1 PHWR 220 1993

Gujarat 2 PHWR 220 1995
KGS Kaiga, 1 PHWR 220 2000

Karnataka 2 PHWR 220 2000
3 PHWR 220 2007
* Owned by DAE

35
Delivering a
ON THE PATH OF PROGRESS

Concrete Goals
As we march ahead on the time scale, our insatiable drive for

capturing the power embedded in the atom has gained
considerable momentum. Transforming Bhabha's dream into
concrete goals, scaling up and enabling movement into the 2nd
Stage of the Indian Nuclear Power Programme, we have arrived
into the future of nuclear power in India.
RAMPING UP
With the first pour of concrete on the raft of RAPP-5 in 2002, the
construction of the latest units of Rajasthan Atomic Power Project
(RAPP-5&6) was initiated. Construction of RAPP-5 has been

Many people criticise me that
I am looking for perfection in all
things. I know that I can
progress faster and achieve
more if I am prepared to make
some compromises. I want to
show that we are still capable of
achieving perfection which our
masters achieved in the past in
dance, music, sculpture and
other activities.
– Homi Bhabha
accomplished and is ready to receive fuel.

RAPP-6 is also nearing completion and its
Phase A commissioning is in progress.
Construction activities of the 4th unit of Kaiga
Atomic Power Plant (KGS-4)have been
completed.
STEPPING UP
While the PHWR unit size has been scaled up
to 700 MWe, the construction of 2 X 1000
MWe Light Water Reactors (LWR/VVER) is on
a steady path of progress. It has successfully
overcome many a technical hindrances
associated with the phase of developing
construction technologies for this large
scale project by NPCIL along with Indian
contractors and therefore, stands as a
testimony of the grit and determination of the

Indian nuclear community. This advanced design
and technology, being implemented for the first
time in India with the help of the Russian
Federation, has earned India a place of pride in
the international nuclear community and
represents a stepping up of the nuclear power
development in India.

37
Delivering a
CHANNELISING MANPOWER
Honing Human Assets
In a bid to hone our human assets, there is a major thrust on PARTICIPATORY MANAGEMENT
multi-faceted training of employees at various levels. For The management is encouraging informal discussions
example, in the Finance Directorate, specialised training among employees. Its aim is to provide a platform for
was imparted on IFRS, Taxation, Contract Management to voicing their concerns, introspection of their own
officers while an orientation programme was organised for performance against established benchmarks and
the Accounts staff with the aim of enhancing efficiency giving suggestions for effective performance in a
levels. The finance officers also underwent a week long conducive work environment. Performance monitoring
soft- skills training. and analysis at junior levels has also been initiated.
AVENUES FOR GROWTH

In the light of knowledge management, NPCIL has
launched programmes of in-house training for further
building on the existing skills of employees. In one of
these programmes, experienced employees of NPCIL,
holding Diploma in Engineering, are being channelised
into the supervision of construction of new Pressurised
Heavy Water Reactors (PHWRs) and Light Water Reactors
(LWRs). Having reached a plateau in their careers, such
employees experiencing job saturation and burn-out
have an excellent opportunity to grow within the
organisation by taking up newer challenges. With many

When nuclear energy
has been successfully
applied for power
production in say a
couple of decades from
now, India will not have
to look abroad for its
experts but will find
them ready at hand.
- Homi Bhabha
new sites coming up in future, faculty members have been appointed to train
personnel in implementing norms of construction, safety requirements, design
and international regulations.
KNOWLEDGE MANAGEMENT
Considering the nature of our business and the wealth of precious nuclear
related knowledge accumulated over decades, knowledge management
exercises are imperative for NPCIL. Making serious efforts in this direction, 97,782
man-hours have been devoted to conducting 177 programmes for the
dissemination of knowledge management practices across levels at a rapid pace
from January 2006 till date.
Overall, we believe that improving the quality of work-life makes productive

employees, satisfied human beings and a great organisation.

39
Delivering a
CORPORATE SOCIAL RESPONSIBILITY

The Centripetal Force
Fission of the atom is our business, but fusion with

humanity is our responsibility. We adhere to the triple
bottomline - for people, planet and profit. Abiding by
this triple bottom line, NPCIL has made inroads into the
hearts of people, and gained social acceptance, for itself
as well as for nuclear power. Sustainability is our primary
ethos. And we are shouldering it with alacrity.
HEALTHCARE
Caring for people by making provisions for the much
needed medical facilities in and around the nuclear
power plants, we have woven a cocoon for the
nurturance of our neighbours around the nuclear power
plants. Organising eye camps year after year for check-
up and surgery free of cost for the villagers, NPCIL has
illumined the life of many villagers. Hepatitis-B
Vaccination camps for the first and subsequent follow-
up dosages are organized at regular intervals for the
prevention of the dreaded disease. To perpetuate its
contribution to healthcare of people around, NPCIL has
dedicated a referral hospital to the public at the
Rajasthan Atomic Power Station.
UNIQUE IN ENDEAVOUR
In a unique endeavour of dispensing its
corporate social responsibility, Rajasthan
Atomic Power Station has contributed
towards insurance coverage of all the
school going children, no less than 87,000,
of Chittorgarh district. This move will
motivate the villagers to send girls to
school and reduce the overall dropout rate.

EDUCATION
Contributing to the growth of
human resource in India, NPCIL
is setting the base of literacy
and school education by
making provision for basic
amenities in schools for
children around nuclear power
plants, such as school bags,
books, stationary; recognising
meritorious students by
awarding scholarships; gifting
personal computers to schools;
and getting school buildings
constructed.
PROUD TO SERVE
Proud to serve the nation and its people forever,
Rajasthan Atomic Power Project, Rawatbhata
personnel accomplished a rescue mission successfully
at the Shiva Temple located in a gorge Gapernath,
30 km away from RAPS.
Due to the collapse of the stairway leading to the

temple, 150 people were trapped. With the help of
cranes, in an overnight operation, the NPCIL team
rescued people and recovered 2 bodies.
INFRASTRUCTURE DEVELOPMENT
The establishment of a nuclear power plant normally
occurs in areas untouched by the nuances of modern
living. The coming up of the NPCIL site is synonymous
with development and is a big leap into the 21st
century for the denizens of the area. "Kuchha" roads
are converted into metalled roads interconnecting
human agglomerations. Electricity, lines of
telecommunication, water supply and various other
civic amenities are developed by NPCIL to make the
place habitable not only for the scientific community
but for the entire rural populace in vicinity. Narora
Atomic Power Station built 3 community halls in the
neighbouring villages of Nandpur, Silhari and
Maharajpur to serve the needs of the local population.

41
Delivering a
THE GREEN SIGNAL

Environment Stewardship Programme
Wearing the green mantle of dense and

diverse flora dotted by the colourful and
majestic fauna, the nuclear power plants of
NPCIL, showcase the beauty of nature at its
best. Enveloping nuclear power in green
power is a necessity in the 1.6 km radius
around the nuclear power plant; and it has
also helped NPCIL to obtain social acceptance,
as benign power, for carrying on their
activities even in the remotest of the places in
India. The green halo that surrounds nuclear
power, along with the intrinsic property of
nuclear power to preserve and promote a CO2
emission-free environment, unlike other
sources of energy, has tilted the balance in
favour of power generation through nuclear
power, worldwide.
Sr. No. Station/Project Name of Nature Club

1. Narora Atomic Power Station (NAPS) Skimmer Nature Club
2. Rajasthan Atomic Power Station/Project (RAPS/RAPP) Gyps Nature Club
3. Kakrapar Atomic Power Station (KAPS) Ibis Nature Club
4. Tarapur Atomic Power Station (TAPS) Harrier Nature Club
5. Kaiga Atomic Power Station (KGS) Frog Mouth Nature Club
6. Kudankulam Nuclear Power Project (KKNPP) Pelican Nature Club
7. Madras Atomic Power Station (MAPS) Stork Nature Club

Homi Bhabha, Father of Nuclear
Power in India, nurtured nuclear
power and nature side by side,
with equal zest and fervour. The
scientific institutions he built
reside in the heart of nature,
amidst pristine natural
surroundings. Carrying on with
the tradition he set, NPCIL is
avidly fostering nuclear power
amidst the green cover.
and Bombay Natural History Society (BNHS) and has

an MoU with the latter to implement the
Environment Stewardship Programme. The
programme includes training of local volunteers,
public awareness campaigns to sensitise members of
public on environment, improving habitat,
particularly of avi-fauna. To execute the plans, nature
clubs exist at NPCIL sites.
The welfare activities of NPCIL act like the centripetal

force on the communities they enter, be it human or
animal kingdom. Everybody is drawn within and held
close to the heart of NPCIL.
LESSONS IN CO-EXISTENCE
Generally located near seaside, rivers, lakes and
reservoirs for purposes of accessibility to water for
cooling, the nuclear power plants and their lush
surroundings are the abode of many rare species of
animals, fish and birds, migratory as well as resident,
some close to extinction. NPCIL is an institutional
member of Indian Bird Conservation Network (IBCN)

43
Delivering a
DIRECTORS' REPORT
Dear Stakeholders, resulting in reduced revenue of Rs.3011 crore as compared

to Rs.3434 crore for the previous year. During the year,
Your Directors have immense pleasure in presenting the
KAPS-1 and NAPS-2 were shutdown for Enmasse Coolant
twenty-second Annual Report of the Company, together
Channel Replacement (EMCCR) activities.
with the Audited Accounts for the year ended 31st March
2009. Wind power generators at Kudankulam had started
producing wind power in January 2007. The sale of power
PERFORMANCE HIGHLIGHTS during the year 2008-09 was Rs.6.56 crore.
A summary of the Company's Financial Results is given
below:
(Rs. in crore)
Financial Results 2008-09 2007-08
Sales of Electrical Energy 3011 3434
Other Income 791 832
Total Income 3802 4266
Operating & Maintenance Expenditure 2210 1874
Interest 489 455
Depreciation 706 734
Total Expenditure 3405 3063
Profit for the year 397 1203
Prior period adjustments 83 2
Profit Before Tax 480 1205
Provision for Taxation 39 127
Profit After Tax 441 1078
Add: Balance brought forward from previous year 794 1094
Balance available for Appropriations 1235 2172
a) Interim Dividend 100 300
b) Tax on Interim Dividend 17 51
c) Proposed Dividend 32 23
d) Tax on proposed Dividend 5 4
e) Transfer to General Reserve 100 1000
f) Balance carried to Balance Sheet 981 794
Earning per Share in Rs. (Equity share having face value of Rs.1000/- each) 43.50 106.30
The mismatch between supply and requirement of fuel NPCIL follows the pay structure and allowances as
continued during the year 2008-09, resulting in average applicable to the Central Government employees. The
capacity factor of about 50%. Electricity generation, as per orders of Government of India on pay revision effective
the billing cycle, in 2008-09 has been 14921 MUs as against 1.1.2006 were implemented in NPCIL from 1.9.2008. The
16964 MUs in 2007-08, which is about 12% less thereby revised pay and allowances payment for 40% of pay arrears

for the period 1.1.2006 to 31.8.2008, provision for balance CAPITAL
60% arrears to be paid in 2009-10 (Rs.220 crore), and the During the year, the Company has not drawn any
additional expenses on Leave Travel Concession (LTC) to budgetary support from the Government of India. The total
North East Region (Rs.80 crore) have contributed to paid up capital continued to be Rs.10145.33 crore as on 31st
increased operating and maintenance expenditure of March 2009, against the Authorised Capital of Rs.15000
Rs.2210 crore for 2008-09 as against Rs.1874 crore for crore.
2007-08.
DIVIDEND
The Company has successfully implemented cost control
The Board has recommended a final dividend @30% of Profit
measures, which resulted in notable saving in
After Tax (PAT) of the Company. This amounts to Rs.132.39
administration and related expenses.
crore, including the interim dividend of Rs.100 crore.
The provision for taxation during the year is Rs.39.49 crore.
RESOURCE MOBILISATION
The amount received towards interest on Research &
Development (R&D) and Renovation & Modernisation (R&M) There was no fresh market borrowing during the year. The
Funds and Decommissioning levy with interest accrued Company has redeemed bonds of Rs.124 crore during the
thereon has not been considered as income of the Company. year, as per the terms of their issue.
The funds are held by NPCIL on behalf of the Department of OPERATING PERFORMANCE OF THE STATIONS
Atomic Energy (DAE) and the Decommissioning levy is
recovered based on a statutory notification issued by the The performance of all operating stations was satisfactory
DAE. However, the Income Tax Tribunal has decided that the during the year 2008-09 and these generated 14927 MUs of
levies and interest earned on these funds treated as income electricity. The overall Capacity Factor (i.e. Plant Load
of the Company. As the decision is against the Company, an Factor) was 50% and the weighted average Availability
appeal has been filed in the Honorable High Court of Factor was 82%. In addition, Kudankulam Wind Farm
Maharashtra, Mumbai. During the year, the Company has generation during the year was 22.9 MUs.
appropriated Rs.17.33 crore from these funds towards the MAJOR HIGHLIGHTS
income tax payable on these levies.
TAPS-1&2 celebrated completion of 40 years of
The Company has been able to optimise its operational nuclear power generation in India.
efficiency and has been able to achieve a net profit of
MAPS-1&2 celebrated completion of 25 years of
Rs.441 crore after tax.
successful operation.
The Company has adopted Accounting Standard - 22
KGS-1 reactor completed 487 days of operation
“Taxes on Income” issued by the Institute of Chartered
without scram from 30.09.07 to 29.01.09.
Accountants of India (ICAI) with effect from 2007-08. The
accumulated net deferred tax liability as on March 31, 2009 RAPS-4 reactor completed 308 days of operation
was Rs.1786.66 crore on account of timing differences without scram up to 31st March-2009.
between book and tax profits. Since Income tax payable on
income from generation of power is recoverable from the During the financial year, more than 90% availability
beneficiaries, the amount of deferred tax, so recognised, is factor recorded by TAPS-2, RAPS-4, KGS-1 & KGS-2.
recoverable on becoming a part of the current tax. En-masse replacement of condenser tubes was
Therefore, such deferred tax is considered as recoverable carried out at TAPS-1 for the first time since its
and netted from such deferred tax liability/expense. commercial operation.

45
DIRECTORS' REPORT
Completion of major activities of Primary Heat The supply of Uranium has received consideration of the
Transport system feeders replacement at RAPS-2. Government of India at the highest level. As a result of these
interventions, positive developments have been seen in
“Candu Owner's Group (COG) Fuel Handling
respect of opening up of new mines, commissioning of
Functions Benchmarking Project” was carried out at
Turamdih mill and expansion of Jaduguda and Turamdih
RAPS-3&4.
mines.
Completion of major commissioning activities at
The project work at Tumallapalle mine is also progressing
RAPP-5.
as scheduled. Work at other mines, like at Gogi, has also
World Association of Nuclear Operators (WANO) Peer been taken up.
Review was carried out at NAPS and TAPS-3&4.
In addition to the positive development at the indigenous
HIGHLIGHTS OF THE OPERATING PERFORMANCE OF level, the conclusion of agreements with France and Russia
THE STATIONS has already led to delivery of fuel. The first lot is being
The generation, the yearly Capacity Factor (CF) and the converted to fuel bundles at Nuclear Fuel Complex,
annual Availability Factors (AF) are summarised in the Hyderabad. The imported fuel will be used in RAPS-2 where
Table. enmasse feeder replacement work has been completed.
Imported fuel will also be used soon in RAPP-5&6, once the
FUEL SUPPLY reactors are placed under IAEA safeguards, in accordance
The fuel supply for the Pressurised Heavy Water Reactors with the separation plan. As per the separation plan, RAPS-
(PHWR) remained restricted during the year. All PHWRs 3&4, from the year 2010, will also have the benefit of using
were operated at lower than 70% full power and the imported fuel.
shutdowns of some of the reactors had to be extended.
Station Unit No. Capacity (MWe) Generation (MUs) CF (%) A.F. (%)
1 160 1007 72 77
TAPS 2 160 1349 96 97
3 540 1923 41 84
4 540 2030 43 89
Station Total 1400 6309 51 86
2 200 - - -
RAPS 3 220 1156 60 88
4 220 1303 68 98
MAPS 1 220 733 38 68
2 220 785 41 75
NAPS 1 220 740 38 74
2 220 - - -
KAPS 1 220 259 54 100
2 220 954 49 85
1 220 1157 60 92
KGS 2 220 1079 56 92
3 220 452 23 32
NPCIL TOTAL 4020 14927 50 82
Note:
RAPS-2 and NAPS-2 not available during the year for capital maintenance. KAPS-1 not available from 1.7.2008 for capital
maintenance.

As a result of these positive developments, operation of The Project construction achieved significant milestones
PHWRs under safeguards at full power and other PHWRs at during the year – with respect to Unit-1, outer containment
70% of full power will be possible in the year 2009-10. The dome & tertiary dome, box-up of turbine generator set,
progressive improvement in fuel supply expected erection of refueling machine main coolant piping welding
thereafter would result in operation of PHWRs at higher were completed. Nuclear fuel for the Unit-1 has been
capacity factors. received at the site.
ONGOING PROJECTS The water passage caisson units for the KKNPP breakwater
Kaiga Atomic Power Project-4 (220 MWe PHWR) dyke were installed at the mouth of the breakwater dyke.
The Common Services Systems viz. 220 kV Gas Insulated
The year marked Light Water commissioning of Primary
Switchgear, Desalination and DM Water Plant have been
Heat Transport (PHT) system, commissioning of Computer-
commissioned. The fuel loading in Unit-1 is expected to be
based systems as well as Electrical Systems. In order to
carried out by December 2009.
match the commissioning of main plant systems, Fuel
Handling System was commissioned early to compress the Construction activities for Unit-2 are closely following
overall commissioning period. those for Unit-1. Construction of inner containment and
outer containment dome, erection of turbine and
The reactor awaits fuel loading.
generator set, main coolant piping welding have been
Rajasthan Atomic Power Project-5&6 (2x220 MWe completed.
PHWR).
NEW PROJECTS
The construction of the project commenced on 18th
The Government of India, in October 2005, conveyed its
September 2002 with the first pour of concrete for unit-5.
approval in principle for the setting up of additional units at
Commissioning of Nuclear Systems is completed and Unit
the existing sites at Kakrapar (KAPP-3&4 - 2x700 MWe
is ready for fuel loading.
PHWRs) and Rawatbhata (RAPP-7&8 - 2x700 MWe PHWRs),
Construction works for RAPP-6 are in advanced stage of Kudankulam (KKNPP-3&4 2x1000 MWe LWRs) and a new
completion. Hydro Test of PHT and Secondary Cycle, site at Jaitapur, Maharashtra. Pre-project activities have
Reactor Building Containment Proof Test and Integrated been initiated at these sites. The proposals for
Leak Rate Test have been completed. Service system has administrative and financial sanction of KAPP-3&4 and
been commissioned. This unit is expected to be ready for RAPP-7&8 were finalized during the year. These are under
fuel loading by end of July, 2009. consideration of the Government of India.
Kudankulam Nuclear Power Project (KKNPP)-1&2 Kakrapar Atomic Power Project-3&4 & Rajasthan
(2x1000 MWe VVER) Atomic Power Project-7&8
The 2x1000 MWe Kudankulam project, located in It is planned to start construction of these projects with
Tirunelveli district of Tamilnadu, is being implemented NPCIL designed 700 MWe units. Ground breaking activities
with Technical Co-operation from Russian Federation are expected to start for KAPP-3&4 in December 2009 and
within the framework of the Inter-Governmental six months later for RAPP-7&8. Site clearance from Ministry
Agreement between India and the Russian Federation. of Environment and Forests (MoEF) has been obtained.
Detailed Project Report for both the projects have been
The 1000 MWe units deployed are the largest unit being submitted to Government for obtaining approval. As part
installed in India. All the equipment and the construction of Atomic Energy Regulatory Board (AERB) review, site
drawings are being supplied by the Russian Federation consent for KAPP-3&4 has been obtained and application
while civil construction, erection of equipments and for the same for RAPP-7&8 is under consideration of the
commissioning of the systems are being executed by regulatory agency. Pre-qualification of construction
NPCIL. agencies for civil construction of the main plant has been
The project has recorded a cumulative overall physical carried out.
progress of 87% as of March 2009 (Unit-1: 91% and Unit-2: Initiatives under Civil Nuclear Co-operation
80%) and cumulative expenditures of Rs.11894 crore
against total sanctioned sum of Rs.13171 crore. The break- NPCIL is working towards collaboration with interested
up of progress achieved is: Design & Engineering-96%, vendors of nuclear plants and equipment, with a view to
Procurement & Supplies-91% and Construction & Erection accelerate the growth of nuclear power in India. This is
activities-86%. according to the plans of the Department of Atomic

