The Allahabad High Court judgment denying interim relief for power producers who sought to dilute the Reserve Bank of India’s (RBI) 12 February circular is a welcome step. The central bank’s 12 February circular directs lenders to start the resolution process for stressed assets from the first day of default; if banks fail to achieve this within 180 days, they have to refer the asset to bankruptcy court. ...
New Delhi: Sour loans of over $51 billion (Rs 1.74 trillion) to the powersector are likely to go to the insolvency courts after the Allahabad High Court ruling and government may be forced to float an asset reconstruction/management company (ARC/AMC) to deal with the issue, a foreign brokerage has said. Dashing the hope of independent power producers, the Allahabad High Court yesterday turned down their petit...
New Delhi: Sour loans of over $51 billion (Rs 1.74 trillion) to the powersector are likely to go to the insolvency courts after the Allahabad High Court ruling and government may be forced to float an asset reconstruction/management company (ARC/AMC) to deal with the issue, a foreign brokerage has said. Dashing the hope of independent power producers, the Allahabad High Court yesterday turned down their petit...
An aggressive Opposition on Tuesday cornered the government on the issue of amendments made in the power policy, which, they said, amounted to surrendering before the power producers lobby and virtually selling out the state’s interest. The resolution for discussing the amendments made in the State Power Policy was moved by Mukesh Agnihotri and Harshwardhan Chauhan under Rule 63 in the Vidhan Sabha. The Cong...
MUMBAI: The next 15 days could see power plants belonging to Jindal and telecom tower firm GTL and petrochemical maker JBF Industries heading to bankruptcycourts as the central bank-set deadline for resolution came to an end at midnight on Monday, but banks need not set aside more funds for these as they have already done so. Nearly 40 companies which have defaulted on loans of more than R...
New Delhi: In a rare move, the government has issued a direction to power regulator Central Electricity Regulatory Commission(CERC) to allow changes in any central or state government duties to be passed in electricity tariffs to consumers post bidding. The industry welcomed the government’s move and said it will expedite procedures, helping a big chunk of power projects stuck due to...
GE Power to shut Gujarat plant from tomorrow GE Power India today said it will close down operations at its Maneja (Vadodara) manufacturing plant in Gujarat from tomorrow. The company said 95 per cent of workmen at the facility have opted for the a Voluntary Retirement Scheme (VRS), which was initiated on August 21 and closed on August 25. “Around 95 per cent of workmen at the above f...
New Delhi: Tariffs climbed substantially in the latest reverse auction of 1,200 MW of wind powerprojects, held by NTPC. In the first wind project auction in four months, winning tariffs reached Rs 2.77-2.83 per unit. The last auction in April, carried out by Solar Energy Corporation of India (SECI), had seen prices of Rs 2.51-2.52. Industry insiders ascribed the increase to higher finance cost and limited ava...
CHANDIGARH : In June this year, Baldev Singh Sran took charge as the chairman-cummanaging director of the Punjab State Power Corporation Limited (PSPCL). It was for the first time that the Punjab government had conducted interviews for the post of the CMD, PSPCL. HT spoke to him on his initiatives and his take on crucial issues confronting the sector. Excerpts: How has your elevation to the PSPCL CMD’s post ...
Despite the fact that installed power capacity in the country is about double than power generated, the power utilities are not able to supply round the clock power supply to the people. Now in view of coming Lok Sabha elections, every political party is planning to promise more subsidies to all sections of consumers. The reforms in the power sector in India is still a distant dream as benefits of surplus power gener...