Results of E-Auction for 8 Schedule II Coal Mines

 

The Tender Process for the Scheduled II 23 coal mines was started on December 27, 2014 with the release of Tender Documents. As a part of auction process, Technical Bids, both online bids and offline supporting documents were opened on 3^rd February 2015 in the presence of Bidders.

In the first stage of the tender process, bidders submitted their technical bids on MSTC portal created for the purpose. Bidders were also required to submit separately a sealed envelope containing bank guarantee, power of attorney and the affidavit. The cut-off date for submission of technical bids was 12:00 noon, February 03, 2015.

The electronic bids were decrypted and opened electronically in the presence of bidders. Entire process was displayed on the screen for the bidders. Subsequently, sealed envelopes containing bank guarantee, power of attorney and affidavit were also opened in the presence of bidders. These bids has been evaluated by a multi-disciplinary Technical Evaluation Committee to shortlist bidders for participation in the electronic auction conducted on MSTC portal from February 14, 2015.

Results of the E-Auction are as below:

1. Talabira I : Rs 478/MT by GMR Chhattisgarh Energy Limited
2. Sial Ghoghri : Rs 1402/MT by Reliance Cement Company Private Limited
3. Sarisatolli : Rs 470/MT by CESC Limited
4. Belgaon : Rs 1785/MT by Sunflag Iron and Steel Company Limited
5. Kathautia : Rs 2860/MT by Hindalco Industries Limited
6. Marki Mangli III: Rs 918/MT by BS Ispat Ltd
7. Mandla North : Rs 2505/MT by Jaiprakash Associates Limited
8. Trans Damodar : Rs 940/MT by The Durgapur Projects Limited

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GMR & Reliance Cement have received one mine each in the first coal mine auction

 

In the first coal mines auction conducted today, GMR & Reliance Cement have received one mine each for an estimated amount of Rs 1,375 Crs & Rs 798 Crs respectively.

GMR Mine

• GMR Chhattisgarh Energy won the Talabira-1 coal block in Odisha,
• Adani Power, Essar Power, Sesa Sterlite and others were in race for this mine
• GMR received the mine by reverse bidding at Rs 478 per tonne.
• The mine has extractable reserves of 28.77 million tonnes.
• The mine was reserved for the Power Sector.

Reliance Cement Mine

• Reliance Cement won the Sial Ghoghri coal mine in Chhindwara district of Madhya Pradesh.
• Hindustan Zinc and OCL Iron & Steel were in reace for this mine
• Reliance Cement received the mine by reverse bidding at 1,402 per tonne
• The mine has total reserves of 29.38 million tonnes and extractable reserves of 5.69 million tonnes.
• The block was allotted to Prism Cement earlier. This mine is earmarked for the non-power sector.

Source

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Odisha to extend MoUs of 10 IPPs by month-end…

 

The Odisha government has decided to extend the lapsed memorandum of understanding (MoU) with 10 independent power producers (IPPs).

"Based on the progress made on their projects, we have decided to sign fresh MoUs with 10 IPPs. The new pacts will be signed by the end of this month”, said a senior government official.

The IPPs whose MoUs are to be extended are GMR Kamalanga Energy Ltd, Lanco Babandh Power, Monnet Energy, Jindal India Thermal Power Ltd (JITPL), Ind-Barath Energy Utkal Ltd, CESC Ltd, Visakha Power, Mahanadi Aban Power Ltd, BGR Energy Systems and Maa Durga Power Company Ltd.

The IPPs have to retain at least 51% stake in their power projects for a minimum of three years from the date of commissioning of their plants, as per the new MoU framed by the state government.

Also, any stake sale beyond this lock-in period will need prior permission of the state government

According to the terms set in the new draft MoUs, the IPPs have to comply with the mandatory clause to promote employment among locals.

The clause stipulates that industries setting up their projects in the state have to reserve 90% jobs for locals in the unskilled and semi-skilled category, up to 60% in skilled category and 30% for the supervisory and managerial cadre while giving them the option to fill up the post of senior executives from the open market.

The IPPs also have to take steps to develop ancillary and downstream units around the mother plant.

It may be noted that the lapsed MoUs were impeding the progress of power projects since the banks and financial institutions were reluctant to provide funds to the developers.

So far, two IPPs- Sterlite Energy and GMR Kamalanga Energy have commissioned their units. While Sterlite Energy has fully operationalized its 2400 Mw coal-based plant at Burkhamunda near Jharsuguda, GMR has put on stream two 350 Mw units of its plant at Kamalanga in Dhenkanal district.