47
DIRECTORS' REPORT
Energy, Government of India, to meet the growing demand Consequent to allotment of potential sites at Malshej Ghat
of electricity. Following is the status of progress in this and Humbarli in Maharashtra State for Pumped Storage
regard: Scheme (PSS) by the Government of Maharashtra for taking
up the pre-project activities and investigations for the
1. An MOU has been signed between NPCIL and AREVA,
techno-economic studies in respect of the PSS jointly to
France on 4th February 2009 to enable both the sides NPCIL and Tehri Hydro Development Corporation (THDC),
for technical co-operation and development of the an agreement was signed between NPCIL and THDC for the
initial contract for setting up of two units of 1650 MWe PSS project at Malshej Ghat. On completion of techno-
EPRs with provision for setting up total 6x1650 MWe economic studies and approval from statutory authorities,
NPP Units at Jaitapur site in twin-unit construction the PSS project is proposed to be taken up through a Joint
mode in a phased manner. The activities related to Venture company.
acquiring land at Jaitapur are being pursued.
NPCIL and ITER-India signed an MoU to complement and
2. Inter-Governmental Agreement (IGA) signed between synergise their respective expertise by cooperating to
the Government of India and the Russian Federation implement the 'in-kind' contributions of India to the ITER-
provides for setting up of 4 additional units in Project. International Thermonuclear Experimental
Kudankulam site. Further discussions are underway Reactor (ITER) is a joint international research and
regarding techno-commercial details and project development project that aims to demonstrate the
initiation between Indian and Russian sides. MoEF, scientific and technical feasibility of fusion power.
Government of India, accorded environmental
clearance for KKNPP-3&4. Site grading and leveling ENGINEERING & PROCUREMENT
works have been completed. The 700 MWe PHWR design has been finalised. Plant layout
3. Civil Nuclear Co-operation agreement between the and Process & Instrumentation Schematics have been
Government of India and the Government of United finalised and detailed drawings are being issued.
States of America was signed in October 2008. Procurement activities for long delivery equipment have
Following this, NPCIL has also signed MOUs with been initiated. Main Plant Civil tender is prepared and all
General Electric Hitachi (GEH), USA and with drawings needed for construction upto ground level have
Westinghouse Electric Company (WEC), USA and is been finalised for 2x700 MWe units at Kakrapar (KAPP-3&4).
engaged in discussions on obtaining ABWR and AP Design of various long delivery critical equipment such as
1000 units. Steam Generators, Endshield, Calandria, Primary Coolant
Pumps & Motors, Fueling Machine, etc. is finalised.
NEW INITIATIVES AND BUSINESS DEVELOPMENT Procurement action for these is initiated. Purchase orders
For 700 MWe Units, NPCIL has carried out the design of for Steam Generators are placed. Package formulations
nuclear reactors. However, the design for appropriate based on mega package concept are in the final stage.
Turbo Generators for this size is not available indigenously. Package details for Turbine Island package are also
NPCIL and BHEL have signed a Memorandum of finalised.
Understanding (MOU) for forming a joint venture for Identical engineering activities for two more 700 MWe
acquiring appropriate technology for 700 MWe turbo PHWR Units (RAPP-7&8) to come up at Rawatbhata have
generator sets. As a consequence, NPCIL and BHEL have also been initiated. Plant layout for these units is finalized
jointly floated a tender for expression of interest by and Project Safety Analysis Report (PSAR) is under
prospective providers of technology for TG sets. Further finalisation.
negotiations are being held for finalising the joint venture
agreement. Design of a PWR based on plant layout as in 700 MWe PHWR
has been taken up. Reactor core design has been
With the growth of nuclear power programme, supply completed.
chain of critical equipment will be a major area of concern.
Requirement of forgings for large size is one such area NPCIL has also been offering services to Bharatiya
where very few manufacturers are globally available. NPCIL Nabhikiya Vidyut Nigam Ltd. (BHAVINI) and International
has taken pro-active action of discussing the subject with Thermo Nuclear Experimental Reactor (ITER) by way of
prospective industries for developing indigenous facilities. providing Technical and Project Management support
during finalisation of packages, tender, purchase
An MOU was signed between NPCIL and NTPC Limited to recommendation, execution of contracts, etc.
form a Joint Venture company to work together for setting
up Nuclear Power Plants.

REACTOR PHYSICS, SAFETY & ANALYSIS significantly low (average less than 1% of the limits
During the year, India had presented the first National specified by AERB). Self assessment / peer review of MAPS-
Report in the International Convention on Nuclear Safety at 1&2 and KGS-1&2 were carried out during the year. Design
International Atomic Energy Agency (IAEA), which was basis report and periodic safety assessment report of
peer-reviewed by many countries. The Report KAPP-3&4 (700 MWe) were reviewed and emergency
demonstrated that the safety standards of Indian nuclear preparedness programme was developed.
power stations and safety analysis capabilities are During the year, peer review of NAPS as well as KAPS was
equivalent to international levels. NPCIL participated in the carried out by the international agency, World Association
international exercises in the area of safety analysis of Nuclear Operators (WANO). For effective safety and
organised by IAEA. quality assurance audits in NPCIL, an in-depth and
Higher in-core burn up is the essential element of fuel comprehensive review in the form of Corporate Review is in
optimisation strategy in current situation. This could be place. Corporate Review was carried out for RAPS-1&2,
accomplished by safety assessment through in-house TAPS-3&4 and NAPS. To enhance the utilisation of
development of algorithms to perform stability analyses operating experience and event analysis in the NPPs, an
for higher in-core burn up for new core configurations. online Computerised Event Reporting System (CERS) is
The requisite regulatory clearances were obtained. The installed at all NPPs and being used satisfactorily.
extensive reactor physics evaluations established Assessments of safety significant events are carried out to
feasibility of utilisation of slightly enriched Uranium in the reduce the number of events at operating stations.
current generation reactors. The Environmental Management System (EMS) and
On the deterministic analysis front, NPCIL now has Occupational Health and Safety Management System
developed the capability to analyse all the plant states - (OHSMS) as per ISO-14001:2004 and IS-18001:2000
from normal power operation to the postulated severe respectively, were implanted and maintained at all
accidents. Safety Analysis of the old stations was revised to operating stations. Environmental and safety performance
comply with the present regulatory requirements. indicators were developed, monitored and reviewed
Computational Fluid Dynamics (CFD) techniques are at all these stations for benchmarking and continual
increasingly being employed for safety studies. These improvement in system performance.
techniques have been employed for the first time in the Continual strengthening on Industrial & Fire Safety
domain of fire analysis work needed for important areas of activities of NPCIL plants and HQ remained the main focus
Kaiga-3,4 and RAPP-5,6 Reactor Building. The first version during 2008-09 as well. Further improvements were
of the indigenously developed general purpose CFD Code achieved by strengthening the reporting of Near-Miss
'Anupravaha-kit', is ready for use. As a special analysis, accidents, development of additional safety documents
impact of explosion in the commercial vehicle carrying and conducting Fire Analysis Workshop at NPCIL Plants. An
inflammable material on the nuclear power plant innovative audio visual film was developed for enhancing
structures was evaluated and structural safety of plant construction safety. Regular activities of all plants were
structures was demonstrated. maintained and safety measures were strengthened with
HEALTH & SAFETY AND ENVIRONMENT MANAGEMENT safety surveillance, safety training, safety promotional
activities and by conducting emergency fire drills, etc. For
Nuclear Power Plants (NPPs) of the Company have
achieving excellence in safety, behavior based safety
registered 295 reactor years of safe operation with
programs are being given additional impetus.
excellent safety track record and the reportable industrial
injuries and safety incidents in NPCIL continue to be low. QUALITY ASSURANCE
The Company is committed to its motto of “Safety First”. The Quality Assurance (QA) Directorate has played a lead
With its policy of maintaining the highest standards of role in the continuous upgradation of Quality
safety within the Nuclear Power Plants (NPPs), the Management, Quality Assurance/ Surveillance, Pre-Service
occupational exposures of the Company's employees Inspection (PSI) / In-Service Inspection (ISI) and interaction
working at different NPPs were maintained well below the with the regulatory body. Quality Assurance / Surveillance
values specified by the regulator, Atomic Energy activities have been carried out expeditiously for projects
Regulatory Board (AERB). Continuing with the emphasis on and stations. QA Directorate has ensured timely and
the principle of 'As Low As Reasonably Achievable' effective QS coverage to meet the project schedule.
(ALARA), the environment dose due to the releases of
radioactive effluents from NPPs was maintained

49
DIRECTORS' REPORT
Review and revision work of ISI programme of RAPS-2 and Implementation of Reservation policies
MAPS have been completed. These documents outline SC/ST/OBC reservation policies are being fully complied
optimised ISI requirements without jeopardising safety. with and development of SC/ST personnel is being given
Similar work for TAPS-1&2 and developmental activities paramount importance.
related to NDE tooling required for performing ISI have
commenced during the year. Review of technical The overall representation of Scheduled Castes, Scheduled
specification for KKNPP and 540 MWe manipulator based Tribes and Other Backward Communities was 1,758, 630
Eddy Current Testing System of SG tube examination has and 1,927 respectively, which constitutes about 15%, 5%
been completed. and 16% of the total strength of the Company.
Well documented standardised Welding Procedure Employee Relations

Specifications and Non-Destructive Examination, Harmonious employee relations prevailed in all the
Documents on In-Service Inspection history of the Heavy stations, projects and headquarters. Not a single man-day
Water Heat Exchangers and Primary Heat Transport system was lost due to industrial unrest of any kind. The
feeder Ultrasonic thickness measurement in PHWR type relationship building rested on constructive participation
reactors were issued during the year. of workers' representatives in decision making in matters
affecting the general welfare and service conditions,
Special emphasis has been given for training and
conflict resolution based on a mutual understanding and
certification of QA manpower in-house. NDE training has
emphasis on increased production, productivity and
also been imparted to QA Engineers and Scientific
safety. Regular meetings were held with the recognised
Assistants.
Unions at Station/Project levels and with the Joint
NPCIL continued to provide QA consultancy services to Consultative Council at the apex level to discuss and
BARC, BHAVINI, DRDO, ITER-India and State Electricity resolve the various employees' related issues.
Boards (SEBs).
A structured mechanism for redressal of grievances of
HUMAN RESOURCE MANAGEMENT employees has been instituted in the Company.
NPCIL values its human resource as its most valuable asset. IMPLEMENTATION OF OFFICIAL LANGUAGE
As on March 31, 2009, NPCIL had a total 11,792 employees
NPCIL fully complies with the Government of India
on its rolls consisting of 3,271 Engineers and Scientists,
directives on the implementation of the official language
5,663 technical employees, 1,710 non-technical executives
i.e. Hindi. The Company has also undertaken many
and staff and 1,148 Auxiliary support staff. During the year,
initiatives towards encouraging employees to increase the
as a part of annual induction programme of young blood to
use of official language in day-to-day functioning.
the organisation, 105 posts in Scientific and Technical
category and 37 posts in non-technical category were The efforts made by NPCIL in implementation of Rajbhasha
filled. have been applauded in many forums and the Company
received many accolades.
Staffing is being done strictly in accordance with the
optimised manpower models for Projects, Stations and Awards and Recognitions for the implementation of official
Headquarters including multi-units sites. language:
The Central Government's decision to implement the Sixth NPCIL bagged DAE 'All Over India Official Language
Pay Commission's recommendations has paved the way to Shield' for excellent performance in the field of official
initiate improvement of the existing working conditions, language implementation for the year 2007-08.
facilities and benefits. House Magazine of Kaiga Atomic Power Station
Training and development initiatives covered competency "Anusanket" was rewarded best House Magazine
development for fresh as well as experienced manpower Award of DAE for the year 2007-08.
across hierarchy. Besides, well developed internal training NPCIL received first prize in the field of Official
programmes, customised management development Language Implementation by Ashirwad Institute for
programmes with the involvement of professional training the year 2007-08 in the category of large Public Sector
institutes and experts were organised for higher levels. Undertakings (PSUs).
5681 man-days of training was imparted during the year. House Magazine of NPCIL Mumbai HQ "Urjaswi" was
The employees were also sponsored for acquiring higher rewarded best Magazine Award by the Town Office
education in Technology, Management, Safety, Fire Language Implementation Committee, Mumbai for
Services, etc. the year 2007-08.

Kaiga Atomic Power Station received two shields from CORPORATE COMMUNICATION
Town Official Language Implementation Committee, NPCIL continued its efforts to project the image of the
Karwar for excellent performance in the field of official Company by undertaking brand building measures that
language. included interaction with media, communication with
Best In-house Magazine Award for the year 2008-09 schools and colleges including development of Nuclear
was conferred on Narora Atomic Power Station for its Power awareness module for college students,
Magasine "Anuvihar". participation in exhibitions, publication of variety of
A total of 32 workshops were organised to enhance literature on nuclear power, organising international
knowledge of Hindi in which 793 employees conferences and sponsorship of various sports and cultural
participated. One day workshop was also conducted events, etc.
for senor executives of the Company. The Company continued to disseminate vital information
Hindi week was observed in September 2009 and related to performance, expansion plans, safety, vigilance
"Vishwa Hindi Divas" was celebrated on 10th January activities and growth plan through its booklets,
2009. Online dictionary containing 16500 words was house magazines and other channels. The Company's
launched. A magasine containing Scientific and website (www.npcil.nic.in) is helping in instantaneous
Technical articles "Pragati Ke Pathik" was also dissemination of information worldwide.
published. An MoU has been signed between NPCIL and Nehru
VIGILANCE Science Centre, Mumbai to set up a permanent exhibition
on “Hall of Nuclear Power”.
The year 2008-09 witnessed numerous activities on
'Vigilance' at NPCIL with a clear mission of relentless NPCIL participated in six exhibitions at local, regional and
endeavor to evolve a culture of honesty, probity, integrity national level showcasing the Company's achievements
and transparency in the organisation. The Company is and the benefits of nuclear power. NPCIL pavilion was
continually integrating the system of vigilance with adjudged best in International Exhibition, Energy-Tech
business, which is nothing but inculcating high degree of and Enviro-Tech-2008 organized by ITPO, Delhi during
morals and values amongst officers and staff. 14-17 December, 2008.
During the year, 15 training programmes for creating and The Company organised International Conference of
enhancing vigilance awareness among the employees Indian Nuclear Society on Role of Industry in development
were conducted at Headquarters and Units. Experts from of Nuclear Technology during this year. All leading national
Central Vigilance Commission were invited to deliver and foreign industries, R&D organisations, Academic
lecture in Vigilance Seminars. Surprise regular inspections Institutions participated in the conference. In addition to
were carried out by Vigilance Officers. this, NPCIL also organised another international
conference of IAEA and AERB.
Vigilance Awareness Week 2008 was observed with various
programmes. THE RIGHT TO INFORMATION ACT, 2005
CORPORATE SOCIAL RESPONSIBILITY Seven Assistant Public Information Officers, one at each
site, one Central Public Information Officer and an
NPCIL is well recognised as a socially conscious
Appellate Authority have been appointed towards
organisation and continues to play an active role through a
implementation of Right To Information (RTI) Act, 2005 in
host of community development and other measures in
NPCIL.
and around its Nuclear Power Plants and surrounding
areas. These welfare measures included organising CPIO's office has been established at NPCIL headquarters
medical camps, blood donation camps, extending medical with adequate manpower to carry out its functions. The
assistance to nearby villages, extension of drinking water mandatory information required under section 4(1) (b) of
facilities, construction of roads and supplementing the Act has been posted on NPCIL website and the
education facilities, etc. information was updated as required.
The assistance on account of welfare activities taken up by Presentations/lectures were organised in NPCIL for
the stations and projects of NPCIL during the year has been creating awareness about the importance and ways to
Rs.2.76 crore. implement the Act.

51
DIRECTORS' REPORT
One Hundred and Seventy Seven (177) requests were estimates that are reasonable and prudent so as to
received during the year 2008-09, which have been replied. give a true and fair view of the state of affairs of the
Twenty five numbers of first appeals were disposed Company at the end of the financial year and of the
off and five second appeals at Central Information profit or loss of the Company for that period;
Commission / State Information Commission level were
3. that they have taken proper and sufficient care for the
handled during the year.
maintenance of adequate accounting records, in
PARTICIPATION IN INTERNATIONAL ACTIVITIES accordance with the provisions of the Companies Act,
NPCIL is a founder member of World Association of Nuclear 1956 for safeguarding the assets of the Company and
Operators (WANO), comes under regional centre located in for preventing and detecting fraud and other
Tokyo and has been very active member since its inception. irregularities;
Dr. S.K. Jain, Chairman and Managing Director, NPCIL is 4. that they had prepared the annual accounts on a
currently president of WANO. NPCIL representatives are on going concern basis.
regional governing boards of Atlanta, Tokyo and Moscow
centers of WANO. the Company actively participates in CO N S E R VAT I O N O F E N E R G Y / T E C H N O LO G Y
various WANO programs by hosting workshops, technical ABSORPTION / FOREIGN EXCHANGE EARNINGS AND
support missions and peer reviews to achieve next higher OUTGO
level of safety and reliability of its plants. NPCIL and WANO Particulars as required under Section 217(1) (e) of the
Tokyo Centre will be hosting next Biennial General Meeting Companies Act, 1956 read with the Companies (Disclosure
(BGM) during 31st Jan to 2nd Feb 2010 in New Delhi. of Particulars in the Report of the Board of Directors) Rules,
1988, are given in Annexure A to this report.
NPCIL is a member of CANDU Owners Group (COG) along
with other world companies who operate Pressurised PARTICULARS OF EMPLOYEES
Heavy Water Reactors (PHWRs). COG is a representative Pursuant to Section 217(2A) of the Companies Act, 1956
body of all utilities operating Canadian PHWRs. A fuel read with the Companies (Particulars of Employees) Rules,
handling bench marking visit was organised, where NPCIL 1975 as amended, none of the employees of the Company
participated actively. was in receipt of remuneration in excess of limits
NPCIL is also a joint member of World Nuclear Association prescribed under the said rules.
(WNA). MANAGEMENT DISCUSSION AND ANALYSIS
NPCIL participates in various programmes of International Annexed as Annexure B to this report.
Atomic Energy Agency and provides experts to develop
various programs, documents and guidelines. CORPORATE GOVERNANCE
The Department of Public Enterprises (DPE) has laid down
NPCIL is a member of International Thermonuclear guidelines on Corporate Governance for CPSEs. The
Experimental Reactor (ITER) and participates in its Department of Atomic Energy (DAE), the administrative
activities. Dr. S.K. Jain, CMD, NPCIL is on the Board of ITER- ministry of NPCIL, has requested NPCIL to comply with the
India. instructions. The guidelines are similar to the Corporate
The year had visits of several delegations to NPCIL from the Governance Clause in the Standard Listing Agreement of
USA, Canada, France, Russia and many other countries. Stock Exchanges. In addition to corporate governance
Resulting out of these interactions, MOUs were signed with requirements stipulated in the guidelines issued by the
reactor vendors with a view to take the process of setting DPE, compliance with the code on Corporate Governance
up Light Water Reactors further. stipulated in clause 2.18 of the Listing Agreement with the
National Stock Exchange (NSE) has been ensured.
DIRECTORS' RESPONSIBILITY STATEMENT
The board members and senior management have
As required under Section 217(2AA) of the Companies Act,
reaffirmed the compliance with the code of conduct.
1956, the Directors confirm:
A compliance report on Corporate Governance is given as
1. that in the preparation of the annual accounts, the
Annexure-C.
applicable accounting standards have been followed,
along with proper explanation relating to material The Company has obtained a certificate from M/s. Parikh &
departures; Associates, a firm of Practicing Company Secretaries
regarding compliance of conditions of corporate
2. that they have selected such accounting policies and
governance as indicated in the DPE Guidelines and the
applied them consistently and made judgments and

listing agreement. The Compliance Certificate is annexed APPRECIATION
to this report as Annexure-D. The Board would like to express its gratitude to the
STATUTORY AUDITORS Department of Atomic Energy, Ministry of Power, Ministry
of Programme Implementation & Statistics, Central
The Statutory Auditors of your Company are appointed by
Electricity Authority, Planning Commission, Ministry of
the Comptroller & Auditor General of India. M/s Kalani &
Environment & Forests, other Ministries, Departments of
Co., Chartered Accountants, Jaipur were appointed as
the Government of India, State Governments for their
Statutory Auditors for the financial year 2008-09.
co-operation, banks, financial institutions and other
OBSERVATIONS OF THE STATUTORY AUDITORS investors who have continued to repose their confidence in
Comments of the management on the observations of the the Company.
Statutory Auditors are given in Annexure-E to the report. The Board would also like to place on record its
appreciation of the services rendered by the auditors for
COMMENTS OF THE COMPTROLLER AND AUDITOR
their service and valuable advice.
GENERAL OF INDIA
The accounts for the year ended March 31, 2009 were The Board wishes to express its special appreciation of the
reviewed by the Comptroller and Auditor General (C&AG) hard work put in by each and every employee of the
of India. Comments of the C&AG on annual accounts have Company and the co-operation extended by the
been given as Annexure to the report. Employees' Union, Supervisors' and Officers' Associations.
CHANGES IN THE BOARD OF DIRECTORS For and on behalf of the Board of Directors
Shri V.P. Raja, Principal Adviser, DAE, who had been
appointed as part-time Director on the Board w.e.f.
June 8, 2007 ceased to be Director w.e.f. October 1,
2008 consequent to his superannuation. (S.K. JAIN)
Shri A.P. Joshi, Additional Secretary, DAE has been
Place: Mumbai
appointed as a part-time Director on the Board from
Date : July 17, 2009
December 11, 2008.
Shri H.L. Bajaj, who ceased to be Director w.e.f. May 12,
2008, has been appointed as part-time Director again
on December 16, 2008.
Shri Anand Mohan who had been appointed as a part-
time Director on the Board w.e.f. January 3, 2002,
ceased to be Director w.e.f. July 1, 2009 consequent to
his superannuation.
The Board welcomes the appointment of S/Shri A.P. Joshi
and H.L. Bajaj and wishes to place on record its sincere
appreciation of the valuable services rendered by S/Shri
V.P. Raja and Anand Mohan during their association with
the Company.

