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DAM-L LS: S Kumars offers 49% of Maheshwar to FIs (fwd)

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Date: Fri, 23 Mar 2001 13:23:39 -0800 (PST)
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Subject: LS: S Kumars offers 49% of Maheshwar to FIs
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>http://www.timesofindia.com/today/23busi3.htm
>
>                 S Kumars offers 49% stake of Maheshwar project to FIs
>
>                 NEW DELHI: After the exit of Ogden Energy of the US
>                 and German energy giants Bayernwerke and Vew
>                 Energie, SKumars group has now offered to the financial
>                 institutions 49 per cent stake in the Rs 2,254 crore
>                 Maheshwar hydel power project in Madhya Pradesh.
>
>                 ``We are talking to 3-4 institutions for a possible equity
>                 participation,'' SKumars' promoted Shree Maheshwar
>                 Hydel Power Corporation Ltd CEO Mukul Kasliwal
>                 said, but declined to reveal names of institutions the
>                 company was talking to.
>
>                 Industry sources said the Industrial Development Bank of
>                 India (IDBI), Industrial Finance Corporation of India
>                 (IFCI), Life Insurance Corporation (LIC) and General
>                 Insurance Corporation (GIC) have evinced interest in the
>                 400 MW project.
>
>                 Kasliwal also declined to comment if SKumars, which
>                 holds 51 per cent stake in the project, was in talks with
>                 equipment supplier Bharat Heavy Electricials Ltd
>                 (BHEL) for a stake in the project.
>
>                 Senior vice-president of the company Aloka Banerjee
>                 said:``We had submitted various proposals to the
>                 financial institutions. We are talking to 3-4 institutions for
>                 equity participation and one of them is likely to fructify
>                 shortly.''
>
>                 She said the project, which attained financial closure last
>                 year, was well on track and would be completed by
>                 2004. The project had tied-up Rs 1300 crore debt with
>                 IFCI, IDBI, State Bank of India, Power Finance
>                 Corporation, Bank of India, Bank of Baroda, Punjab
>                 National Bank and Central Bank of India through a mix
>                 of rupee term loans, foreign currency loans and
>                 guarantees, sources said.
>
>                 Though Maheshwar project had signed an escrow
>                 agreement with Madhya Pradesh Electricity Board
>                 (MPEB) covering sale of energy for 35 years, bifurcation
>                 of Madhya Pradesh may create some problems for the
>                 project, sources said.
>
>                 The escrow agreement although envisaged allocation of
>                 revenues from Ratlam, Mandsaur, Bilaspur and
>                 Ambikapur revenue districts in Madhya Pradesh, later
>                 with the creation of Chattisgarh, Bilaspur had gone to the
>                 new state.
>
>                 ``This is bound to create problems in the execution of the
>                 escrow agreement,'' sources said adding that operational
>                 escrow agreement was now being finalised with MPEB.
>
>                 Besides guaranteeing 16 per cent return on equity, the
>                 project also has a letter of credit from MPEB for an
>                 amount equivalent to 1.5 times the average estimated
>                 monthly billing, which would be re-instated 15 days after
>                 call, sources said.
>
>                 Maheshwar hydroelectric project is a `run-of-the-river'
>                 scheme which meant the natural flow of the river would
>                 be utilised to generate 400 mw of peaking power.
>
>                 It involves building of a 3420 meter long and 36 meter
>                 high composite dam. At the foot of the barrage a
>                 powerhouse comprising 10 turbine generator sets of 40
>                 mw each, are being constructed, they added.(PTI)


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