The rest eight IPPs were in advanced stage of commissioning their projects.

The state government had entered into MoUs with 29 developers for establishment of coal-based projects. Together, these projects have a generation capacity of over 37,000 Mw with the state share about 6000 Mw.

Source

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Tax incentive window for GMR, JSPL, Sterlite power plants...

 

Power generators, like GMR, Essar Power, Jindal Steel and Power and Sterlite Energy, are likely to benefit from the relaxations in mega power policy announced yesterday.

A number of coal-fired power projects have been under stress to non-availability of fuel to reduction in off-take and lack of payments. “The move will help a lot of coal-based power projects,” said Umesh Agarwal, associate director of PriceWaterhouseCoopers.

The mega power status allows projects to claim tax benefits that will net 10% savings on carriage charge of the tariffs. The power policy, which was amended in 2009, covers coal-based power projects of 1000 megawatts and hydro power projects of 500 megawatts, above to claim tax benefits.

They can import equipment duty-free but to avail of the benefits they had to supply around 75% power that they produced through competitive bidding. However, projects based in states like Chattisgarh, Jharkhand, Madhya Pradesh and Orissa could not due to host state obligations.

Some states mandate these power projects to sell 35% of the power produced to the state-owned utilities at regulated tariffs. “The power producers will have to supply 30% power at  regulated rates and seven% at variable costs,” explained Debasish Mishra, senior director at Deloitte Touche Tohmatsu.

The latest relaxation allows 65% of power to be sold under competitive bidding.

“This dispensation would be one time and limited to 15 projects which are located in the states having mandatory host state power tie-up policy of power purchase agreements (PPAs) under regulated tariff,” said a press release by the government. 

“This is more of a move to align it to suit state regulations,” said Agarwal. Added to that, the Cabinet Committee on Economic Affairs (CCEA) also extended the the maximum time period to 60 months instead of 36 months from the date of import for provisional mega projects, for furnishing final mega certificates to tax authorities. This time extension will benefit 25 power projects, which would have a net capacity of around 30,000 megawatts.

The mega power policy was introduced in 1995 but benefits under it were available to only those generators who had either put up their power plants or had got provisional certificate by placing orders before July 2012.

No new projects will stand to benefit with the latest relaxation. “It will only benefit those projects which have received a provisional certificate already,” said Agarwal.

Source: Business Standard

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GMR, IFC to develop 600 MW hydro-power project in Nepal...

 

GMR Energy Limited, the energy arm of Indian infrastructure major GMR Group, has signed a Joint Development Agreement (JDA) with the International Finance Corporation (IFC), a member of the World Bank Group, to jointly develop the 600 MW Upper Marsyangdi-II hydro-power project in Nepal.

The 600 MW Upper Marsyangdi-II project is located on the Marsyangdi river in the Manang and Lamjung districts of Nepal, some 200 km west from capital Kathmandu, and is already in an advanced stage of development.

The project is being currently undertaken through a Nepalese subsidiary of GMR Energy Limited, Himtal Hydropower Company Pvt. Ltd. The electricity produced by the project will be exported to India.

"The Nepalese government has identified the proposed Upper Marsyangdi-II as one of the National Priority Projects and is being facilitated by the Investment Board of Nepal. The project has completed all survey and investigation work, finalised the feasibility studies and has already received majority of the clearances from the government of Nepal," GMR said a press statement.

A project development agreement (PDA) is expected to be signed early next year. IFC will provide 10 percent of the capital and 15 percent of the total cost in loan for development of the project, according to the agreement.

The project will be implemented in the build-own-operate-transfer (BOOT) model. It aims at a total investment of around $1 billion and is targeted for commissioning by the financial year 2021.

Himtal has already completed the Detailed Project Report (DPR) and the Environmental Impact Assessment (EIA) and submitted these to the energy ministry.

GMR is also constructing the 900 MW Upper Karnali hydro-power project which is also awaiting the PDA with the Investment Board of Nepal (IBN).

G.B.S Raju, chairman of energy business, and G. Subba Rao, chief executive of hydro business of GMR Group were present during the JDA signing ceremony.

"We are pleased to have IFC as our partners in the Upper Marsyangdi-II hydro-power project," Raju said.

"Apart from investing in the company, IFC will also bring its vast experience in financing similar large and complex infrastructure projects, which will add value to the project. We believe that with the continuous support of IBN, both GMR and IFC shall be able to implement this project in an accelerated manner," he added.