53
ANNEXURE 'A' TO THE DIRECTORS' REPORT
Information under section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in
the Report of the Board of Directors) Rules, 1988 and forming part of the Directors' Report for the year ended 31st
March 2009.
CONSERVATION OF ENERGY
A. Energy Conservation Measures Undertaken:
Energy conservation is a continuous and ongoing activity and conservation of energy has been given high priority in all
the operating Nuclear Power Stations (NPPs) of NPCIL. A Head Quarter Instruction to guide all the stations to take
necessary measures for the conservation of energy has been put in place.
The following Energy Saving measures were undertaken by the Company:
Energy Conservation Committees, which were formed at all the operating NPPs and Headquarters, met periodically to
review and suggest measures for energy conservation.
Energy Audit by an external agency is carried out at one of the stations and based on its results an action plan has been
prepared for implementation.
Continuous efforts are put in to reduce steam, light water and compressed air leaks, consumption of various gases viz.
hydrogen, nitrogen, carbon dioxide, helium, etc. and the same is closely monitored. During station operation, number
of operating equipment have been optimised. Thermal imaging is carried out on hot piping and equipment and
remedial measures like repair/replacement of insulation to reduce the heat losses is done at all the stations. Equipment
modification and process modification in the operating station were done which resulted in a substantial reduction in
energy consumption.
During plant shutdown, minimum number of equipment are kept operating for energy conservation.
Maximising use of daylight and modification of lighting system using energy efficient lamps.
14th December 2008 was celebrated as Energy Conservation Day at all stations to create awareness towards energy
conservation among employees and their families.
B. Additional investment and proposals for reduction of consumption of energy:
Old Freon based Water chiller unit in RAPS-1&2 was replaced with efficient Vapor Absorption machine and
commissioned.
An extensive in-house study has been completed for the reduction of consumption of energy by major loads which
vary seasonally (e.g. IDCT/CCW etc.). Installation of Variable Frequency Drive (VFD) system on selected equipments, on
a trial basis is proposed.
The use of solar energy has been initiated at some of the stations. Solar heater in plant canteen and solar lights at
appropriate plant areas have been installed. Domestic LP gas is being used in plant canteens and conventional electric
heaters have been phased out.
C. Impact of measures at A and B above for reduction of energy consumption.
Reduction in auxiliary power consumption.
The consumption of oil, gas, etc. has substantially reduced.
There was reduction in demineralised water consumption.
Higher energy conservation awareness among employees.
FOREIGN EXCHANGE USED/EARNED (Rupees in crore)

2008-09 2007-08
1. Foreign Exchange Outgo
a) Value of Import based on CIF basis 893.82 1942.39
b) Expenditure
– Project related 171.55 79.24
– Interest and Agency fees – –
– Others 5.93 21.17
2. Foreign Exchange Earned 0.09 0.08

FORM-B
A. RESEARCH & DEVELOPMENT (R&D)

1. Specific areas in which R&D is carried out:
R&D activities in the Company are oriented towards addressing the specific requirements emanating from its operating
stations, projects under construction and the supporting groups within NPCIL. These efforts are focused more towards
continued enhancement of nuclear safety, improvement in plant performance parameters, reduction in operational
costs, reduction in project gestation period & costs and reduction in Person-Sievert (man-rem) expenditure.
2. Benefits Derived as a Result of the above R&D:

The establishment of in-house development and testing facilities related to Nuclear Systems has benefited the
Company in the following areas:
Techniques developed for repair/ rehabilitation/ refurbishment of nuclear power plant systems and components.
Development of Tele-operated manipulators/tools/gadgets for inspection and maintenance tasks in nuclear
power plants.
Establishment of facility for aging studies and life management of components.
Test facilities for nuclear safety studies are established/ being established.
Indigenisation of equipment/components.
The establishment of in-house Control and Instrumentation Laboratories and facilities has benefited the Company in
the following areas:
Standardisation of hardware and software for computer based systems for new plants which will result in cost
savings.
Design and development of Electronics and Computer Based C&I Systems for the new nuclear power plants.
Development and Testing' of final software for several systems including safety and safety-related systems.
Upgradation of Electronics and Computer Based C&I Systems for the operating stations.
Expenditure on R&D
a. Capital - Rs. 759.12 lakhs

b. Recurring - Rs. 1989.32 lakhs
c. Total - Rs. 2748.44 lakhs
d. Total R&D expenditure as % of total turnover - 0.9%
B TECHNOLOGY ABSORPTION, ADAPTATION & INNOVATION

The Company's self-reliance in the areas of design, construction, commissioning and operation of Pressurized Heavy
Water Reactors (PHWR) is near total. Continued efforts are made to upgrade and update the Company's knowledge-
base and to adapt and absorb new technologies that are being evolved. Boiling Water Reactors (BWR) are also operated
by the Company meeting international standards in both safety and performance. Assimilation of technology with
respect to the construction of Pressurized Water Reactors (PWR) and Fast Breeder Reactor (FBR) is also underway.
Innovative techniques are being introduced in reactor design to upgrade 540 MWe PHWR to 700 MWe by permitting
limited boiling in reactor coolant channels with minimum changes in nuclear components.
Experimental evaluation of energy absorption by Integrated

Yoke Studs-Yoke-Feeders assembly of Standardised 220 MWe PHWR Units

55
ANNEXURE 'B' TO THE DIRECTORS' REPORT
Management Discussion and Analysis
1.0 POWER SITUATION IN INDIA 2.0 RESURGENCE OF NUCLEAR POWER

The Indian power sector has grown manifold in size Nuclear Power is environment friendly,
and capacity since independence. The per capita technologically proven, as also an economically
power consumption has increased to approximately competitive option and carries the benefits of energy
700 kWh. security and diversity. Nuclear Power contributes very
little to atmospheric carbon dioxide.
PER CAPITA CONSUMPTION OF ELECTRICITY IN INDIA
GROWTH PATTERN Over 290 billion units have been generated from
kWh/year 2500 Nuclear power in India till March 2009. This has
avoided about 290 million tons of CO2 emissions.
India is aspiring to augment nuclear power share.
ANNUAL CO2 EMISSION AVOIDED BY NUCLEAR POWER

1000
Source : CEA
300
Saving in CO 2 Emission (Million Tonne)
704
250
200
2007-08 2011-12 2031-32 150
100
Note : Actuals for 2007-08 and Projected for 2011-12 & 50

2031-32
0
1000 5000 10000 15000 20000 25000 30000 35000 40000
The Integrated Energy Policy of the Government of
India, based on the assumption of 8% GDP growth and Nuclear Power Capacity (MWe)
the falling electricity - GDP elasticity of 0.78 for the
period 2012 to 2032, estimated that the growth of per Every 1000 MWe nuclear power capacity addition in
capita electricity consumption in India will rise to 2500 future will help in reducing about 7 million tons of CO2
kWh. This requires installed capacity to be increased to emissions every year. Nuclear power is thus seen as an
778 GWe by 2031-32. Such orders of installed capacity important complementary source for energy security
additions require deploying of all available energy of the country.
sources including Nuclear resource of the country.
3.0 GLOBAL NUCLEAR POWER SCENARIO
CAPACITY UNDER CONSTRUCTION FOR At present, there are 436 nuclear power reactors in
11th PLAN : FUEL-WISE
operation and 44 nuclear power reactors under
Hydro, 15507,
19% construction world over including 6 reactors in India.
Nuclear, 3380,
4% The compelling merits of nuclear power have brought
a rethinking world over for opting it to be a prominent
source of electricity. The IAEA estimates indicate that
Thermal, 60903,
about 266 nuclear power reactors have been
77%
STATUS OF NUCLEAR REACTOR WORLD OVER
Total 79,790 MW 500 436
Additional capacity expected :
Renewables - 14,000 MW; - Captive - 12,000 MW
No. of Reactors
266
The share of various energy sources/electricity
generation technologies, presently under
construction and targeted for completion during XI
Plan period, is depicted in the chart.
44
The Government of India has a mission of 'Power for all
by 2012'. 0
Operating Under Proposed
Construction

proposed world over in long term. About 32 new
reactors need to be set up every year to meet Kyoto UNINTERRUPTED RUN SO FAR (NO. OF DAYS)
protocol target by 2050. The current global scenario
in nuclear power reactor construction is given in 600 529
487
charts. 500
372 373
(No. of Days)
400
COUNTRYWISE REACTORS UNDER CONSTRUCTION 300
15 200
11 100
No. of Reactors
8 0
10
KAPS-1 RAPS-4 KGS-1 KGS-2
6
5
5 1 (372 days), RAPS-4(373 days), KGS-1 (487 days) and
2 2 2
1 1 1 1 1 1 KGS-2 (529 days).
0 The generation of electricity for the year has been
Finland
Iran
Pakistan
Japan
Russian
Argentina
Bulgaria
Korea
India
China
Ukraine
France
USA
14927 MUs as compared to 16956 MUs in the previous

year. The Government of India has taken various
initiatives to augment fuel supply, both through
indigenous sources as well as import route. Resulting
3.1 Nuclear Power Equation in the Country from these efforts and based on commitments, a
India has developed comprehensive capabilities in generation target of 22,000 MUs has been agreed for
nuclear power programme including front end and the year 2009-10.
back end technologies.
NPCIL has recorded more than 295 reactor years, as of
Currently, the share of nuclear power in terms of March 2009, of safe operation, demonstrating the
installed capacity is about 2.8%. It is expected that adherence to its motto - Safety First Production Next.
share of nuclear power in energy mix is expected to
grow with the completion of projects under 4.2 Renovation & Modernisation
construction. Several studies, including the one by NPCIL has developed and carried out unique R&M
DAE, have estimated the nuclear share to rise to activities in its stations, namely Enmasse Coolant
between 4 to 8.5% by 2032 and 16.5% by 2052. The Channel Replacement (EMCCR) which has been
Integrated Energy Policy of the Government of India successfully carried out at four reactors (RAPS-2,
estimates share of nuclear power in the total primary MAPS-1&2 and NAPS-1) with indigenous technology.
energy mix to be between 4.0 to 6.4% in various Currently, EMCCR and upgradation works are in
scenarios in the year 2031-32. progress at NAPS-2 and KAPS-1. Enmasse Feeder
Replacement (EMFR) was carried out for the first time
4.0 OVERVIEW in the world, in a PHWR, at MAPS-1. It has been carried
4.1 Nuclear Power Plant Operations out subsequently at NAPS-1 and at RAPS-2. The health
assessment of TAPS-1&2 was carried out using the
Given the mandate of expanding the nuclear power base
latest and advanced techniques. Based on these
within the country, as per the plans and schemes of the
studies, the plant life has been extended by replacing
Government of India, NPCIL owns and operates 16
the important equipment/components. In addition to
nuclear power reactors, in addition to operating the
this, safety upgradation of the units was also
Rajasthan Atomic Power Station Unit-1 on behalf of DAE.
completed successfully.
Nuclear Power Plants in India have registered high
4.3 Project Management
availability factor, excellent safety performance and
long continuous operation comparable to NPCIL has re-engineered its NPPs execution strategies
international standards in this regard. The and methodology, thus achieving reduction in
performance of the operating plants is depicted in the gestation period. The construction and
figures below: commissioning of TAPS-3&4 and Kaiga-3 in about 5
years with substantial cost savings endorses this.
Four reactors of NPCIL have recorded uninterrupted
operation of more than a year till date. These are KAPS-

57
tariff is notified by the Department of Atomic Energy

CONSRUCTION PERIODS OF FIRST UNITS COMMISSIONED in consultation with Central Electricity Authority. The
OF NUCLEAR POWER PROJECTS
average tariff of 230 paise/kWh is quite competitive
14 compared to other sources of electricity.
12
5.0 CONCERNS
(No. of Years)
10
8 The supply chain for large size equipment for LWRs
6 could pose a constraint in planning these projects
4 with desirable schedules. Very limited suppliers of
large size forgings in the international market is
2
proving to be a major bottleneck in the fast
0 deployment of nuclear power world over.
RAPS-1 MAPS-1 NAPS-1 KAPS-1 KGS-2 RAPS-3 TAPS-4 KGS-3
(1984) (1991) (1993) (2000) (2000) (2005) (2007)
6.0 OUTLOOK
4.4 Status of Ongoing Projects While in the year 2008-09 the generation was limited
Five reactors, namely Kaiga-4 (220 MWe PHWR), RAPP- to match fuel supply, uranium supplies have begun to
5&6 (2x220 MWe PHWRs) and KKNPP-1&2 (2x1000 improve and capacity factors in years ahead will show
MWe PWRs) are under construction. Construction progressive improvement.
activities of Kaiga-4 and RAPP-5 are completed and
they are awaiting fuel loading. These reactors are Further, consequent to successful conclusion of
expected to commence operation in the year 2009-10. international co-operation agreements and supply of
natural Uranium from foreign sources, full power
PHYSICAL PROGRESS AT A GLANCE operation of reactors under safeguards will be
possible.
PHWR PHWR PHWR VVER VVER
Reactor Type (PWR) (PWR)
Kaiga-4 RAPP-5 RAPP-6 KKNPP-1 KKNPP-2
The proposals for financial sanction of KAPP - 3&4 and
Rated Capacity 220MWe 220MWe 220MWe 1000 MWe 1000 MWe
RAPP - 7&8 have been put up for consideration of the
Status of Government and the launch of these projects is
physical planned in the year 2009 & 2010.
progress
at the end
of the year Ready Ready 92% 91% 80% Intergovernmental agreements have been signed
Expected
Commercial * * * 2010-11
between India and the governments of USA, France
operation date and Russian Federation. MoUs have been signed by
NPCIL with companies from these countries for
*Linked with supply of fuel from the Government setting up reactors based on foreign co-operation.
New projects based on international co-operation are
4.5 Tariff
also expected to be launched in the next year and
The average tariff of NPCIL stations (excluding levies) beyond.
during the year was 230 paise/kWh (as against 228
paise/kWh for 2007-08). The tariff for nuclear power is While opportunities including setting up of imported
based on cost plus approach so as to enable the power reactors based on international co-operation,
station earn a return of 14% on equity, if the plant equipment and services and nuclear commerce
operates at minimum plant load factor of 68.5%. The emerge, there will also be challenges along the way.
The key challenges are increasing the industry
TARIFFS FOR VARIOUS STATIONS (PAISE/KWH) capacity and development of large pool of qualified
human resources. NPCIL has already taken many
350
initiatives in this regard.
300
250 With improved generation, capacity utilisation and
200
capacity addition, the financial performance of the
company will witness a quantum leap in the years to
150 come.
100
50 In view of the foregoing, the outlook remains quite
robust for NPCIL.
0
TAPS TAPS RAPS MAPS NAPS KAPS KAIGA
1&2 3&4 2,3 &4 1&2 1&2 1&2 1,2 & 3

FINANCIAL PERFORMANCE ANALYSIS
The financial performance of NPCIL for the last 10 years along with the key financial ratios are summarised as “Performance
at a Glance
Performance at a Glance (Rs. in crore)

For the Year 2008-09 2007-08 2006-07 2005-06 2004-05 2003-04 2002-03 2001-02 2000-01 1999-00
Sales and Other
Income 3,801 4,266 4,654 4,186 3,967 5,501 4,840 4,620 3,755 2,481
Total Expenditure 2,210 1,874 1,915 1,793 1,563 1,649 2,390 2,298 1,953 1,535
Interest 489 455 343 235 279 342 355 414 327 157
Depreciation 706 734 664 361 283 457 472 496 353 236
Profit for the Year 397 1,203 1,733 1,797 1,843 3,054 1,622 1,412 1,123 552
Profit Before Tax 481 1,205 1,726 1,776 1,838 2,970 1,614 1,662 1,123 223
Profit After Tax 441 1,079 1,571 1,713 1,705 2,604 1,509 1,549 825 85
Dividend 132 324 471 514 342 521 269 102 163 61
At the End of Year
Gross Block 16,759 16,595 15,060 12,662 9,197 8,945 8,473 8,223 8,109 4,640
Net Block 10,718 11,221 10,454 8,739 5,673 5,727 5,815 6,039 6,382 3,230
Total Fixed Assets 28,078 25,067 24,229 21,875 18,410 14,797 11,884 10,205 9,357 8,953
Investments 2,733 2,993 2,936 3,094 3,023 2,647 15 340 264 0
Current Assets 6,908 7,153 7,389 4,405 5,804 7,189 7,165 4,806 4,452 3,598
Current Liabilities 1,238 1,043 1,358 1,269 1,276 1,363 1,079 888 1,970 2,248
Net Current Assets 5,669 6,110 6,031 3,136 4,528 5,825 6,086 3,918 2,482 1,350
Total Assets 36,693 34,269 33,196 28,105 25,960 23,270 17,985 14,463 12,104 10,319
Inventories 378 361 356 268 216 229 216 229 184 156
Sundry Debtors 507 429 585 373 496 880 3,203 2,484 2,096 1,642
Share Capital 10,145 10,145 10,145 10,145 10,145 9,245 8,032 6,383 5,530 4,944
Reserves 10,882 10,595 9,895 8,867 7,743 6,426 4,410 3,205 1,662 1,016
Misc. Expenditure
W/o 0 0 0 - - - - (0) (0) (16)
Networth 21,027 20,740 20,040 19,012 17,889 15,672 12,442 9,587 7,191 5,944
Capital Reserve &
Other Funds 1,617 1,446 1,396 1,313 1,224 1,313 1,305 1,055 801 584
Borrowings 14,049 12,083 11,761 7,780 6,848 6,286 4,238 3,822 4,112 3,774
Total Liabilities 36,693 34,269 33,196 28,105 25,960 23,270 17,985 14,463 12,104 10,319
Total # of shares
(FV-Rs.1000/-) 101,453,327 101,453,327 101,453,327 101,453,327 101,453,327 89,321,727 76,971,727 58,109,127 48,999,127 41,487,927
Generation (MUs) 14,921 16,964 18,785 17,354 16,709 17,785 19,242 19,199 16,621 12,460
Capacity Factor (%) 50 54 63 74 76 81 90 85 82 80

59
Key Ratios
Key Ratios 2008-09 2007-08 2006-07 2005-06 2004-05 2003-04 2002-03 2001-02 2000-01 1999-00
Liquidity
Current Ratio 5.58 6.86 5.44 3.47 4.55 5.27 6.64 5.41 2.26 1.60
Quick Ratio 5.27 6.51 5.18 3.26 4.38 5.10 6.44 5.15 2.17 1.53
Solvency
Debt to Equity 0.67 0.58 0.59 0.41 0.38 0.40 0.34 0.40 0.57 0.63
Debt to Asset 0.38 0.35 0.35 0.28 0.26 0.27 0.24 0.26 0.34 0.37
Interest Cover 3.26 5.25 7.99 10.16 8.63 11.27 6.90 5.61 5.51 6.01
Profitability
Return on Sales 12% 25% 34% 41% 43% 47% 31% 34% 22% 3%
Return on Equity 2% 5% 8% 9% 10% 17% 12% 16% 11% 1%
Return on Assets 1% 3% 5% 6% 7% 11% 8% 11% 7% 1%
Gross Profit Margin 42% 56% 59% 57% 61% 70% 51% 50% 48% 38%
Net Profit Margin 23% 39% 45% 49% 53% 62% 41% 40% 39% 29%
Efficiency
Fixed Asset Turnover 14% 17% 19% 19% 22% 37% 41% 45% 40% 28%
Total Asset Turnover 10% 12% 14% 15% 15% 24% 27% 32% 31% 24%
Debtors Turnover Ratio 7.50 9.94 7.95 11.23 7.99 6.25 1.51 1.86 1.79 1.51
Average Collection
Period (days) 49 37 46 32 46 58 242 196 204 242
Earnings per share (Rs.) 44 106 155 169 180 315 227 282 177 21
Book Value per share (Rs.) 2073 2044 1975 1874 1763 1755 1616 1650 1468 1433
Dividend per share (Rs.) 13.05 31.89 46.45 50.70 36.00 63.00 40.50 18.50 16.50 15.00

Financial Ratios at a Glance
Name of Ratio Ratio
Liquidity Ratios
Current Ratio 5.58 Current assets are 5.58 times more than the current liabilities
indicating that the Company has sufficient liquidity to meet its short
term maturing liabilities.
Quick Ratio 5.27 Company has sufficient funds to cover all its immediate and long
term obligations.
Solvency Ratios
Debt to Equity Ratio 0.67 The Company is currently executing projects involving huge capital
outlays, predominantly through internal accruals. No equity support
has been availed from the Government of India during last five years.
Prospects for future financing through debt are good.
Interest Coverage Ratio 3.26 times The Company's earnings adequately cover fixed charge liabilities.
Profitability Ratios
Gross profit Margin 42% } The Company has been able to keep production costs at optimum
Net Profit Margin 23% } level.
Return on Equity 2% RoE is lower due to increase in reserves. The Company is currently
executing some key projects involving huge outlay, returns on which
are expected to materialise over the next few years, which would
result in higher RoE in future.
Efficiency Ratios
Fixed Asset Turnover Ratio 14% Considered adequate for the electricity generating companies.
Average Collection period 49 days The Company's collection for the year is nearly cent percent.
WORKING CAPITAL
The net working capital was Rs.5669.33 crore as on March 31st 2009 against Rs.6109.95 crore for the previous year. The
Company plans to further optimise the working capital requirement to improve the financial position.
INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

The Company has adequate internal control system commensurate with the nature and size of business which meets the
objectives of efficient use and safeguarding of resources, compliance with statutes, policies and procedures and
maintaining accuracy of recording of transaction and reporting the same promptly. The scope of internal audit involves
examination and evaluation of the adequacy and the effectiveness of system of internal accounting, system & procedures
and other operational areas. Independent firms of Chartered Accountants who are appointed with the approval of the
Audit Committee carry out the internal audit. The observations raised out of the audit are subject to periodic review and
compliance monitoring by the Audit Committee.