Anita George, IFC infrastructure director for Asia, said: "Nepali citizens and industry face severe electricity shortages. The development of hydro-power is a sustainable and responsible way to address this need while creating jobs and other benefits for the community."

According to Radhesh Pant, chief executive officer of IBN, the Nepal government was "hopeful that GMR and IFC teams shall be able to give Nepal the much needed impetus for large scale hydro-power development through development of this project in a world class manner".

Source

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18 Independent Power Producers yet to move beyond land acquisition stage in Odisha...

 

As many as 18 out of 29 Independent Power Producers (IPPs) with whom the state government has singed MoU (memorandum of understanding) are yet to move beyond the land acquisition stage.

Together these IPPs envisage generation capacity of 33520 Mw of the total of 37540 Mw projected by the 29 MoU-signed IPPs.

The power projects yet to get over the land acquisition issues include those proposed by Nava Bharat Power Pvt Ltd (which is taken over by Essar power) with capacity of 1050 Mw, Bhushan Energy Ltd (2000 Mw) in Dhenkanal, CESC Ltd (1000 Mw), Astaranga Power Co Ltd (2640 Mw), Ind Barath Energy (Utkal) Ltd, Sahara India Power Corp Ltd (1320 Mw), JR Powergen Pvt Ltd (1980 Mw), NSL Odisha Power & Infra-tech Pvt Ltd (1320 Mw) etc.

Only two MoU-signed players- Sterlite Energy and GMR Kamalanga have started operations.

Sterlite Energy has commissioned its 2400 Mw coal-fired power plant at Burkhamunda near Jharsuguda.

GMR Energy which proposed 1400 Mw (4x350 Mw) power plant at Kamalanga in Dhenkanal district has operationalized its two unit of 350 Mw each.

Jindal India Thermal Power Ltd (JITPL) which proposed 1800 MW coal-based power plant at Deranga near Angul, hopes to commission its first 600 Mw unit by December 2013.

The other IPPs that are expected to go on stream by December end are Ind-Barath Energy (Utkal) Ltd (350 Mw of its 1360 Mw), Maa Durga Thermal Power Company Ltd (60 Mw).

Similarly, Monnet Power Company Ltd, a wholly owned subsidiary of Monnet Ispat & Energy Ltd, hopes to commission its 1050 Mw power plant in Odisha by March 2014. Lanco Badabandh Power Ltd targets to put on stream its power plant by 2014 end.

Two power companies-Chambal Infrastructure and Ventures Ltd (1200 Mw) and JSL energy Ltd (1320 Mw) have applied for change in the project locations.

The state government has signed MoUs with all these power companies between 2006 and 2011.

Of the total power produced by the IPPs, Odisha's share will be around 6200 Mw.

In the aluminium sector, Aditya Aluminum, which has proposed to set up 1.5 million tonne per annum alumina refinery, 0.36 mtpa aluminium plant and 900 Mw captive power plant with an investment of Rs 13804 crore is under construction. Similarly the RSB Metaltech Ltd, which signed a pact with the state government to set up 0.7 (mtpa) refineries, 0.175 mtpa aluminium plant and 450 Mw CPP with an investment of around Rs 6800 crore, is going through the land acquisition process.

Source

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JSW Energy, Tatas eye GMR's 600 MW Emco plant in Maharashtra...

 

Power utilities such as JSW Energy and Tata Power are known to be evaluating GMR’s Emco power plant in Maharashtra for a possible buyout.

In 2009, GMR had bought the 600-Mw power plant from Emco, while the plant was being constructed. Now, the plant is operational and GMR is known to be expecting a premium on the purchase.

Responding to questionnaires on the development, GMR said it didn’t comment on speculation. “We maintain we are evaluating various options to create shareholder value,” Tata Power said in a response.

Earlier, JSW Energy had been talking about purchasing power projects and had actively looked at the assets of Lanco Infratech. “As a policy, we don’t comment on market speculations and rumours,” JSW Energy said in response to the questionnaire.

Some of the interested parties insist they won’t pay a heavy premium for the project. “It is a good asset and has coal supply tied up, but some of the power under power purchase agreements (PPA) don’t have a very attractive rate. So, if a premium is paid, there isn’t much money to be made,” said one of the bidders evaluating the project.

Apart from Indian players, international utilities such as Malaysian giant Genting and Singapore’s Sembcorp, which already have interests in India, are known to be eyeing the project.