61
ANNEXURE 'C' TO THE DIRECTORS' REPORT
Corporate Governance
1. COMPANY'S PHILOSOPHY ON CORPORATE GOVERNANCE:

The NPCIL's business philosophy appreciates the need of upholding the highest standard of corporate governance in
its operations. The management of the Company believes that strong and sound corporate governance is an important
instrument of protection of stakeholders and good corporate governance practices would enable it to face the
challenges of growth effectively and successfully.
2. BOARD OF DIRECTORS
Composition of the Board
Presently, the Board comprises of four whole time directors, including Chairman & Managing Director and ten non-
executive directors.
All directors, including non-executive directors are professionals and have wide experience in their respective fields. A
brief resume of all the directors is given in this annual report elsewhere.
The Board functions either as a full board or through committees constituted by it. The Board of Directors and its
committees meet at regular intervals. A table showing present composition of the Board and attendance of the
members of the Board at board meetings held during the year is given below:
Year 2008-09
Five meetings of the Board of Directors were held during the year on 16.05.2008, 30.07.2008, 26.09.2008, 19.12.2008
and 13.03.2009. The attendance of directors was as follows:
Name of Board meetings Attendance No. of other No. of Committees

Board Member attended during at last AGM Directorships on which Chairman/
the year (August 22, 2008) Member apart from
NPCIL
Dr. S. K. Jain Five Yes (one) Nil
CMD, Bharatiya
Nabhikiya Vidyut
Nigam Ltd. (BHAVINI)
Executive Non-Independent Directors (Whole Time Directors)
Shri S.A. Bhardwaj, Five Yes Nil Nil
Shri Jagdeep Ghai, Five Yes Nil Nil
Shri G. Nageswara Rao Three Yes Nil Nil
Non-executive Non-Independent Directors (Government Directors)
Shri A. P. Joshi Two Not applicable (One) Nil
(appointed w.e.f. BHAVINI
11.12.2008)
Shri V. P. Raja, Two Yes (One) (One)
(ceased to be Director BHAVINI As Member,
w.e.f. 1.10.2008) Audit Committee
Shri V. R. Sadasivam Five Yes (Four) (Four)
1. BHAVINI As Member,
2. Electronics Corporation Audit Committee
of India Ltd. (ECIL)
3. Indian Rare
Earths Ltd. (IREL)
4. Uranium Corporation
of India Ltd. (UCIL)

Name of Board meetings Attendance No. of other No. of Committees
Board Member attended during at last AGM Directorships on which Chairman/
the year (August 22, 2008) Member apart from
NPCIL
Non-Executive Independent Directors
Dr. S. Banerjee, Four Not attended (One) Nil
BHAVINI
Shri Rakesh Nath Three Yes Nil Nil
Shri H. L. Bajaj One Not applicable Nil Nil
(ceased to be
Director w.e.f.
May 12, 2008 and
appointed as
Director again w.e.f.
December 16, 2008)
Shri Anand Mohan Four Not attended Nil Nil
Shri Chandan Roy Two Not attended (Seven) Nil
1. NTPC Ltd.
2. Ratnagiri Gas &
Power Pvt. Ltd.
3. Damodar Valley
Corporation
4. NTPC Vidyut Vyapar
Nigam Ltd.
5. West Bengal Power
Development
Corporation Ltd.
6. Nabi Nagar Power
Generating Co. Pvt. Ltd.
7. Bhartiya Rail Bijlee
Co. Ltd.
Dr. G. K. Pandey Two Not attended Nil Nil
Shri S. P. Sethi Three Not attended (One)
BHAVINI Nil
Shri T. S. Bhattacharya Two Yes Jindal Stainless Ltd. Nil
Notes:
1. For the purpose of reckoning Chairmanship/membership of the Committees, only Audit Committee and the
Shareholders' Grievance Committee have been considered.
2. None of the above directors has any material pecuniary relationship or transactions with the company, its
management, which in the judgment of the board may affect independence of judgment of the director.
The following are the Permanent Invitees to the meetings of Board of Directors:
1. Shri V.C. Agrawal, Director (HR), NPCIL
2. Shri Umesh Chandra, Sr. Executive Director (Safety, Knowledge Management)
3. Shri S. Thakur, Executive Director (Corporate Planning and Corporate Communication).
The Company has a process to provide the information to the Board as required under Annexure IV of the Guidelines on
Corporate Governance for Central Public Sector Enterprises (CPSEs), 2007 issued by the Department of Public
Enterprises (DPE) and Annexure to clause 2.18 of the Listing Agreement for the debt securities which was followed.

63
Code of Conduct
The Board of Directors has laid down Code of Conduct for the Board members and senior management personnel of
the Company. A copy of the Code is available on the website of the Company.
All the members of the Board and Senior Management Personnel have affirmed compliance of respective Code of
Conduct during the financial year ended on March 31, 2009.
The following are the sub-committees of the Board:
Board Sub-Committee on Contracts & Purchases.
Board Sub-Committee on Resource Mobilisation.
Audit Committee.
Bonds Allotment/Transfer Committee.
Shares Allotment/Transfer Committee.
Investors' Grievance Redressal Committee.
3. AUDIT COMMITTEE:
Composition
The Audit Committee consists of four members and out of which three are Non-Executive Independent Directors. The
members of audit committee are experienced and have fair knowledge of project finance, accounts and corporate
laws. The Director (Finance) and General Manager (F&A) are the Permanent Invitees at the meetings and the Statutory
Auditors attend as Special Invitees. The Internal Auditors are also invited, on rotation basis (unit-wise), at Audit
Committee meetings for participation in discussions.
Number of meetings held and the dates on which they were held.
Four meetings of the Audit Committee were held during the year 2008-2009. The meetings were held on 16.05.08,
30.07.08, 24.10.08 and 12.02.2009. The present composition of the Audit Committee is given below:
Name of the Member/Secretary Category Number of meetings attended
Shri Rakesh Nath, Chairman, CEA Chairman Four
Shri Anand Mohan, Exe. Director (HR&CC), PGCIL Member Four
Dr. G. K. Pandey, Adviser, Min. of Environment & Forests Member Two
Shri V. R. Sadasivam, Jt. Secretary (Finance), DAE Member Two
The following are the Permanent Invitees to the meetings of the Audit Committee:
1. Shri Jagdeep Ghai, Director (Finance), NPCIL
2. Shri V. Nagabhushana Rao, GM(F&A), NPCIL.
Role of Audit Committee
The terms of reference of the Committee are spelt out in Section 292A of the Companies Act, 1956, as applicable under
the Model Listing Agreement for Debt Securities notified by SEBI and Guidelines on Corporate Governance for
CPSEs 2007.
The role of the audit committee shall include the following:
1. Oversight of the company's financial reporting process and the disclosure of its financial information to ensure
that the financial statement is correct, sufficient and credible.
2. Recommending the fixation of audit fee of external auditors and also approval for payment for any other services.
3. Reviewing, with the management, the annual financial statements before submission to the board for approval,
with particular reference to:
a. Matters required to be included in the Director's Responsibility Statement to be included in the Board's report
in terms of clause (2AA) of section 217 of the Companies Act, 1956.
b. Changes, if any, in accounting policies and practices and reasons for the same.

c. Major accounting entries involving estimates based on the exercise of judgment by management.
d. Significant adjustments made in the financial statements arising out of audit findings.
e. Compliance with listing and other legal requirements relating to financial statements.
f. Disclosure of any related party transactions.
g. Qualifications in the draft audit report.
4. Reviewing, with the management, the financial statements before submission to the board for approval.
5. Reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal
control systems.
6. Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department,
staffing and seniority of the official heading the department, reporting structure coverage and frequency of
internal audit.
7. Discussion with internal auditors any significant findings and any follow up thereon.
8. Reviewing the findings of any internal investigations by the internal auditors/auditors/agencies into matters
where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and
reporting the matter to the board.
9. Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as
post-audit discussion to ascertain any area of concern.
10. Looking into the reasons for substantial defaults in the payment to the depositors, debenture holders,
shareholders (in case of non payment of declared dividends) and creditors.
11. Reviewing the follow up action on the audit observations of the C&AG audit.
4. REMUNERATION COMMITTEE
The Company follows Government of India pattern of pay scales and Dearness Allowance for its employees. The perks
available to the employees are broadly based on the pattern followed by the Government of India for its employees or
as available to the employees of other PSEs of the Government of India. The same principle is applicable in case of
remuneration and perquisites of whole time directors: Non-official part-time independent Directors are paid only
sitting fees at the rate approved by the Government for attending the Board Meetings as well as Sub-Committee
Meetings. Presently, Shri T.S. Bhattacharya, Director is only eligible for sitting fees as aforesaid. Hence, no remuneration
committee has been constituted.
5. BOARD SUB-COMMITTEE ON CONTRACTS & PURCHASES

This Sub-Committee is entrusted with the responsibility of implementing the decisions of the Board relating to
Contracts & Purchases for the Company, which are above the delegated powers of the officers of the Company and
upto a limit of Rs.100 crores. The Committee meets from time to time depending upon the requirements of the
business.
Present Composition of the Committee
1. Dr. S. K. Jain, CMD Chairman
2. Shri Jagdeep Ghai, Director (Finance) Member
3. Shri S. A. Bhardwaj, Director (Technical) Member
4. Shri A. P. Joshi, Additional Secretary, DAE Member
5. Shri V. R. Sadasivam, Joint Secretary (Finance), DAE Member
Shri S. C. Goeal, ED (C&MM) and Shri V. Nagabhushana Rao, GM(F&A) are permanent invitees to the Committee.
6. BOARD SUB-COMMITTEE ON RESOURCE MOBILISATION

This Sub-Committee considers the requirements of funds raising from the market for the ongoing projects of the
Company as per the approval received from the Government of India and decides various modalities for the same. This

65
Committee has also been assigned the additional responsibility of considering disposal of Bonds in the market
received from the SEBs against the outstanding dues in accordance with the recommendations of the Ahluwalia
Committee.
Composition
4. Shri V. R. Sadasivam, Joint Secretary (Fin.), DAE Member
Shri V. Nagabhushana Rao, GM(F&A) is Permanent Invitee to the Committee.
7. SHARES ALLOTMENT/TRANSFER COMMITTEE

This Committee considers the allotment and transfer of Shares and issuance of share certificates and other matters
incidental thereto. The sub-committee presently comprises of the following members:
4. Shri V. R. Sadasivam, Joint Secretary (Finance), DAE Member
8. BONDS ALLOTMENT/TRANSFER COMMITTEE

The Committee considers the allotment of Bonds to the applicants and subsequent transfers of holdings, issuance of
bond certificates and other matters incidental thereto.
Composition
9. INVESTORS' GRIEVANCE REDRESSAL COMMITTEE:

The present composition of the Committee is given below:
1. Shri A .P. Joshi, Additional Secretary, DAE (vice Shri V.P. Raja) Chairman
2. Shri Jagdeep Ghai, Director(Finance) Member
3. Shri Anand Mohan, ED(HR&CC), PGCIL Member
The committee is vested with the following powers:

a) To look into / monitor investors' complaints like transfer of bonds / debentures / securities, non-receipt of interest,
redemption proceeds, etc.
b) To investigate any activity within its terms of reference.
c) To seek information from any employee.
d) To obtain outside legal or other professional advice.
e) To secure attendance of outsiders with relevant expertise, if it considers necessary.
f) To advise on the matters relating to rendering of services to the investors.
The Company Secretary acts as the Secretary to the Committee and also as compliance officer to liaise with the
regulatory authorities.
One meeting of the Committee was held during the year on 13th March 2009. The following were present at the
meeting:

1. Shri A.P. Joshi Chairman
2. Shri Anand Mohan Member
3. Shri J.K. Ghai Member
Name, Address, telephone no. of compliance officer
Shri Srikar R. Pai, Company Secretary,
16th Floor, Centre-1, World Trade Centre,
Cuffe Parade, Mumbai-400 005.
Tel. Nos.(O) 022-22180281 (Fax) 022-2218 5464.
Subsidiary Company
The Company has no subsidiary.
Details of the bondholders' grievances received during the year
Queries received from the bondholders were replied to promptly. As on March 31, 2009, no complaints were pending.
9. DISCLOSURES
1. During the year, there were no transactions of material nature with the directors or their relatives or the
management that had potential conflict with the interest of the Company.
2. There were no instances of non-compliance on any matter related to the capital markets, during the
last three years.
3. The Company has complied with the 'Corporate Governance guidelines for CPSEs' issued by the
Department of Public Enterprises as directed by the DAE and quarterly compliance reports have been
regularly submitted to the DAE.
4. In NPCIL, risk management is a part of financial management system based on a Safety conscious approach.
However, a separate policy on risk management is being formulated. A Committee has been constituted to
formulate a policy on risk management aspects.
5. No personnel has been denied access to the Audit Committee.
6. Policy on risk management would be implemented in the company. A committee has been constituted to
formulate a policy on risk management aspects.
7. CEO/CFO Certificate was placed before the Board at its meeting held on July 17, 2009 and is being provided in the
Annual Report.
10. MEANS OF COMMUNICATION

1. Half yearly financial results of the Company are published in all editions of The Economics Times (English) and
Navbharat Times (Hindi), in Delhi and Maharashtra Times (Marathi) in Mumbai, where the Registered office of the
company is situated.
2. The Company's website (http://www.npcil.nic.in) provides a variety of information on the Company like profile,
organisation, plant performance statistics, financial performance, FAQ, reference articles, etc. The hit-rate of the
web site is significant.
3. The Company participates in important exhibitions as an exercise towards public awareness on nuclear power
and informative booklets/pamphlets are distributed to the visitors.
4. Matters of interest to employees are circulated internally in the form of Notices, Office Orders and Instructions.
5. Management's Discussion & Analysis forms part of the annual report.
11. GENERAL SHARE HOLDERS INFORMATION

The total share holding of the Company is by the Government of India through its nominees.

67
General Body Meetings

The last three Annual General Meetings were held as under:
Financial year Date & Time Venue

2007-08 August 22, 2008 Registered Office
2.00 p.m. 16th Floor, Centre-1,
World Trade Centre,
Cuffe Parade,
Mumbai-400 005.
2006-07 August 3, 2007 same as above
2.00 p.m.
2005-06 July 14, 2006 same as above
2.30 p.m
Postal Ballot
At the ensuing Annual General Meeting, there is no resolution proposed to be passed by Postal Ballot. However, the
Company will extend the facility of voting by postal ballot, as and when decisions of shareholders/investors will be
sought (on matters of critical nature and notified by the GOI).
Market Price Data

The shares of the Company are not listed on any Stock Exchange. However, bonds issued by the Company are listed
with the National Stock Exchange of India since December 1996. The Bonds are traded on the Wholesale Debt Market
Segment of the NSE. Trading of the bonds does occasionally take place, however, market value of the bonds does not
fluctuate much. Therefore, information relating to market price movements of bonds is not given, being of no
significance.
FINANCIAL CALENDAR
From April 2009 to March 2010
Key Financial reporting dates for the financial year:
? Financial Results for the half year ending 30th September 2009 will be published on or before October 31, 2009;
? Financial Results for the year ending on 31st March 2010 will be published on or before May 30, 2010;
The Financial Results will be simultaneously hosted on the website (www.npcil.nic.in) of the Company.
Since 100% shares are owned by the Government of India, information regarding date of payment of Dividend and
book closure is not given here.
Distribution of Bonds Holding

The bonds are issued by private placement. The bonds are mostly held by the Banks, Financial Institutions and
Employees Gratuity/Provident/Death Relief Funds of various organisations.
Dematerialisation
The Company has entered into agreements with the National Securities Depository Ltd. (NSDL) and Central Depository
Services Ltd. (CDSL) for dematerialisation facility. All bonds issued, so far, are admitted to depository systems of the
NSDL and CDSL.

Registrars and Transfer agent appointed for servicing of the Bonds issued by the Company:
TSR Darashaw Limited, 6-10, Haji Moosa Patravala Industrial Estate, 20, Dr. E. Moses Road, Mahalaxmi, Mumbai-400 011.
Telephone No.022-66568484, Fax-022-66568494
Email: csg-unit@tsrdarashaw.com
Plant Locations:
The details of the plant locations of the Company are available elsewhere in the report.
Address for Correspondence
1. Registered Office
16th Floor, Centre-1, World Trade Centre, Cuffe Parade, Mumbai-400 005.
2. Corporate Office
Nabhikiya Urja Bhavan, Anushaktinagar, Mumbai-400 094.
Based on the affirmation received from Board Members and Senior Management Personnel, declaration regarding
compliance of Code of Conduct made by Chairman & Managing Director is given below:
All the members of the Board and Senior Management Personnel have affirmed compliance of Code of Conduct for the
Financial Year ended on 31st March, 2009.
(S. K. JAIN)
Place : Mumbai
Date : July 17, 2009

69
ANNEXURE 'D' TO THE DIRECTORS' REPORT
Certificate of the Practising Company Secretary on
To
The Members of
Nuclear Power Corporation of India Limited
World Trade Centre
Mumbai 400 005.
We have examined the compliance of the conditions of corporate governance by Nuclear Power Corporation of India
Limited, for the year ended on 31st March 2009, as stipulated in clause 2.18 of the Listing Agreement for debt securities of the
said Company with National Stock Exchange of India Ltd. and also in the guidelines on Corporate Governance for Central
Public Sector Enterprises, 2007, which were forwarded by the Department of Atomic Energy (DAE), the Administrative
Ministry of NPCIL, for compliance with the instructions contained therein.
The Corporate Governance requirements specified in clause 2.18 of the Listing Agreement for debt securities as also in the
said guidelines on Corporate Governance for Central Public Sector Enterprises are recommendatory and may be
implemented as per the discretion of the Company. The compliance of the conditions of Corporate Governance is the
responsibility of the management. Our examination was limited to a review of the procedures and implementation thereof,
adopted by the Company for ensuring the compliance with the conditions of the Corporate Governance. It is neither an
audit nor an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanation given to us and the representations made
by the management we certify that the Company has generally complied with the conditions of Corporate Governance to
the extent possible as stipulated in clause 2.18 of the above mentioned Listing Agreement and in the said guidelines on
Corporate Governance for Central Public Sector Enterprises
We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or
effectiveness with which the management has conducted the affairs of the Company.
For Parikh & Associates

Practising Company Secretaries
Place : Mumbai P. N. PARIKH

Date : July 11,2009 FCS: 327 CP: 1228

ANNEXURE 'E' TO THE DIRECTORS' REPORT
Management Replies to the Observations made in the
Statutory Auditors' Report
Sl. No. Statutory Auditors' observations Action taken / Clarification
1. Balances with DAE and other related With DAE, reconciliation of DDR heads and
departments, deposits given, account with settlement thereof is done on monthly basis.
govt. bodies/public bodies at certain units are Periodical reconciliation for fuel and heavy water is
subject to confirmation / reconciliation. done with DAE. Letters have also been issued to
obtain the balance confirmation in respect of
deposits given to government /public bodies.
2. Provision for liability for post retirement The actuarial valuation for provision of liability for
medical benefits, as required under post retirement medical benefits shall be done
Accounting Standard 15 on "Employee during the current financial year, i.e. 2009-2010.
Benefits“ has not been made
3. The Corporation is generally regular in As per the provisions of the Water Cess Act, the
depositing all Statutory dues. At Rajasthan consumption data has been furnished by the Unit to
Rawatbhata Site, an amount of Rs 16.55 crore the Pollution Control Board. However, no claim in
against Water Cess, for the period 2003 to this regard has been received from the Board,
31.3.2008 has not beennon-receipt of demand because of which the payment of Water Cess for the
notice from paid to Rajasthan Pollution Control period 2003 to 31.3.2008 for RAPS-2 has not been
Board, for the said Board. made.

71
CEO/CFO CERTIFICATION
It is certified that:
(a) We have reviewed financial statements and the cash flow statement for the year ended 31st March 2009 and
that to the best of our knowledge and belief:
(i) these statements do not contain any materially untrue statement or omit any material fact or
statements that might be misleading;
(ii) these statements together present a true and fair view of the Company's affairs and are in compliance
with existing accounting standards, applicable laws and regulations
(b) There are to the best of our knowledge and belief, no transactions entered into by the Company during the
year which are fraudulent, illegal or violative of the Company's code of conduct.
(c) We accept responsibility for establishing and maintaining internal controls and that we have evaluated the
effectiveness of the internal control system of the Company and we have disclosed to the auditors and the
Audit Committee, deficiencies in the design or operation of internal controls, if any, of which we are aware
and the steps we have taken or propose to take to rectify these deficiencies.
(d) We have indicated to the auditors and the Audit Committee
(i) significant changes in internal control during the year;
(ii) significant changes in accounting policies during the year and that the same have been disclosed in the
notes to the financial statements; and
(iii) instances of significant deviations in the Company's internal control system.
For and on behalf of
Nuclear Power Corporation of India Ltd.
Place : Mumbai (JAGDEEP GHAI) (S.K. JAIN)

Date : July 14, 2009 Director (Finance) Chairman & Managing Director

AUDITORS' REPORT
The Members of
1. We have audited the attached Balance Sheet of Nuclear Power Corporation of India Limited (herein after referred to
as “Corporation”) as at 31st March, 2009, the Profit & Loss Account and also the Cash Flow Statement of the corporation
for the year ended on that date annexed thereto, in which, are incorporated the accounts of certain Power Stations and
Projects audited by the Branch Auditors appointed by the Comptroller & Auditor General of India and whose reports
have been considered in preparation of this report. These financial statements are the responsibility of the
Corporation's Management. Our responsibility is to express an opinion on these financial statements based on our
audit.
2. Except in the matter stated in paragraph 7(a) below, we conducted our audit in accordance with Auditing Standards
generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material misstatement. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by the Management, as well as
evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our
opinion.
3. The Corporation is also governed by The Atomic Energy Act, 1962, the provisions of said Act have prevailed wherever
they have been inconsistent with the provision of the Companies Act, 1956.
4. As required by the Companies (Auditor's Report) order, 2003 (as amended by Notification No. GSR 766(E) dated
25.11.2004) issued by the Government of India in terms of Sub-Section (4A) of Section 227 of the Companies Act, 1956
(hereinafter referred to as 'Order') and on the basis of such checks as we considered appropriate and according to
information and explanations given to us, we enclose in the Annexure, a statement on the matters specified in
paragraph 4 and 5 of the said order.
5. Further to our comments in Annexure referred to in paragraph 4 above, we report that:
a) As mentioned in Note 2.32 and 2.33 of Schedule-16, the information as required by para 4D (a) and para 4D (c) of
Part ll of Schedule Vl to the Companies Act, 1956 has not been disclosed being confidential in nature.
b) In view of technical reasons, we have relied on the Management's representation / Technical Staff certification
affirming future economic benefit, serviceable and good condition in respect of Capital goods & Stores and Non-
Moving/Slow Moving Stores & Spares.
c) Balances in respect of Department of Atomic Energy (DAE) and its other related wings/departments, Deposits
given, Account with Government Bodies/ Public Bodies at certain units are subject to confirmation/ reconciliation
and consequential adjustment thereof.
6. We draw attention to the following:
a) Note No. 2.5.i of Schedule -16 in respect of the change in Accounting Policy pursuant to the withdrawal of
Guidance Note on Accounting of IEDC by the Institute of Chartered Accountants of India in relation to allocation of
expenditure during construction period, which has resulted in increase in the profit for the year by Rs 419.39 lacs.
b) Note No. 2.21 of Schedule-16 in respect of additional liability for the period 01.01.2006 to 31.03.2008 accounted for
during the current year pursuant to implementation of Sixth Pay commission and its impact of decreasing the
profit for the current year by Rs 22687.13 lacs (net of amount allocated to capital works Rs 6318.14 lacs and
recovery from DAE Rs 1459.41 lacs).
7. Further to above, we report that:
a) We have obtained all the information and explanations, which to the best of our knowledge and belief were
necessary for the purposes of our audit; except information and details in respect of usage, expenditure and dues
pertaining to Heavy water and Fuel Charges, which as explained to us being sensitive and confidential in nature,

73
AUDITORS' REPORT
are not made available for verification, due to secrecy attached as per the Atomic Energy Act, 1962. Accordingly we
are unable to express our opinion on the same.
b) In our opinion, proper books of accounts as required by the law have been kept by the Corporation so far as
appears from our examination of such books and proper returns adequate for the purpose of our audit have been
received from power stations and projects not visited by us. The Branch Auditor's reports have been forwarded to
us and have been appropriately dealt with in framing this report.
c) The Balance Sheet, Profit and Loss Account and the Cash Flow Statement dealt with by this report are in
agreement with the books of accounts and the audited returns received from the power stations and projects.
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report
comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956
except Accounting Standard-15 on “Employee Benefits” in relation to non provision of liability for Post Retirement
Medical Benefits (quantum of the liability not ascertained by the Corporation).
e) Being a Government company, pursuant to Notification No. G.S.R. 829 (E) dated 21.10.2003 issued by the
Department of Company Affairs, Government of India, provisions of clause (g) of sub section (1) of Section 274 of
the Companies Act, 1956, are not applicable to the corporation.
f) Subject to matters contained in paragraph 5, 7(a) and 7(d) above and consequential impact of paragraph 5(c) and
7(d) on the value of Assets, Liabilities, the quantum of income and expenditure and their effect on the profit for the
year (which is not ascertainable), in our opinion and to the best of information and according to explanations
given to us, the said accounts read together with Significant Accounting Policies and Notes on Accounts in
Schedule-16, give the information as required by the Companies Act, 1956, in the manner so required and give a
true and fair view in conformity with Accounting Principles generally accepted in India:
i. in the case of Balance Sheet, of the state of affairs of the corporation as at 31st March, 2009;
ii. in the case of Profit and Loss account, of the Profit of the corporation for the year ended on that date; and
iii. in the case of Cash Flow Statement, of the Cash Flows for the year ended on that date.
For Kalani & Company,

Chartered Accountants,
[ K. L. JHANWAR ]
Place : Mumbai Partner
Dated : 8th May, 2009 M.No.14080

ANNEXURE TO THE AUDITORS' REPORT
Statement referred to in paragraph (4) of our report of even date on the Accounts of the Nuclear Power Corporation of India
Limited for the year ended 31st March 2009
(i) (a) The Corporation has generally maintained proper records showing full particulars including quantitative details
and situation of fixed assets.
(b) All the fixed assets have not been physically verified by the management during the year bur there is a regular
program of verification which, in our opinion, is reasonable having regard to the size of the Corporation and
nature of its assets. No material discrepancies have been noticed on such physical verification.
(c) During the year, the Corporation has not disposed off substantial part of its fixed assets, hence the going
concern status of the corporation is not affected.
(ii) (a) The inventory has been physically verified by the management at reasonable intervals. Necessary certificates
have been obtained by the corporation in respect of material lying with the third parties.
(b) The procedures for physical verification of inventories followed by the management are reasonable and
adequate in relation to the size of the Corporation and the nature of its business.
(c) The Corporation is maintaining proper records of inventory. No material discrepancies were reported to be
noticed on verification between physical stocks and book records at various units of the Corporation.
(iii) The Corporation has not granted or taken any loans secured or unsecured to/from companies, firms or other
parties covered in the register maintained u/s 301 of the Companies Act, 1956. Accordingly provisions of clause
4(iii) (a) to (g) of the Order are not applicable to the Corporation.
(iv) In our opinion and according to the information and explanations given, there are adequate internal control
systems commensurate with the size of the Corporation and nature of its business for the purchase of
inventories, fixed assets, equipment and other assets and with regard to sale of electricity and rendering of
services. Further on the basis of examination of books and records of the Corporation and according to the
information and explanations given to us, neither we have observed nor we have been reported by the branch
auditors for any continuing failure to correct major weaknesses in the internal controls systems.
(v) (a) As informed by the management, there are no contracts and arrangements referred to in Section 301 of the
Companies Act, 1956 that needs to be entered into the register required to be maintained under the said
Section 301.
(b) In view of the clause (v) (a) above, clause (v) (b) is not applicable.
(vi) In our opinion and according to the information and explanations given to us, the Corporation has not accepted
any deposits in terms of Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956.
According to information and explanations given to us, no order has been passed by the Company Law Board or
The National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.
(vii) In our opinion, the Corporation has an Internal Audit system commensurate with its size and nature of its
business.
(viii) We have broadly reviewed the accounts and records maintained by the Corporation pursuant to rules made by
the Central Government for the maintenance of cost records under section 209(1) (d) of the Companies Act,
1956 and we are of the opinion that prima facie the prescribed accounts and records have been made and
maintained. We have not, however, made nor required to make the detailed examination of the records with a
view to determine whether they are accurate or complete.
(ix) (a) The Corporation is generally regular in depositing with appropriate authorities the undisputed Statutory dues
including Provident Fund, Investor Education and Protection Fund, Income Tax, Sales tax, Customs duty, Wealth
tax, Excise duty, Cess, Service Tax and other statutory dues applicable to it. At Rajasthan Rawatbhata Site, an
amount of Rs. 16.55 Crores against Water Cess, for the period 2003 to 31.03.2008, has not been paid to Rajasthan
Pollution Control Board, for the reason informed of non-receipt of demand notice from the said Board.
Provident Fund dues in respect of employees on deputation from Department of Atomic Energy (DAE),
Government of India (GOI) are credited to the DAE's account in the books of the Corporation and intimated to
DAE. As informed, Provision of Employees State Insurance Act, 1948 are not applicable to the Corporation.

75
ANNEXURE TO THE AUDITORS' REPORT
According to the information and explanations given to us, no undisputed amounts payable in respect of
aforesaid dues were in arrears as at March 31, 2009, for a period of more than six months from the date they
became payable.
(b) The disputed Statutory dues, as detailed below, have not been deposited on account of matters pending before
appellate authorities
Statute Nature of Dues/ Amount (Rs' Crore) Forums where the
Matter of Dispute dispute is pending
Income Deduction of Tax at source (TDS) 1.06CIT Appeals Surat
Tax Act, 1961 Additions to Returned Income 3.17CIT Appeals Mumbai
by AO for AY 2006-07
Water (Prevention Water Cess payable to Cess Appellate
and Control of Maharashtra Pollution 20.79 Committee of
Pollution) Control Board Maharashtra Pollution
Cess Act, 1977 Control Board
Water (Prevention Water Cess for the Not ascertainable Rajasthan High Court
and Control of period 1.4.1984 to 12.3.2003 in the absence of data
Pollution) payable to Rajasthan State for water consumption
Cess Act, 1977 Pollution Control Board
x) The Corporation has neither accumulated losses as at March 31, 2009 nor has incurred any cash losses during the
financial year covered under audit and in the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations given, the Corporation has not defaulted in
repayment of dues to any financial institutions, banks or bond holders.
(xii) According to the information and explanations given to us, the Corporation has not granted any loans and
advances on the basis of security by way of pledge of shares, debentures and other securities.
(xiii) The Corporation is not a chit fund or a nidhi/mutual benefit/society. Therefore, the provisions of clause 4 (xiii) of
the Order are not applicable to the Corporation.
(xiv) According to the information and explanations given to us, the Corporation is not dealing in or trading in the
shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Order
are not applicable to the Corporation.
(xv) According to the information and explanations given to us, the Corporation has not given any guarantee for
loans taken by others, from Banks or Financial Institutions.
(xvi) In our opinion the term loans have been applied for the purpose for which they were raised.
(xvii) According to the information and explanations given and based on overall examination of Balance Sheet of the
Corporation, we report that no funds have been raised on short-term basis hence the question of the same
being utilized for long-term investment does not arise.
(xviii) According to the information and explanations given, the Corporation has not made any preferential allotment
of shares during the year.
(xix) Securities have been created by the Corporation in respect of bonds issued.
(xx) The Corporation has not raised any money by way of public issue during the year.
(xxi) According to the information and explanations given, no fraud on or by the Corporation has been noticed or
reported during the year.
For Kalani & Company,
Chartered Accountants,
[ K. L. JHANWAR ]
Place : Mumbai Partner
Dated : 8th May, 2009 M.No.14080

COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA
COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 619(4) OF THE COMPANIES
ACT, 1956 ON THE ACCOUNTS OF NUCLEAR POWER CORPORATION OF INDIA LIMITED FOR THE YEAR ENDED 31
MARCH 2009.
The preparation of financial statements of Nuclear Power Corporation of India Limited for the year ended 31 March 2009 in
accordance with the financial reporting framework prescribed under the Companies Act, 1956 is the responsibility of the
management of the company. The statutory auditor appointed by the Comptroller and Auditor General of India under
Section 619(2) of the Companies Act, 1956 is responsible for expressing opinion on these financial statements under Section
227 of the Companies Act, 1956 based on independent audit in accordance with the auditing and assurance standards
prescribed by their professional body, the Institute of Chartered Accountants of India. This is stated to have been done by
them vide their Audit Report dated 8 May 2009.
I on the behalf of the Comptroller and Auditor General of India have conducted a supplementary audit under Section 619(3)
(b) of the Companies Act, 1956 of the financial statements of Nuclear Power Corporation of India Limited for the year ended
31 March 2009. This supplementary audit has been carried out independently without access to the working papers of the
statutory auditors and is limited primarily to the inquiries of the statutory auditors and company personnel and a selective
examination of some of the accounting records. On the basis of my audit nothing significant has come to my knowledge
which would give rise to any comment upon or supplement to Statutory Auditors' report under Section 619(4) of the
Companies Act, 1956.
For and on the behalf of the

Comptroller and Auditor General of India
(MRIDULA SAPRU)
Place : Mumbai Principal Director of Commercial Audit and
Date : 6th July, 2009 Ex-Officio Member, Audit Board-I, Mumbai.

77
BALANCE SHEET
As at March 31, 2009
(Rupees in Lacs)
Schedule As at 31st As at 31st

No. March, 2009 March, 2008
I. SOURCES OF FUNDS
1. Shareholder's Funds
a) Share Capital 1 1014533.27 1014533.27
b) Reserves and Surplus 2 1249878.17 1204095.20
2. Loan Funds
a) Secured Loans 3 656300.00 668700.00
b) Unsecured Loans 4 745621.61 539584.35
1401921.61 1208284.35
3. Deferred Tax Liability 178665.69 170265.80
Less : Deferred Tax Recoverable 178665.69 0.00 170265.80
TOTAL 3666333.05 3426912.82
II. APPLICATION OF FUNDS
1. Fixed Assets 5
a) Gross Block 1675855.23 1659501.19
Less : Depreciation 604026.88 537360.98
Net Block 1071828.35 1122140.21
b) Capital Work in Progress 6 1735960.55 1384608.93
2807788.90 2506749.15
2. Investments 7 273262.64 299270.97
3. Heavy Water Lease charges Recoverable
(Refer Note no. 2.22 of Sch.16) 18348.90 9898.01
4. Current Assets, Loans and Advances 8
a) Inventories 37813.72 36107.83
b) Sundry Debtors 50655.97 42940.23
c) Cash and bank balances 515512.65 566250.47
d) Other Current Assets 40102.44 45845.41
e) Loans and Advances 46681.06 24139.31
690765.84 715283.25
Less: Current Liabilities and Provisions 9
a) Current Liabilities 93506.16 86349.72
b) Provisions 30327.07 17938.83
123833.23 104288.55
Net Current Assets 566932.61 610994.70
“Significant Accounting Policies & Notes on Accounts 16
Schedules 1 to 16 form integral part of accounts"
TOTAL 3666333.05 3426912.82
In terms of our report of even date attached
FOR KALANI & COMPANY For and on behalf of Board of Directors
Chartered Accountants NUCLEAR POWER CORPORATION OF INDIA LIMITED
(K.L. JHANWAR) (SRIKAR R. PAI) (JAGDEEP GHAI) (S. K. JAIN)

Partner Company Secretary Director (Finance) Chairman and Managing Director
(Membership No. 14080)
Place : Mumbai
Date : May 8, 2009

PROFIT AND LOSS ACCOUNT
For the year ended March 31, 2009
(Rupees in Lacs)
Schedule For the For the

No. Year ended Year ended
31st March 31st March
2009 2008
INCOME
Sales :
Electrical Energy 301055.51 343416.04
Other Income 10 79092.56 83219.88
TOTAL INCOME 380148.07 426635.92
EXPENDITURE
Fuel & Heavy Water 11 105503.12 108212.58
Generation Expenditure 12 28892.00 29294.91
Employee's Remunaration and Benefits 13 64259.45 34728.76
Administration and Other Expenses 14 22314.88 15167.12
Interest
On Bonds & Term Loan 53506.12 48694.98
On Foreign Loans 26309.53 17554.76
79815.65 66249.74
Less : Transferred to expenditure during
Construction (Sch. 6A) 30937.38 20707.16
48878.27 45542.58
Depreciation 70608.52 73378.65
TOTAL EXPENDITURE 340456.24 306324.60
PROFIT FOR THE YEAR 39691.83 120311.32
Prior Period Adjustments (Net) 15 (8385.41) (190.04)
PROFIT BEFORE TAX 48077.24 120501.36
Provision for :
Income Tax
Current Tax 3291.36 11311.34
Earlier Year Tax 0.00 3291.36 731.97
Fringe Benefit Tax
Current Tax 585.05 607.43
Earlier Year Tax 23.38 608.43 0.00
Wealth Tax
Current Tax 26.00 1.00
Earlier Year Tax 23.05 49.05 0.00
Provision for Deferred Tax 8399.89 48064.80
Less : Deferred Tax Recoverable 8399.89 0.00 3948.84 48064.80
PROFIT AFTER TAX 44128.40 107849.62
Balance Brought forward from previous year 79424.67 109428.65
Balance available for appropriations 123553.07 217278.27
APPROPRIATIONS :
Interim Dividend paid 10000.00 30000.00
Tax on Interim Dividend paid 1699.51 5098.50
Proposed Dividend For The Year 3238.52 2354.89
Tax on Proposed Dividend 550.39 400.21
Transfer to General Reserve 10000.00 100000.00
Balance carried to Balance Sheet 98064.65 79424.67
"Significant Accounting Policies & Notes on Accounts 16
Schedules 1 to 16 form integral part of accounts"
TOTAL 123553.07 217278.27
EARNING PER SHARE (EPS) (Amount in Rs.) 43.50 106.30
In terms of our report of even date attached
FOR KALANI & COMPANY For and on behalf of Board of Directors
(K.L. JHANWAR) (SRIKAR R. PAI) (JAGDEEP GHAI) (S. K. JAIN)

Place : Mumbai
Date : May 8, 2009

79
SCHEDULES ANNEXED TO AND FORMING PART OF ACCOUNTS
(Rupees in Lacs)
As at 31st As at 31st
March, 2009 March, 2008
SCHEDULE - 1
SHARE CAPITAL
Authorised
150,000,000 Equity shares of Rs.1000/- each 1500000.00 1500000.00
Issued, Subscribed and Paid up 1014533.27 1014533.27
101453327 (Previous year:101453327) Equity Shares
of Rs.1,000/- fully paid
Of the above, 96,68,611 Equity Shares allotted as
fully paid up without payment being received in cash.
TOTAL 1014533.27 1014533.27
(Rupees in Lacs)
SCHEDULE - 2
RESERVES AND SURPLUS
CAPITAL RESERVE
Balance as per last Balance Sheet 41561.90 36748.31
Add : Transferred from Renovation &
Modernisation Fund 6289.83 4922.00
Add : Transferred from Research &
Development Fund 759.12 178.00
Less : Transfer of depreciation on R&D
assets to R&D fund
for earlier years 0.00 181.51
Less : Depreciation on R&D Assets for current year 106.10 104.90
48504.75 41561.90
GENERAL RESERVE
Add : Transferred from Profit and Loss Account 10000.00 100000.00
Less : Deferred Tax Liability 170265.80 122201.00
Less : Deferred Tax Recoverable 170265.80 0.00 122201.00
910075.00 900075.00
BOND REDEMPTION RESERVE
Add : Additions during the year 0.00 0.00
Less : Deductions during the year 0.00 0.00
80000.00 80000.00
DECOMMISSIONING FUND
Add : Levy for the year 2556.97 2861.02
: Reversal of Income Tax 4199.43 0.00
: Interest on Fund Investments 5002.88 4704.40
75738.52 66439.89
Less : Payment of Income Tax 727.02 2460.66
75011.51 63979.23
RENOVATION AND MODERNISATION FUND
Add : Reversal of Income Tax 3139.07 0.00
Add : Interest on Fund Investments 1046.53 1417.27
16020.77 18758.60
Less : Transferred to Capital Reserve 6289.83 4922.00
8946.19 11835.18
RESEARCH AND DEVELOPMENT FUND
Add : Reversal of Income Tax 2701.23 0.00
Add : Interest on Fund Investments 2324.99 2712.41
Add : Dep. On R&D assets transferred from Captial Reserve 0 181.51
32245.44 29491.63

(Rupees in Lacs)
SCHEDULE - 2 (contd.)
Less : Transferred to Capital Reserve 759.12 178.00
Less : Transfer to P&L 1,989.32 748.33
29276.06 27219.22
SURPLUS IN PROFIT AND LOSS ACCOUNT 98064.65 79424.67
TOTAL 1249878.17 1204095.20
(Rupees in Lacs)
As at As at
SCHEDULE - 3 2009 2008
SECURED LOANS
Category Series Class Redemeeable
on
I REDEEMABLE SECURED BONDS OF RS. 1,00,000/- EACH :
NON-CUMULATIVE INTEREST SCHEME
B XIV 9% Tax-free with put & call option at par 31-03-2015 10,000.00 10,000.00
on 31-03-2007,2010,2011,2012,2013 & 2014 #
B XV 8.25% Tax-free with put & call option at par 06-01-2016 6,000.00 6,000.00
on 06-01-2008,2009,2010,2011,2012,2013,2014 & 2015 #
B XVIII 8.2% Tax-free with put & call option at par 20-02-2012 7,000.00 7,000.00
on 20-02-2007,2008,2009,2010 & 2011 #
B XIX 5.30% Tax-free with put&call option at par on 31-12-2012 3,300.00 3,500.00
31-12-2007,2008,2009,2010&2011 #
A XX 6.15% Taxable - Rs.5500 lac. Each repayable on 14-08-2018 55,000.00 55,000.00
14/08/2009, 2010, 2011,2012,2013,2014,2015,2016
2017 and 2018*
C XXI 5.50% Infrastructure with put and call option at par on 14-08-2013 13,900.00 13,900.00
14.08.2010, 2011, 2012 *
Sub-Total (I) 95,200.00 95,400.00
II REDEEMABLE SECURED BONDS OF Rs.10,00,000/- EACH:
NON-CUMULATIVE INTEREST SCHEME
A XXII 6.10% Taxable ** 15-03-2014 82,000.00 82,000.00
C XXIII 5.25% Taxable Infrastructure with Put/Call Option on 23-03-2014 9,500.00 17,700.00
23/03/2009,2010, 2011, 2012 & 2013 **
B XXIV 4.75% Tax-free with Put/call Option on 26/03/2009, 2010,
2011,2012, 2013, 2014, 2015, 2016, 2017 & 2018. ** 26-03-2019 1,000.00 5,000.00
Sub-Total (II) 92,500.00 104,700.00
GRAND TOTAL (I + II) 187,700.00 200,100.00
Bonds repayble with in one year (Put /Call option)

Rs 423,00.00 Lac (Previous year Rs.392,00.00 Lac)
Redemption between April 2008 and March, 2009
1) Part Redemption of Sr. XIX A2 (5.30%) Bonds (31/12/2008) - PUT OPTION 200.00
2) Part Redemption of Sr. XXIII (5.25%) Bonds (23/03/2009) - PUT OPTION 8,200.00
3) Part Redemption of Sr.XXIV (4.75%) Bonds (26/03/2009) - PUT OPTION 4,000.00
12,400.00
III TERM LOAN FROM SBI 28.03.2015 70,000.00 70,000.00
With bullet repayment after 10 years Floating Rate -G-Sec .
Rate (+) 50Bps at the end of each year secured by negative
lien of asset of TAPP-3&4
IV TERM LOAN FROM CANARA BANK 28.10.2015 45,600.00 45,600.00
Rate (+) 30Bps, at the end of each year secured by negative
V TERM LOAN FROM CANARA BANK 28.10.2015 13,000.00 13,000.00
With bullet repayment after 10 years Floating Rate -G-Sec Rate (+) 30Bps
at the end of each year secured by negative lien of asset of MAPS
VI TERM LOAN FROM SBI and it`s associate banks 26.04.2011 55,000.00 55,000.00
With bullet repayment after 05 years. Floating Rate G-Sec.
Rate(+) 100 Bps at the end of each year secured by negative
lien of asset of Kaiga-1&2 and RAPP-3&4.

81
(Rupees in Lacs)
SCHEDULE - 3 (contd.)
VII TERM LOAN FROM CANARA BANK 14.07.2011 55,000.00 55,000.00
With bullet repayment after 5 years.Floating Rate -G-Sec .
VIII TERM LOAN FROM SBI 25.07.2011 50,000.00 50,000.00
with bullet repayment after 5 years Floating Rate -G-Sec .
IX TERM LOAN FROM Bank of India 02.08.2011 30,000.00 30,000.00
Wiith bullet repayment after 5 years Floating Rate -G-Sec .
lien of asset of TAPS-3&4
X TERM LOAN FROM Bank of Baroda 04.08.2011 30,000.00 30,000.00
With bullet repayment after 05 years. Floating Rate G-Sec.
Rate(+) 125 Bps at the end of each year secured by negative
XI TERM LOAN FROM State Bank of Hyderabad 28.08.2011 10,000.00 10,000.00
Rate (+) 100Bps subject to minimum of 8%at the end of each
year secured by negative lien of asset of TAPP-3&4
XII TERM LOAN FROM CANARA BANK 31.01.2012 25,000.00 25,000.00
Wiith bullet repayment after 5 years Floating Rate -G-Sec .
lien of asset of Kaiga-3&4
XIII TERM LOAN FROM SBI 29.11.2011 25,000.00 25,000.00
XIV TERM LOAN FROM CANARA BANK 26.03.2012 20,000.00 20,000.00
XV TERM LOAN FROM BANK OF MAHARASHTRA 07.03.2013 20,000.00 20,000.00
XVI TERM LOAN FROM BANK OF MAHARASHTRA 13.03.2013 20,000.00 20,000.00
Sub-Total (III-XVI) 468,600.00 468,600.00
GRAND TOTAL (I - XVI) 656,300.00 668,700.00
Note:
Bonds of the following series are secured by way of trusteeship agreement coupled with covenants of negative lien
and irrevocable power of attorney in favour of trustees to create equitable mortgage over the fixed assets.
Series Secured by
* XX & XXI Rajasthan Atomic Power Station-unit 3 & 4
# XIV, XV, XVIII & XIX Kaiga Generating Station-unit 1 & 2
** XXII, XXIII & XXIV Tarapur Atomic Power Project - 3 & 4
(Rupees in Lacs)
SCHEDULE - 4
UNSECURED LOANS
Loan from Department of Atomic Energy 700272.67 506942.19
Government of India (Russian Credit)
Interest Free loan KK Project (DAE) 2900.00 2900.00
Interest Accrued on Russian Credit 42448.94 29742.16
TOTAL 745621.61 539584.35

SCHEDULE - 5 (Rupees Lacs)
(Rupees ininLacs)
GROSS BLOCK DEPRECIATION NET BLOCK
AS AT ADDI DEDUC AS AT AS AT FOR THE DEDUC AS AT AS AT AS AT
01.04.2008 TIONS TIONS/ 31.03.2009 01.04.2008 YEAR TIONS/ 31.03.2009 31.03.2009 31.03.2008
ADJUST- ADJUST
MENTS MENTS
LAND (Freehold) 15196.99 132.04 0.00 15329.03 0.00 0.00 0.00 0.00 15329.03 15196.67
LAND (Leasehold) 58.70 0.00 0.00 58.70 4.40 0.65 0.00 5.05 53.65 54.62
BUILDINGS 94186.43 6627.08 26.62 100786.89 12608.25 1574.57 (19.95) 14202.77 86584.12 81578.18
RAILWAY SIDINGS 34.03 0.00 0.00 34.03 32.33 0.00 0.00 32.33 1.70 1.69
PLANT AND MACHINERY 1521890.17 11185.27 4091.05 1528984.39 508054.47 64133.53 469.30 571718.70 957265.69 1013835.69
FURNITURE, FIXTURES AND
OFFICE EQUIPMENT 26809.60 2546.97 73.88 29282.69 15684.48 1462.59 77.67 17069.40 12213.29 11125.11
VEHICLES 1314.68 93.05 42.31 1365.42 975.76 60.98 38.15 998.59 366.83 338.93
ASSETS HELD FOR DISPOSAL 10.60 12.54 9.06 14.08 1.29 0.06 1.31 0.04 14.04 9.32
TOTAL 1659501.20 20596.95 4242.92 1675855.23 537360.98 67232.38 566.48 604026.88 1071828.35 1122140.21
PREVIOUS YEAR TOTAL 1506017.55 156333.48 2849.84 1659501.19 460643.09 78574.82 1856.93 537360.98 1122140.21 1045374.46
Depreciation for the Year Rs. 66665.89 Lakhs is reconciled as under

2008-2009 2007-2008
Depreciation charged to Profit & Loss 70,608.52 73378.65
Add : Depreciation included under Expenses During 4,018.85 3800.33
Construction pending allocation ( Sch - 6A)
: Depreciation relating to prior period ( Sch 15 ) (9313.83) 1497.54
: Deduction / Adjustments 1246.25 (2,063.53)
: Depreciation on R & D Assets 106.10 104.90
66,665.89 76,717.89

83
(Rupees in Lacs)
SCHEDULE - 6
CAPITAL WORK-IN-PROGRESS 1031802.54 732320.48
Transferred from Sch.-14 327.22 52.99
Capital goods and Stores * 201798.00 216178.03
Less : Provision for Obsolescence/Loss 46.57 6.00
201751.43 216172.03
ADVANCES
Against material pending acceptance 19955.76 38704.34
Against Capital Expenditure Considered good - Secured 7122.81 1242.02
Against Capital Expenditure Considered good 155214.14 166996.52
Against Capital Expenditure Considered doubtful 1317.81 1338.32
156531.95 168334.84
Less : Provision for doubtful advances 1317.81 1338.32
155214.14 166996.52
Expenditure During Construction Pending Allocation (Schedule 6A) 313826.63 219937.98
Expenses for Future Projects 5960.02 9182.57

TOTAL 1735960.55 1384608.93
Note : All advances are unsecured and considered good, unless otherwise stated.
*Including Goods in Transit and lying with Contractors 2495.55 5587.37
(Rupees in Lacs)
SCHEDULE - 6 A March, 2009 March, 2008
STATEMENT OF EXPENDITURE DURING
CONSTRUCTION PENDING ALLOCATION
OPENING BALANCE 219927.63 199022.33
ADD : ADMINISTRATIVE AND OTHER EXPENSES
Fuel 2698.07
Heavy Water Charges 822.05
Sub-Total (A) 0.00 0.00 3520.12
Stores and Spares Consumed 755.60 939.31
Repairs and Maintenance
a) Building 624.33 533.12
b) Plant and Machinery 2042.97 1450.65
c) Others 3332.14 3075.63
Rates and Taxes 10.08 38.93
Insurance 516.31 647.37
Electricity and Water Charges -Plant Site 1958.85 1342.87
Sub-Total (B) 9240.28 9240.28 8027.88
Salaries & Wages 13521.99 7658.13
Bonus / Incentives 480.02
Staff Welfare expenses 4260.70 1530.15
Contribution to Provident and Other Funds 867.48 508.46
Gratuity 502.56 0.00
Allocation of head office expenditure 13786.14 4328.73
Sub-Total (C) 33418.89 33418.89 14025.47
Rent 77.23 74.74
Travelling and Conveyance expenses 151.42 185.86
Printing and Stationery 123.15 107.89
Electricity and Water Charges - Township 332.46 370.74
Advertisement Expenses 28.84 35.02
Other Expenses 1726.10 2028.93
Security Expenses 841.06 846.79
Consultancy Charges 6688.67 4624.64
Sub-Total (D) 9968.93 9968.93 8274.61
Detailed Project Report Expenses (Foreign Exchange Fluctuations) 5804.12 (1703.31)

(Rupees in Lacs)
SCHEDULE - 6 A (contd.)
Interest on Borrowed Funds 4627.84 3152.40
Interest on Foreign Loan 26309.53 17554.76
Prior period expenses 1528.72 1.53
Sub-Total (E) 42289.06 42289.06 22805.71
TOTAL EXPENDITURE (A+B+C+D+E) 94917.16 56653.79
Less : Income
Interest (Others) 48.48 30.77
Infirm Power 0.00 214.00
Other Income 969.68 915.07
1018.16 1018.16 1159.84
NET EXPENSES FOR THE YEAR 93898.99 55493.95
313826.62 254516.28
Less : Allocated to Fixed Assets 0.00 34578.30
0.00 34578.30
TOTAL 313826.63 219937.98
(Rupees in Lacs)
SCHEDULE - 7 March, 2009 March, 2008
INVESTMENTS (AT COST)
LONG TERM INVESTMENTS (UNQUOTED) - Trade unless otherwise specified
1. 10264 Shares of KAPS Co-Operative society of Rs.10/- each fully paid. 1.03 1.03
2. 7102 Shares of NAPS Co-operative society of Rs.10/- each fully paid. 0.71 0.71
3. 4923.5 Shares of MAPS Co-operative society of Rs. 10/- each fully paid. 0.49 0.49
4. 1200 Shares of TAPS Co-operative society of Rs.10/- each fully paid. 0.12 0.12
5. Power Bonds (as per details herein below) 227605.69 245114.02
6. Bonds invested from Earmarked funds - Non-Trade (as per details herein below) 14590.00 14590.00
7. 6.75% HUDCO Public Deposit scheme under HUDCO Multiplier
scheme - Non-Trade (Earmarked Fund) 27064.60 27064.60
CURRENT INVESTMENTS (UNQUOTED) - Non-Trade
1. UTI Fixed Term Income Fund Series IV - Plan X (Qty. 300 lacs of
Face Value Rs. 10 each)
(NAV as on 31.03.2009 Rs.3251.76 lacs) 3000.00 0.00
2. UTI Fixed Income Interval - Annual Interval Series - I (Qty. 92.25 lacs of
Face Value Rs. 10.8402 each)
(NAV as on 31.03.2009 Rs.1078 lacs) 1000.00 0.00
3. UTI Mutal Fund - Liquid Cash Plan - Growth Plan 0.00 12500.00
Aggregate Amount of Unquoted Investments 273262.64 299270.97
(Rupees in Lacs)
Details of Investments
Particulars of Bonds Quantity Face Value Total
As on As on (In Rs.) As at As at
31.03.2009 31.03.2008 31.03.09 31.03.08
Power Bonds
1. 8.5 % tax free Govt. of Andhra Pradesh Special Bonds 676,530 721,632 1,000 6,765.30 7,216.32
2. 8.5 % tax free Govt. of Gujarat Special Bonds 2,774,640 2,959,616 1,000 27,746.40 29,596.16
3. 8.5 % tax free Govt. of Haryana Special Bonds 2,163,450 2,307,680 1,000 21,634.50 23,076.80
4. 8.5 % tax free Govt. of Himachal Pradesh Special Bonds 121,215 129,296 1,000 1,212.15 1,292.96
5. 8.5 % tax free Govt. of Kerala Special Bonds 33,810 36,064 1,000 338.10 360.64
6. 8.5 % tax free Govt. of Punjab Special Bonds 160,245 170,928 1,000 1,602.45 1,709.28
7. 8.5 % tax free Govt. of Uttar Pradesh Special Bonds 2,244,450 2,394,080 1,000 22,444.50 23,940.80
8. 8.5 % tax free Govt. of Uttaranchal Special Bonds 252,375 269,200 1,000 2,523.75 2,692.00
9. 8.5 % tax free Govt. of Maharashtra Special Bonds 424,005 452,272 1,000 4,240.05 4,522.72
10. 8.5 % tax free Govt. of Jammu & Kashmir Special Bonds 2,180,850 2,326,240 1,000 21,808.50 23,262.40
11. 8.5 % tax free Govt. of Madhya Pradesh Special Bonds 7,359,600 7,850,240 1,000 73,596.00 78,502.40
12. 8.5 % tax free Govt. of Delhi Long Term Advance 1,000 9,458.70 11,350.44
13. 8.5 % Govt. of Jammu & Kashmir Special Bonds
(Tax Refundable) 3,423,529 3,759,110 1,000 34,235.29 37,591.10
TOTAL 227,605.69 245,114.02
Bonds Invested from Earmarked Funds
1. 7.7% Taxable HUDCO Bonds - Series SD-III 1,340 1,340 1,000,000 13,400.00 13,400.00
2. 7.7% Taxable HUDCO Bonds - Series SD-III 119 119 1,000,000 1,190.00 1,190.00
TOTAL 14,590.00 14,590.00

85
(Rupees in Lacs)
SCHEDULE - 8
CURRENT ASSETS, LOANS AND ADVANCES
A : CURRENT ASSETS
1. Inventories*
Store and Spares 38252.87 36610.22
Less: Provision for obsolescence/Loss 439.15 502.39
37813.72 36107.83
2. Sundry Debtors
Secured (Considered good)
i) Over six months 345.91 103.44
ii) Others 18426.74 19351.01
18772.65 19454.45
Unsecured
i) Over six months
- Considered good 13310.91 9661.90
- Considered Doubtful 2.01 1.19
13312.92 9663.09
Less : Provision for Doubtful Debts 2.01 1.19
13310.91 9661.90
ii) Others (Considered good) 18572.41 13823.88
50655.97 42940.23
3. Cash and Bank Balances
i) Cash and cheques on hand 107.46 12389.66
ii) Remittance in Transit 0.00 (8.89)
iii) With Scheduled Banks
- in current accounts 5732.86 9868.67
- in Deposit accounts 446700.92 452433.78 470608.14
iv) Balances with Scheduled Banks
for Earmarked Funds
- In Current Accounts 10878.78 868.86
- In Deposit Accounts 33658.32 54864.88
44537.10 55733.74
Add : Interest accrued 18434.31 62971.41 17659.15
515512.65 566250.47
4. Other Current Assets
i) Interest accrued on Deposits/Advances 35346.30 41423.01
ii) Interest accrued but not due on loans to staff 4382.58 4218.53
iii) Others 373.56 203.87
40102.44 45845.41
B : LOANS AND ADVANCES
1. Loans and Deposits (Unsecured )
i) To Government Companies (Considered good) 113.49 2.18
113.49 2.18
2. Advances recoverable in cash or in kind or for
Value to be received
i) secured, considered good 2297.10 1279.95
ii) Unsecured
- Considered good 7461.42 9668.20
- Considered doubtful 30.91 14.86
9789.43 10963.01
Less : Provision for doubtful advances 30.91 14.86
9758.52 10948.15
3. Advance Tax (Net of Provision Rs. 36589.90 lacs) 20877.17 10220.92
4. Recoverable from DAE/DAE Undertakings 14388.42 1163.15
5. Government Departments/Public Bodies and 1543.46 1804.90
State Electricity Boards
TOTAL 690765.84 715283.24
* Inventories includes Goods in transit and lying with contractors, 605.29 340.17

(Rupees in Lacs)
SCHEDULE - 9
CURRENT LIABILITIES AND PROVISIONS
A. CURRENT LIABILITIES
1. Sundry Creditors
Amount due to Micro and Small Enterprises 85.85 26.92
Others 32000.20 32086.05 30909.18
2. Payable to DAE/DAE Undertakings 52.57 12824.22
3. Investor Education and Protection Fund shall be credited
(to the extent and as and when required) by the following
amounts namely :-
(a) Unclaimed Bonds 15.20 28.01
(b) Unclaimed Interest 6.76 23.40
4. Other Liabilities 49876.58 32758.06
5. Advance Received from Debtors 2025.85 36.68
6. Interest Accrued but not due 9443.15 9743.25
93506.16 86349.72
B. PROVISIONS
1. Gratuity 16858.83 8688.92
2. Leave Encashment 9653.33 6493.81
3. Wealth Tax 26.00 1.00
4. Proposed Dividend 3238.52 2353.66
5. Tax on Proposed Dividend 550.39 401.44
30327.07 17938.83
TOTAL 123833.23 104288.55
(Rupees in Lacs)
SCHEDULE - 10
OTHER INCOME
1. Interest received
i) on deposits with Nationalised Banks (TDS Rs. Nil, Pr. Yr. Rs. Nil) 50652.68 49879.78
ii) on staff loans 446.45 492.22
iii) on others (TDS - Rs. Nil) 20391.85 26506.67
(Previous Year - Rs. Nil) 71490.98 76878.67
Less : Transferred to Expenditure During Construction 0.00 0.00 15.64
71490.98 76863.03
2. Transferred from Research & Development Fund 1989.32 748.33
3. Delayed payment charges 115.38 0.00
4. Excess Provision written back 399.87 3025.24
5. Profit on sale of fixed assets 119.25 42.14
6. Miscellaneous Income 3983.02 2487.33
7. Income from Consultancy Services 386.42 74.27
8. Income from Current Investments 1064.21 357.98
Less:Transferred to expenditure during Constr. (Sch. 6A) 289.31 279.21
Adjust with dues of DAE 166.58 455.89 99.23
TOTAL 79092.56 83219.88

87
(Rupees in Lacs)
For the For the

year ended year ended
SCHEDULE - 11 2009 2008
FUEL & HEAVY WATER
Fuel Charges
(a) Fuel Use Charges 53612.55 53831.70
(b) Fuel Lease Charges 1025.34 1499.60
(c) Fuel Recovery Charges 7420.36 7422.69
62058.25 62753.99
Heavy Water charges
(a) Heavy Water Lease Charges 41656.25 46485.38
(b) Heavy Water Make up Charges 1788.62 2493.33
43444.87 48978.71
Less : Transferred to
Expenditure during Construction (Sch.6A) 0.00 3520.12
TOTAL 105503.12 108212.58
(Rupees in Lacs)
For the For the

SCHEDULE - 12 2009 2008
GENERATION EXPENDITURE
Stores and Spares consumed 3313.95 3909.15
Repairs and Maintenance
a) Buildings 3928.50 4054.53
b) Plant & Machinery 15751.27 15675.14
c) Others 7150.24 6593.18
26830.01 26322.85
Rates and Taxes 399.09 469.44
Insurance 1448.26 1843.99
Electricity and Water Charges Plant Site 7010.19 5525.10
Expenditure during Construction (Sch. 6A) 9240.28 8027.88
Adjust with dues of DAE 869.22 747.74
10109.50 8775.62
TOTAL 28892.00 29294.91
(Rupees in Lacs)
For the For the

SCHEDULE - 13 2009 2008
EMPLOYEE'S REMUNERATION & BENEFITS
Salaries & Wages 68237.28 32637.57
Bonus / Incentives 2324.46 2686.17
Contribution to Provident and other funds 4770.82 2414.29
Gratuity & Leave Encashment 13614.16 1886.25
Staff Welfare expenses 14915.77 6840.02
Expenditure during Construction (Sch.6A) 33418.89 9696.74
Schedule 6 1854.88 0.00
39603.04 11735.54
TOTAL 64259.45 34728.76

(Rupees in Lacs)
For the For the

SCHEDULE - 14 2009 2008
ADMINISTRATION AND OTHER EXPENSES
Rent 139.68 115.53
Travelling and Conveyance expenses 1459.87 1619.64
Printing and Stationery 578.97 729.24
Electricity and Water Charges - Township 1394.64 1488.98
Loss on sale of fixed asset 54.45 75.43
Advertisement Expenses 240.35 466.80
Rebates/ Discount 6826.36 7926.15
Research and Development Expenditure 1989.32 748.33
Other Expenses 15450.37 12354.92
Security Expenses 5553.66 3093.45
Bad debts / Advances written off 0.53 0.00
28618.48
PROVISIONS :
- for loss/Obsolete Stocks 4.01 168.20
- for doubtful debts 0.83 1.50
- for doubtful advances 56.21 0.00
61.05 169.71
33749.25 28788.17
Expenditure during Construction (Sch. 6A) 9968.93 12603.34
CWIP (Sch. 6) 327.22 52.99
11434.37 13621.05
TOTAL 22314.88 15167.12
(Rupees in Lacs)
For the For the

SCHEDULE - 15 2009 2008
PRIOR PERIOD ADJUSTMENTS
DEBITS
Stores and Spares 10.12 0.21
Interest 250.60 0.42
Salaries and Wages & Contribution 0.00 1.81
Repairs & Maintenance 8.17 21.94
Rebate/Discount on prompt payments 0.00 11.98
Miscellaneous 1097.84 32.18
Less : Transferred to Expenditure during 33.54 0.00
Construction (Sch. 6A)
Schedule 8 (Due From DAE) 4.01 0.00
1423.56 1567.18
CREDITS
Fuel & Heavy Water 0.00 1342.48
Repairs & Maintenance 28.00 0.00
Miscellaneous 76.48 408.06
Interest 300.18 3.91
9812.87 1755.55
(8389.31) (188.37)
Less : Income Transferred to Sch. 6A 1.57 1.53
Schedule 8 (Due From DAE) 2.33 0.14
(3.90) (1.67)
TOTAL (8385.41) (190.04)

89
SCHEDULE 16 - SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING PART OF ACCOUNTS

1) Significant Accounting Policies
1.1 Basis of Accounting
The financial statements are prepared under historical cost convention, on an accrual basis and in accordance with
generally accepted accounting principles, accounting standards , relevant provisions of the Companies Act 1956 ,
Electricity(Supply) Act, 2003 and Atomic Energy Act, 1962 .
1.2 Inventories
Inventory consists of Operations & Maintenance (O&M) stores & spares which includes maintenance supplies,
consumables and loose tools awaiting use, to be consumed in the operations & maintenance process.
Spares which can be used only in connection with particular items of fixed assets & whose use is expected to be irregular
are considered as capital spares/Insurance Spares and capitalized as Fixed Assets .
Stores & spares are valued at cost or engineers estimate (where costs are not ascertainable). 'Costs' include' cost of
purchase' and 'cost of conversion', including incidentals like freight, octroi etc
Issue of stores & spares including inter unit transfer of stock and closing stocks are valued at monthly moving weighted average.
O&M stores & spares, including consumable stores and loose tools, are charged to revenue at the time of issue.
Non moving and slow moving items of inventory are subjected to continuous technical monitoring. Diminution in value
of obsolete and unserviceable stores and spares is ascertained on review and provided for.
1.3 Prior Period Items
Prior period items are incomes or expenses, which arise in the current period as a result of 'errors' or 'omissions' in the
financial statements prepared in earlier years. Effects of changes in estimates are not treated as omission or error.
1.4 Depreciation/Amortisation
Depreciation on fixed assets is provided on straight line method, on the capitalized cost, at the rates specified in
Schedule XIV of The Companies Act, 1956 except for Computers and Peripherals including Software.
Cost of Computers and Peripherals are depreciated on Straight line Method over a period of 5 years to the extent of 95%.
Individual Assets costing upto Rs. 5000/- are fully depreciated in the year of acquisition
Depreciation on assets added on or after April 1, 2004 is provided on prorata basis with reference to the date of addition.
Assets added prior to April 1, 2004 were depreciated with effect from start of subsequent financial year.
Assets acquired on lease are depreciated at the respective rate of depreciation applicable to asset or written off over lease
period - whichever is higher. Leasehold land is amortised over the period of lease.
1.5 Revenue Recoginition
Revenue is recognized on accrual basis and when its collection or receipt is reasonably certain.
1.5.1 Sale of Electrical Energy
Revenue on sale of electrical energy is recognized net of levies and is on the basis of the net units exported to
beneficiaries at tariff notified by DAE. In cases where tariff is not notified, the same is recognized in Accounts at
provisional tariff subject to final notification of tariff.
In case the Power Purchase Agreement with any beneficiaries has expired, pending renewal of the same, rebates are
accounted for in accordance with the old Power Purchase Agreement.
1.5.2 Consultancy Income
Income from consultancy services is accounted for on the basis of actual progress/technical assessment of work executed
in line with the terms of respective consultancy contracts.
1.5.3 Sale of scrap is accounted for as & when the sale is completed.
1.5.4 Liquidated Damages
Liquidated damages recovered from suppliers/contractors are recognized as income at the time of final settlement. Till
such time they are shown under liabilities.
1.6 Fixed Assets
Fixed assets taken over from the Department of Atomic Energy (DAE), Government of India (GOI), are recorded at the
cost available from records of DAE or Engineers estimates - where ever costs are not ascertainable.
All fixed assets acquired/constructed by the Corporation thereafter are capitalized at cost of acquisition/
construction/fabrication/erection or on engineers' estimates where ever the actual cost is not available.
The cost of fixed asset comprises its purchase price and any attributable costs of bringing the asset to its working
condition for its intended use.

Item(s) retired from active use and held for disposal, is stated at its 'net book value or net realizable value, which ever is
lower'.
Assets acquired on lease: Lease premium paid and other costs incurred for acquiring lease rights of assets, is treated
as cost of the lease hold asset.
For Joint Ownership : Wherever ownership is available, such assets are capitalized
In case of receipt of Contribution : at cost, net of contribution from other parties
In case of payment of Contribution : at Contribution so paid to other parties.
Wherever Ownership is not available, payments made are treated as revenue expenditure and charged to the Profit &
loss account.
1.7 Capital Work-in-Progress
Capital work in progress (CWIP) includes all expenditure for acquisition and construction of assets. Such expenditure
includes cost of preparing project report, conducting feasibility study, land survey and location study etc. CWIP also
includes all direct incidental expenditure during construction (EDC). All common costs are allocated on a rational
basis. EDC is allocated on prorata basis to the assets capitalized on commencement of commercial operation.
Major Renovation, modernization and Up gradation of Units at Stations needing long shut down resulting in increased
efficiency of the unit are considered as projects.
All direct expenditure during such major renovation, modernization & upgradation is considered as 'CWIP' and
capitalized on its completion.
1.8 Reserves and Surplus:
Levy collected from beneficiary for decommissioning of power plants is credited to decommissioning fund
account.Amounts appropriated from Research & Development Fund (R&D fund) and Renovation & Modernisation Fund
(R&M fund) towards capital expenditure is transferred from these funds to Capital Reserve and attributable amounts
towards depreciation & revenue expenditure is transferred from R&D fund to Profit & Loss Account. Interest earned on
respective fund investments and income tax paid are also adjusted in the said funds.
1.9 Foreign Exchange Transactions
Foreign currency transactions are initially recorded at rates of exchange ruling at the date of transaction.
At Balance Sheet date, foreign exchange monetary items are reported using the closing rate. Non-monetary items
denominated in foreign currency are reported at the exchange rate ruling on the date of transaction. Exchange
differences are recognized in the period in which they arise.
1.10 Investments
Long term Investments are stated at cost after deducting provision, if any made for permanent diminution in the values.
Current Investments are stated at lower of cost and market/fair value.
1.11 Employee Benefits
1.11.(i)DAE/GOI Employees
Leave salary, pension contribution and Provident Fund contributions in respect of employees on deputation from
DAE/GOI are paid to DAE/GOI in accordance with the norms prescribed by DAE/GOI .
Pension contribution in respect of employees who have opted for combined pension, is paid to DAE/GOI, in accordance
with the norms prescribed by DAE/GOI.
1.11.(ii)Corporation Employees
Contribution to Provident Fund is defined contribution scheme and contributions are charged to Profit & Loss Account
of the year when the contribution to the fund are due.
Liability on account of gratuity and long term earned leave are defined benefit obligations and are determined on the
basis of actuarial valuation made at the end of each financial year and provided for in the books of accounts. Leaves
encashed during the year are charged to Profit & Loss Account.
Actuarial gains/losses are recognized in the profit and loss account.
Provision for ex-gratia is made as per orders of Govt. of India. Incentives are provided as per the schemes adopted by the
Corporation, as applicable from time to time.
1.12 Borrowing Costs
Borrowing cost includes interest, commitment charges, brokerage, underwriting costs, discounts/ premiums,
financing charges, exchange difference to the extent they are regarded as interest costs and all ancillary /incidental
costs incurred in connection with the arrangement of borrowing.
Borrowing costs which are directly attributable to acquisition/construction of a fixed asset, are capitalized as a part of
cost pertaining to that asset. Other borrowing costs are considered as an expenditure in the period in which these are
incurred and are charged to Profit & Loss account or EDC - as the case may be.

91
1.13 Taxation
Tax expense comprises of current, deferred and fringe benefit tax and are charged to the profit and loss account of the year.
Provision for current tax is made on the basis of estimated taxable income for the current accounting year in accordance
with the Income Tax Act. 1961
The deferred tax is recognized on timing differences between the book profit and taxable profit for the year. It is
accounted for by applying the tax rates and the tax laws that have been enacted or substantively enacted as on the
balance sheet date. Deferred tax assets arising from timing differences are recognized to the extent there is reasonable
certainty that the assets can be realized in future.
Deferred tax assets in case of unabsorbed losses and unabsorbed depreciation are recognized only if there is virtual
certainty that such deferred tax asset can be realized against future taxable profits.
Fringe Benefit Tax is provided in accordance with the provisions of the Income Tax Act, 1961.
1.14 Intangible Assets
Software which is not an integral part of related hardware, is treated as intangible asset and is depreciated on straight line
method over a period of five years or its licence period, whichever is less.
Revenue expenditure on research & development (R&D) is charged to profit & loss account in the year the expenditure is
incurred. Expenditure on acquisition of fixed assets for R&D is included in fixed assets and depreciation thereon is
provided as applicable.
1.15 Provisions , Contingent Assets and Contingent Liabilities
Contingent Liabilities in respect of show cause notices received are considered only when they are converted into
demands.
Contingent Liabilities under various fiscal laws include those in respect of which the Corporation/ Department is in
appeal.
Contingent Assets are neither recognized, nor disclosed.
Provisions and Contingent liabilities are reviewed at each Balance sheet date and adjusted to reflect the current
management estimate.
1.16 Allocation of Head Office Expenditure
Identifiable expenses of Head Office are directly transferred to the respective locations. Expenditure incurred for
rendering services for project related activities are allocated to the Projects, and expenditure incurred for rendering
services for station related activities are allocated to the Stations.
The amount of Head Office expenditure allocated to projects are distributed to various projects in the ratio of annual
capital outlay. The Head Office expenditure to be allocated to stations are distributed to various stations in the ratio of
annual net sale of electrical energy.
Unidentifiable expenses are charged to Profit & Loss account.
2) Notes forming part of Accounts
2.1 Estimated amount of Contracts remaining to be executed on capital Account (net of advances) Rs.268430.57 lacs
(Previous year Rs.235043.48 lacs)
2.2 Contingent Liabilities not provided for
S r. Particulars 2008-09 2007-08

No. (Rs. in lacs) (Rs. in lacs)
I) Claims against the Corporation not acknowledged 13433.79 12998.94

as debts
Ii) Sales tax/ Entry Tax Demands contested in Appeals 352.36 558.66
(Amount paid under protest Rs.259.03 lacs,
Previous year Rs.259.03 lacs. Provided for in the
books of account Nil Previous year Rs.21.69 lacs)
Iii) Unexpired value of Letters of Credits/ Bank

Guarantees given on behalf of corporation 923.46 3583.84
Iv) Income-tax demands contested in appeals net of

provisions (Amount paid under protest Rs. 18134.20 18285.98 21923.23
lacs, Previous year Rs.21923.23 lacs)
In the opinion of management, the aforesaid contingent liabilities relating to income-tax demands, if eventually arise on
the corporation, would be claimed from the beneficiaries.

Amount payable to Project Affected People on rehabilitation at Tarapur Maharastra Site (TMS) has been paid and provided in
respect of demands received till date, as per court orders. In view of pending court cases, the future liability is unascertainable.
Claims under point (i) above includes notice received from Maharashtra Pollution Control Board (MPCB) by TMS for
payment of Cess under Water Cess Act, 1977 amounting to Rs2,078.98 lacs (Previous year Rs.2078.98 lacs) disputed by
TMS before the Cess Appellate Committee of MPCB.
Contingent liability on account of water cess in respect of Rajasthan Atomic Power Station (RAPS 2) for the period from
01.04.1984 to 12.03.2003 has been contested and is pending with Rajasthan High Court, Jaipur. In the absence of data
for consumption of water for the said period the amount of liability is not ascertainable.
2.3 Unsecured Loans
DAE loan (Russian credit) represents funds provided by DAE to deposit with Controller of Aid Accounts & Audit (CAA&A)
for repayment of credit extended by Government of Russian Federation to Government of India, repayable after
moratorium period and utilised by the Corporation for payments to Russian exporters in terms of various contracts
entered into with M/ s Atomstroyexport to set up two units of 1000 Mwe each at Kudankulam, with an understanding
that exchange fluctuation on repayment of the credit by GOI shall be on account of the Corporation.
2.4 Fixed Assets
2.4.1 Gross Block of Fixed Assets and related Accumulated Depreciation include:
Value of assets taken over from DAE are accounted at their original cost and related accumulated depreciation based on
its classification.
2.4.2 Land
2.4.2.i Land includes cost incurred on its development.
2.4.2.ii Title deed of land owned by TMS remains in name of erstwhile Tarapur Atomic Power Project.
2.4.2.iiiLand at Rawatbhata Rajasthan Site (RRS) includes :
a) 267.21 hectares of Revenue Department & Private land acquired for which title (Jamabandi) is available;
and does not include:
a) 393.58 hectares of Forest and Revenue Department land acquired on the condition that its legal status would
remain unchanged;
b) 983.40 hectares of forest land taken on notional rent of Re1 per annum.
2.4.3 Buildings include
2.4.3.i Lease premium in respect of premises taken on long lease at various places;
2.4.3.ii Proportionate cost in respect of buildings constructed on the land belonging to DAE & others, as per the respective
arrangements/ understandings;
2.4.3iii Buildings Constructed on Land belonging to DAE as per respective arrangements/ undertakings.
2.5 Capital Work-in-Progress (CWIP)
2.5.i Pursuant to withdrawal of Guidance Note on accounting of Incidental Expenditure during Construction Period by the
Institute of Chartered Accountants of India, the Corporation has changed its Accounting Policy of allocating incidental
expenditure during construction/ long shut down period. Had this change not taken place profit would have been
lower by Rs. 419.39 lacs.
2.5.ii CWIP of Contracts & Materials Management division (C&MM) includes (i) materials lying with fabricators amounting to
2232.11 lacs (Previous year Rs3160.99 lacs) and (ii) advances amounting to Rs26850.66 lacs (Previous year Rs39817.65
lacs). Balances in Advances are predominantly supply/ stage payments made to Suppliers/ fabricators against dispatch
documents or against materials received by sites/ units and under inspection or delivered to fabricators for further
processing, which are in the process of adjustment/ reconciliation. In the opinion of the management, stagnancy in
respect of such advances is periodically reviewed and provisions required, if any is accordingly made.
2.5.iii CWIP at Kudankulam includes loss on Foreign Exchange Rate fluctuation amounting to Rs 124702.47 lacs (Previous
Year: gain of Rs 35505.91 lacs).
2.5.iv Other Expenses in EDC at Kudankulam includes gain due to Foreign Exchange Rate Fluctuation amounting to Rs 4.03
lacs (Previous Year loss of Rs1.48 lacs).
2.6 Inventories
As per Technical appraisal made by the management, it is of the opinion that slow moving and non moving inventory
lying with the Corporation as at the year-end are serviceable and in good condition.
The management affirms correct identification of Shortage/ obsolescence of stores, spares and capital inventories
which are non-moving/ slow moving, in view of technical reasons and provided for.
Inventory is net of Rs. 1519 lacs held on behalf of DAE in respect of RAPS-1 as a custodian.

93
2.7 Vide Notification no. DAE/OM/No.-3/10(17)/87-PP dated December 22, 1988, the Corporation is collecting levy from
beneficiaries for Decommissioning of power plants, on behalf of DAE and the levy is credited to Decommissioning Fund
account, as required by the said notifications. Interest earned on the said fund investments & income tax paid are also
adjusted in the said fund.
2.8 During the year Decommissioning Fund levy aggregating to Rs.2556.97 lacs (Previous year Rs.2861.02 lacs) has been
collected on the basis of net units exported to the beneficiaries & others, at tariffs notified by DAE.
2.9 Investments include Bonds received from various beneficiaries in the form of RBI securitised 8.5% tax free and taxable
bonds/ long term advance against Debtors outstanding on Sale of Power upto September 2001, in accordance with the
recommendations of Ahluwalia Committee.
2.10 Sales and Expenditure During Construction include Internal Consumption of Power for Projects amounting to
Rs.1327.38 lacs (Previous Year Rs801.39 lacs) which is considered at cost of generation.
2.11.a Debtors at NAPS include Rs7733 lacs (previous year Rs.7733 lacs) recoverable from Delhi Electric Supply Undertaking
(DESU) which is more than 3 years old. These dues have been confirmed by the Ministry of Power, hence being fully
recoverable, no provision is required to be made.
2.11.b Debtors at head office include Rs. 62.77 lacs (Previous Year Rs.30.21 lacs) recoverable from Bhartiya Nabhikiya Vidyut
Nigam Limited (BHAVINI), a company under the same management.
2.11.c.i.Balance shown under accounts recoverable/payable from/to DAE and Government Bodies are subject to confirmation
and consequent adjustments, if any.
2.11.c.ii.Debtors includes Rs.3941.30 lacs billed for Income Tax and Fringe Benefit Tax not acknowledged as due by the
beneficiaries.
2.11.c.iii.Deposit with Government Departments/ Public Bodies and State Electricity Boards lying at Head Office includes Rs24
lacs paid for construction of 100 flats against arbitration award, is pending approval in High Court and is subject to
confirmation.
2.11.d Consequent upon issue of demand note by Pollution Control Board during the year in respect of RAPS 3&4 w.e.f. 13.03.2003
an expenditure of Rs.128.46 lacs has been booked in the Books of Accounts. As the revised notification was applicable for all
the industries from the year 2003 a liability of Rs.1066.77 lacs has been provided in the Books of Accounts up to 31.03.2009 in
respect of RAPS-2 whereas the liability of Rs.568.44 lacs prior to 2003 was withdrawn from the provisions.
2.12 Disclosure in relation to Gratuity and Earned leave (AS -15):
Gratuity Leave Encashment

As on As on
31st March, 31st March, 31st March, 31st March,
2009 2008 2009 2008
I Assumptions
Mortality LIC(1994-96)Ult LIC(1994-96)Ult LIC(1994-96)Ult LIC(1994-96)Ult
Discount Rate 8.00% 7.50% 8.00% 7.50%
Rate of increase in compensation 6.00% 4.00% 6.00% 4.00%
Rate of return (expected) on plan assets - - - -
Withdrawal rates 0.80% 0.80% 0.80% 0.80%
Expected average remaining service 18.03 years 18.15 years 17.48 years 17.48 years
II Changes in present value of obligations Rs. Rs. Rs. Rs.

PVO at beginning of period 854,423,089 831,383,713 643,684,566 579,083,538
Interest cost 62,048,515 61,096,381 46,740,430 42,350,190
Current Service Cost 149,487,402 75,547,886 111,855,825 75,757,622
Benefits paid (54,219,119) (33,530,609) (40,957,671) (28,828,685)
Actuarial (gain)/loss on obligation 650,115,619 (80,074,282) 198,212,974 (24,678,099)
PVO at end of period 1,661,855,506 854,423,089 959,536,124 643,684,566
III Changes in fair value of plan assets

Fair Value of Plan Assets at
beginning of period - - - -
Expected Return on Plan Assets - - - -
Contributions 54,219,119 33,530609 40,957,671 28,828,685
Benefits paid (54,219,119) 33,530,609) (40,957,671) (28,828,685)
Actuarial gain/(loss) on plan assets - -
- -
Fair Value of Plan Assets at end of - -
- -
Period

Gratuity Leave Encashment

As on As on
31st March, 31st March, 31st March, 31st March,
2009 2008 2009 2008
IV Fair Value of Plan Assets Rs. Rs. Rs. Rs.
Fair Value of Plan Assets at
beginning of period - - - -
Actual Return on Plan Asset - - - -
Contributions 54,219,119 33,530,609 40,957,671 28,828,685
Benefit paid (54,219,119) (33,530,609) (40,957,671) (28,828,685)
Fair Value of Plan Assets at end of
Period - - - -
Funded Status (1,661,855,506) (854,423,089) (959,536,124) (643,684,566)
Excess of actual over estimated - - - -
return on Plan Assets
V Actuarial Gain/(Loss) Recognized

Actuarial Gain/(Loss) for the period (Obligation) (650,115,619) 80,074,282 (198,212,974) 24,678,099
Actuarial Gain/(Loss) for the period (Plan Assets) - - - -
Total Gain/(Loss) for the period (650,115,619) 80,074,282 (198,212,974) 24,678,099
Actuarial Gain/(Loss) recognized for the period (650,115,619) 80,074,282 (198,212,974) 24,678,099
Unrecognized Actuarial Gain/(Loss) at end of
period - - - -
VI Amounts to be recognized in the balance

sheet and Statement of profit & loss account
PVO at end of period 1,661,855,506 854,423,089 959,536,124 643,684,566
Fair Value of Plan Assets at end of period - - - -
Funded Status
(1,661,855506) (854,423,089) (959,536,124) (643,684,566)
Unrecognized Actuarial Gain/(Loss)
Net Asset/(Liability) recognized in the balance - - - -
sheet (1,661,855506) (854,423,089) (959,536,124) (643,684,566)
VII Expense recognized in the statement of

P&L A/C
Current Service Cost 149,487,402 75,547,886 111,855,825 75,757,622
Interest Cost 62,048,515 61,096,381 46,740,430 42,350,190
Expected Return on Plan Assets - - - -
Net Actuarial (Gain)/Loss recognized for the
period 650,115,619 (80,074,282) 198,212,974 (24,678,099)
Expense recognized in the statement of
P&L A/C 861,651,536 56,569,985 356,809,229 93,429,713
VIII Movements in the liability recognized in

Balance Sheet
Opening Net Liability # 854,423,089 831,383,713 643,684,566 579,083,538
Expenses as above 861,651,536 56,569,985 356,809,229 93,429,713
Benefits paid (54,219,119) (33,530,609) (40,957,671) (28,828,685)
Closing Net Liability # 1,661,855,506 854,423,089 959,536,124 643,684,566
# Besides above the Corporation has also recognized expense (net) of Rs.240.28 lacs (upto previous year Rs. 144.69 lacs)
and Rs. 57.96 lacs (upto previous year Rs.56.96 lacs) towards gratuity and leave encashment respectively in respect of
NPCIL employees on deputation. Closing actuarial liability in respect of such employees works out to Rs. 264.16 lacs
(Previous year Rs. 151.73 lacs) and Rs. 104.43 lacs (Previous year Rs. 70.45 lacs) for Gratuity and Leave encashment
respectively accounted for in books.
2.13 The operation of the corporation of generation of electricity is considered as a single segment, which operates in one
geographical segment; hence Segment Reporting as required under Accounting Standard (AS)-17 is not applicable.

95
2.14 Related Parties Disclosure (AS 18)
a) Related Parties
Key Management Personnel
i) Dr. Shreyans Kumar Jain Chairman & Managing Director
ii) Shri S.A. Bhardwaj Director, Technical
iii) Shri J.K. Ghai Director, Finance
iv) Shri G. Nageswara Rao Director, Operations
b) Transactions with the related parties as per books of accounts

Remuneration to Key Management Personnel is Rs.61.67 lacs (Previous year Rs.34.16 lacs) and amount of dues
outstanding to the Corporation as on 31st March, 2009 is Rs.2.20 lacs (Previous year Rs.2.35 lacs)
2.15 Disclosure in respect of Accounting Standard 20: Earnings per Share
Earnings per share (EPS)Basic and Diluted (after tax) is calculated as under:
Year Numerator Net Profit Denominator Weighted Nominal Value Earning Per Share (Rs)
as per Profit and Loss Average number of equity of shares (Rs.)
Account (Amount in lacs) shares outstanding
2008-09 44128.40 101453327 1000 43.50
2007-08 107849.62 101453327 1000 106.30
2.16 The item wise details of deferred tax liability (net) are as under:
(Rupees in Lacs)
31.3.2009 31.3.2008
Deferred Tax Liability
i) Difference of book depreciation and tax 186873.17 175800.20

depreciation
Iii) Provisions & other disallowances (8207.48) (5534.40)
Deferred Tax Liability 178665.69 170265.80
The net increase in deferred tax liability is Rs. 8399.89 lacs and the same is recoverable from the beneficiaries on
becoming part of Current tax.
2.17 As stipulated in AS-28 Impairment of Assets, the Corporation assessed potential generation of economic benefits from its
business units and is of the view that assets employed in continuing businesses are capable of generating adequate
returns over their useful lives in the usual course of business, there is no indication to the contrary and accordingly the
management is of the view that no impairment provision is called for in these accounts
2.18 Disclosure of provision as required under AS-29 Provisions Contingent Liabilities and Contingent Assets:
(Rupees in Lacs)
Sl No Nature of Provision Provision Provision Provision Provision
provision & expected outstanding made utilised reversed outstanding
time of outflow at the beginning during during the year at the end
of the year the year the year of the year
1. Income Tax 72411.12 3291.36 41359.73 - 34342.75
2. Fringe Benefit Tax 1638.72 608.43 1638.72 - 608.43
3. Wealth Tax 1.00 49.05 24.05 - 26.00
4. Proposed Dividend 2353.66 3238.52 2353.66 - 3238.52
5. Tax on Proposed Dividend 401.44 550.39 401.44 - 550.39
6. Gratuity 8688.92 9244.93 1075.02 - 16858.83
7. Leave Encashment 6493.81 4343.70 1184.19 - 9653.33

2.19 Foreign Currency exposures not hedged as on 31st March, 2009: $ 11900.76 lacs (Previous Year $ 11085.04 lacs).
2.20 Details of Dues to Micro enterprises and Small enterprises *
31st March, 31st March,

2009 2008
Rs. In Lacs Rs. In Lacs
1) The principal amount and the interest due thereon (to be shown separately) 25.55 13.14
remaining unpaid to any supplier as at the end of the accounting year (No
amount is due for more than 45 days).
2) The amount of interest paid by the buyer in terms of Section 16 of the Micro Nil Nil
Small and Medium Enterprise Development Act, 2006,alongwith the amounts
of the payment made to the supplier beyond appointed day during the
accounting year
3) The amount of interest due and payable for the period of delay in making Nil Nil
payment (which have been paid but beyond the appointed day during the year)
but without adding the interest specified under Micro Small and Medium
Enterprise Development Act, 2006
4) The amount of interest accrued and remaining unpaid at the end of the Nil Nil
accounting year
5) The amount of further interest remaining due and payable even in the Nil
succeeding years. Until such date when the interest dues as above are actually Nil
paid to the small enterprise for the purpose of Disallowance as a deductible
expenditure under Section 23 of the Micro Small and Medium Enterprise
Development Act, 2006
* To the extent information available with the corporation.

2.21 Pursuant to implementation of recommendations of Sixth Pay commission by the Corporation during the year effective from
01/01/2006, pay arrears have been accounted for during the current year. Employees Remuneration & Benefits and Security Expenses
includes Rs. 21988.95 lacs and Rs. 698.18 lacs_respectively (aggregating to Rs.22687.13 lacs) towards the additional liability of Pay
arrears for the Period from 1.1.2006 to 31.3.2008 accounted for during the current year. The said amount of Rs.22687.13 lacs is net off
Rs. 6318.14 lacs allocated to capital works & Rs.1459.41 lacs recovered from DAE for the same period. This additional liability for the
earlier period accounted for during the year has the impact of reducing the current year's profit by Rs.22687.13 lacs.
2.22 Heavy Water Lease Charges paid for EMCCR (Long Shut Down) period of the Projects shall be made part of the capital cost incurred for
EMCCR for the purpose of fixation of revised tariff. Accordingly, the lease charges so paid are considered as recoverable.
2.23 Income tax demanded by Income Tax Department on levies collected from beneficiaries for Decommissioning, Renovation &
Modernisation and Research & Development Fund and also on interest earned on respective fund investments is appropriated from
the respective Fund. However the Corporation has disputed such demand before the appropriate Appellate Authority under Income
Tax Act, 1961.
2.24 Advance Income tax of Rs.20877.17 lacs (previous year Rs10220.92 lacs) is net of provisions made for Income tax Rs. 36589.90 lacs
(previous year Rs.74050.84 lacs).
2.25 In the opinion of the Management, the value on realisation of current assets, loans and advances in the ordinary course of business will
not be less than the amount at which these are stated and provision for all known liabilities is adequate and not in excess than
reasonably necessary
2.26 Expenditure in foreign currency (on Payment Basis) (Rupees in Lacs)
2008-09 2007-08
i) Project related payments including Kudankulam (KK) Project (Net of Tax) 17155.28 7924.32
ii) Other matters (Traveling, subscription to books, periodicals, membership fee, etc) 592.70 2117.30
2.27 Receipts in foreign currency

(Rupees in Lacs)
2008-09 2007-08
i) Guest House Receipt (at KK Project) 8.63 7.83

97
2.28 Managerial Remuneration Paid/ Payable to Managing Director & Whole Time Directors
(Rupees in Lacs)
2008-09 2007-08
i) Salaries, Bonus and allowances 57.90 30.91

ii) Contribution to Provident Fund/Pension 6.81 3.25
2.29 Remuneration to Auditors(Rs in lacs)

(Rupees in Lacs)
2008-09 2007-08
1) Audit Fees:
To Statutory Auditors 7.50 7.50
To Branch Auditors 8.20 8.20
ii) Tax Audit Fees
To Statutory Auditors 3.23 2.84
To Branch Auditors 4.21 3.44
iii) As expenses:
Paid to Statutory Auditors 4.57 1.64
Paid to Branch Auditors 1.38 0.59
iv) Certification Fees:
Paid to Statutory Auditors & Branch Auditors 4.22 4.18
2.30.i Licensed and Installed Capacities
Nuclear Energy Wind Energy
a) Licensed capacity Not applicable Not applicable

b) Installed capacity 4020 Mwe 10 Mwe
(Commercial units) (Previous year 4020 Mwe) (Previous year 10 Mwe)
2.30.ii Quantitative information in respect of Generation and Sales of Electricity

(Rupees in Lacs)
Electricity Nuclear Energy Wind Energy
Generation 2008-09 14,920.67 23.00

(In Millions KWh) 2007-08 16,964.02 22.74
(Includes Pre-commercial)
Sales 2008-09 12,833.96 22.62
(In Millions KWh) 2007-08 14,604.17 22.74
(Includes Pre-commercial)
Rupees in lacs 2008-09 2,96,695.44 656.05
2007-08 3,32,717.94 665.10
(Rupees in Lacs)
2008-09 2007-08
2.31 Value of imports calculated on CIF basis 89381.69 194238.76
2.32 The break up between (i) Components and spare parts and (ii) Capital goods, being confidential in nature, has not been
disclosed
2.33 The information regarding value of imported spare parts and components consumed and value of all indigenous spare
parts and components consumed and percentage of each to the total consumption being confidential in nature, in the
opinion of the management, has not been disclosed as per DAE Order No. AEA/18/i/89-ER/3345 dated
November 22, 1989

2.34 Advances includes Rs.2.24 lacs (Previous Year: Rs.2.35 lacs) due from Directors and Officers with a maximum balance
during the year of Rs.5.90 lacs (Previous Year: Rs.5.97 lacs).
2.35 Figures of previous year have been regrouped and rearranged wherever considered necessary to make them
comparable with the current year's figures.
2.36 The amount in the Balance Sheet and Profit and Loss Account are rounded off to the nearest thousand and indicated in
lacs of rupees
2.37 Schedules 1 to 16 to the Balance Sheet and Profit and Loss Account form an integral part of these Accounts
In terms of our report of even date attached For and on behalf of Board of Directors
For KALANI & COMPANY Nuclear Power Corporation of India Ltd.
Chartered Accountants
(K. L. JHANWAR) (SRIKAR R. PAI) (JAGDEEP GHAI) ( S. K. JAIN)

Partner Company Secretary Director (Finance) Chairman & Managing Director
(Membership No: 14080)
Place: Mumbai.
Dated: May 8, 2009

99
BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE

STATEMENT PURSUANT OF PART IV OF SCHEDULE VI TO THE COMPANIES ACT, 1956
I. Registration Details
Registration No L 4 0 1 0 4 M H 1 9 8 7 G O I 1 4 9 4 5 8
State Code 1 1 Balance Sheet Date 3 1 0 3 2 0 0 9
II. Capital Raised During the Year
Public Issue N I L Rights Issue N I L
Bonus Issue N I L Private Placement
Equity N I L
Preference N I L
Issued to Government N I L
III. Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)
Total Liabilities 3 6 6 6 3 3 3 0 5 Total Assets 3 6 6 6 3 3 3 0 5

Sources of Funds
Paid up Capital * 1 0 1 4 5 3 3 2 7 Reserves and Surplus 1 2 4 9 8 7 8 1 7
Secured Loans 6 5 6 3 0 0 0 0 Unsecured Loans 7 4 5 6 2 1 6 1

Application of Funds
Net Fixed Assets (including 2 8 0 7 7 8 8 8 9 Investments 2 7 3 2 6 2 6 4

Capital Work in Progress)
Net Current Assets 5 8 5 2 8 1 5 1 Misc. Expenditure 0 0

Accumulated Losses N I L
IV. Performance of the Company (Amount in Rs. Thousands)
Turnover (Gross Revenue) 3 8 0 1 4 8 0 7 Total Expenditure 3 4 0 4 5 6 2 4

Profit/Loss Before Tax + 4 8 0 7 7 2 4 Profit/Loss After Tax + 4 4 1 2 8 4 0
Earning per Share in Rs.** 4 3 . 5 0 Dividend %** 1 . 3 0
** On Pro-rata basis
V. Generic Principal Services of the Company(as per monetary terms)
Item Code No. N I L
Product Description G E N E R A T I O N O F P O W E R
For and on behalf of Board of Directors

(SRIKAR R. PAI) (JAGDEEP GHAI) (S.K. JAIN)

Company Secretary Director (Finance) Chairman & Managing Director

CASH FLOW STATEMENT
For the period ended on 31, March 2009
(Rupees in Lacs)
PARTICULARS 2008-09 2007-08

A) CASH FLOW FROM OPERATING ACTIVITIES:-
Net Profit before tax and extraordinary items 48,077.24 120,501.36
Adjustments for :
Add: (a) Depreciation 70,608.52 73,378.65
(b) Prov. For Obsolete stock (22.67) (664.87)
(c) Prov. For doubtful debts 0.83 (17.14)
(d) Prov. For doubtful advances (4.46) (186.30)
(e) Prov. For Gratuity 8,169.91 388.49
(f) Prov. For Leave encashment 3,159.52 727.13
(g) Loss on sale of fixed assets 54.46 75.43
(h) Write off of adv. debited to misc exp 0.53 -
(j) Provision for Taxation - -
(i) Prior Period depreciation (9,313.83) 1,497.54
(l) Total Tax Reibursement - 72,652.81 - 75,198.93
120,730.05 195,700.29
Less: (a) Prov. No longer required 399.87 3,025.24
(b) Profit on sale of fixed assets 119.26 42.14
(c) Transfer from R & D 1,989.32 2,508.45 - 3,067.38
Operating Profit before Working Capital Changes 118,221.60 192,632.91
Adjustments for :
Decrease/(Increase) in Debtors (7,716.56) 15,607.35
Decrease /(Increase) in Inventories (1,642.66) (681.85)
Decrease/(Increase) in Other Current Assets 5,742.97 (8,888.09)
Decrease/(Increase) in Loans & Advances (10,936.20) 31,345.45
Increase/(Decrease) in Current liabilities 16,339.26 5,735.65 (15,329.78) 22,053.08
CASH GENERATED FROM OPERATION 123,957.25 214,685.99

Add: Tax Reimbursement by SEBs - -
123,957.25 214,685.99
Less : Taxes Paid 5,531.25 10,981.54
NET CASH FROM OPERATING ACTIVITIES 118,426.00 203,704.45
B) CASH FLOW FROM INVESTING ACTIVITIES

Purchase of Fixed Assets (20,595.99) (156,324.27)
Sale of Fixed Assets 5,553.00 1,770.46
Investments(Net) 17,508.33 6,827.15
Interest on Earmarked Funds 8,374.40 8,834.08
Taxes paid on earnmarked funds (1,732.70) (5,808.16)
Levies 2,556.97 2,861.02
Capital Work in Progress & Advances (347,352.82) (2,802.17)
Heavy Water Lease charges Recoverable (8,450.89) (9,898.01)
NET CASH (USED IN) / FROM INVESTING ACTIVITIES (344,139.70) (154,539.90)
C) CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from issue of Equity share capital - -
Loan from banks and Russian credit (Sch 3 & 4) 193,330.48 48,742.08
Repayment of bonds (12,400.00) (16,509.40)
Interim Dividend for current year
(including tax thereon) (11,699.50) (35,098.50)
Final Dividend Paid for previous year (inc
luding tax thereon) (2,755.10) (20,033.47)
NET CASH (USED IN) / FROM FINANCING ACTIVITIES 166,475.88 (22,899.29)
Net (Decrease)/Increase in cash and

cash equivalents (A+B+C) (59,237.82) 26,265.26
Cash & Cash equivalents as at the commencement
Of the year 578,750.47 552,485.21
Cash & Cash equivalents as at the close
Of the year 519,512.65 578,750.47
Cash & cash equivalents consists of cash & cheques on hands, balances with banks including for earmarked funds and Short Term
Investment. Previous year figures have been regrouped/rearranged wherever found necessary.
In terms of our Audit report of even date attached
FOR KALANI & COMPANY For and on behalf of Bord of Directors
(K.L. JHANWAR) (SRIKAR R. PAI) (JAGDEEP GHAI) ( S. K. JAIN)

Place : Mumbai
Date : May 8, 2009

101
Delivering a
NOTES

103
Delivering a
NOTES

Bhabha's Vision
A fusion of the creative human
intent with Nuclear fission.
design by dickenson
(A Government of India Enterprise)

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NUCLEAR POWER CORPORATION OF INDIA LIMITED

2009 - 4120 MWe

1999 - 1890 MWe

1989 - 1010 MWe

1979 - 470 MWe

1969 - 320 MWe

Homi Bhabha Birth Centenary Year: 30 October, 2008 - 30 October, 2009

Nuclear Power in India,

NPCIL, ably led by past and current visionaries,

NPCIL is now at an inflection point,

The future has started…

Kudankulam Nuclear Power Project

Tarapur Atomic Power Station 1 & 2

700 MWe Plant Layout

ANNUAL REPORT 2008-09

Tarapur Atomic Power Station 3 & 4

02 NUCLEAR POWER CORPORATION OF INDIA LIMITED

Corporate Office, NPCIL - Nabhikiya Urja Bhavan

ANNUAL REPORT 2008-09

HIS VISION, OUR MISSION

Dr. Anil Kakodkar, Chairman, Atomic Energy

Dr. Shreyans Kumar Jain, Chairman & Managing Director, NPCIL,

04 NUCLEAR POWER CORPORATION OF INDIA LIMITED

2X160 MWe (BWR)

2X1000 MWe (LWR)

BWR - Boiling Water Reactor

ANNUAL REPORT 2008-09

NUCLEAR POWER LANDSCAPE

Piercing the vast expanse of India

Tarapur Atomic Power Station

Rajasthan Atomic Power Station Madras Atomic Power Station

06 NUCLEAR POWER CORPORATION OF INDIA LIMITED

To develop nuclear power technology and to produce Nuclear Power as a

● To continue and strengthen Quality Assurance

● To develop personnel at all levels through an

● To continue and strengthen the environmental

● To continue and strengthen the public awareness

Narora Atomic Power Station Kakrapar Atomic Power Station

ANNUAL REPORT 2008-09

AWARDS AND ACHIEVEMENTS

TAPS-1&2 has been awarded AERB Fire Safety Award for

Rawatbhata Rajasthan Site (RR Site)

● RAPS-3&4 received the NPCIL award for “Excellent

08 NUCLEAR POWER CORPORATION OF INDIA LIMITED

Kaiga Generating Station (KGS)

ANNUAL REPORT 2008-09

NPCIL - the premier nuclear power OUR INTRINSIC STRENGTHS

international recognition. The

orbit of building large scale reactors 10000

of 700 MWe capacity. 5000

10 NUCLEAR POWER CORPORATION OF INDIA LIMITED

CONCRETING GROWTH DISTRIBUTION OF REVENUE

No Budgetary support from the Government of

SOURCES OF FUNDS ASSETS

ANNUAL REPORT 2008-09

12 NUCLEAR POWER CORPORATION OF INDIA LIMITED

ANNUAL REPORT 2008-09

14 NUCLEAR POWER CORPORATION OF INDIA LIMITED

V.C. AGRAWAL UMESH CHANDRA SUDHINDER THAKUR

ANNUAL REPORT 2008-09

Ladies and Gentlemen,

16 NUCLEAR POWER CORPORATION OF INDIA LIMITED