“The sale of power projects have started progressing now,” said an analyst.

The Emco power project has already signed fuel supply agreements with South Eastern Coalfields, a subsidiary of Coal India. It also has all its power tied up in long-term agreements. The project is selling 200 Mw of power to Maharashtra State Electricity Distribution Company at Rs 2.9 a unit. However, power purchase agreements for the remaining power have a much higher rate. It has a 15-year agreement to sell 200 Mw to Dadra Nagar Haveli at Rs 4.6 a unit, as well as a seven-year agreement with Tamil Nadu Electricity Board to sell power at Rs 4.9 a unit.

While the first unit of the project went on stream in March this year, the second went on stream in August. Emco Energy is the GMR group’s first coal-based power plant to commence commercial generation. It has as much as 2,136 Mw of operational capacity. The company is also setting up additional capacity of 5,038 Mw.

Source

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GMR puts Emco Energy, having 600 MW Plant, up for sale to reduce debt...

 

Infrastructure conglomerate GMR has decided to sell Emco Energy Ltd, which has a 600 mw power plant in Maharashtra, part of an exercise to reduce debt.

GMR has mandated global investment bank JPMorgan to help sell the recently commissioned unit, several people with direct involvement in the discussions said. They add that early talks have been held with several global and local utility companies as well as infrastructure buyout funds.

GMR Energy — the energy subsidiary of the listed GMR Infrastructure — owns 100% in the project. The highly indebted Hyderabad based group has been selling assets, including road projects in India and power and mining ventures abroad, in order to cut debt.

Emco is a 600 mw coal fired project located in the Chandrapur district of Maharashtra. In August this year, the 2x300 mw plant was commissioned and synchronised with the grid becoming GMR's first thermal project to commence commercial generation. What makes Emco attractive to potential suitors is the fact that it has signed fuel supply agreements (FSAs) for the entire 600 mw, primarily from Coal India and from imports. Further, it has long-term power purchase agreements already in place for 400 mw with Maharashtra and Dadra & Nagar Haveli and is in advanced negotiations with the Tamil Nadu SEB for off-take of another 150 mw.

According to company officials, the total project cost is Rs 3,948 crore ($658 million), out of which Rs 880 crore is equity while the rest has been funded by debt from Indian lenders like Axis BankBSE -0.36 %. Sources said GMR is expecting an enterprise valuation of 1.5 to 2 times the equity book value of the project, translating to Rs 4,388 crore to Rs 4,828 crore. At the end of Q2 FY14, Emco's top line was Rs 1,730 crore. A GMR spokesperson responded to by saying as a matter of policy, the company would not comment on speculation.

"There will be enough takers for Emco since it is an operational asset with signed FSAs and PPAs. Investors are looking for commissioned assets where the risks are all boxed in. Even infrastructure PE funds would be willing to pay a premium for such assets which are few and far between," said Vibhor Singhal, infrastructure analyst at PhilipCapital.

Source

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GMR Infra seeks gas plant's fixed cost from AP discom for 388.5 MW Gas Project...

 

GMR Infrastructure has sought Rs 480 crore for recovering fixed costs for its 388.5-megawatt (Mw) gas-based power plant from the Andhra Pradesh Central Power Distribution Company, sources said.

The power plant at Vemagiri in the state has been idling for lack of gas from Reliance Industries's KG-D6 block since the start of this financial year.

It's plant load factor (a measure of capacity use) has been zero for months now, leading to losses. Consequently, GMR Infra is seeking recovery of fixed costs such as capital costs and maintenance from the state distribution company (discom), which buys power from it.

While the discom could not be reached for comments, GMR said denied to comment on the development.

Many off-take contracts allow for recovery of fixed costs if the buyer fails to purchase power from the project. Reasons for not buying power can range from lack of demand to the finances of the discom. In such cases, the discom pays to ensure the power plant does not go into losses.

Source

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Second unit of GMR's 1050 MW Kamalanga plant achieves commercially operational...

 

GMR Infrastructure Ltd Second unit of GMR's Kamalanga plant commercially operational. The GMR Group is establishing 3x350 MW coal-based thermal power plant at Kamalanga in Odisha's Dhenkanal District.

The first unit of 350 MW commenced generation on April 30, 2013. The second 350 MW unit of GMR Kamalanga Energy Limited (GKEL) was declared commercially operational on 11 November 2013.

Power produced from GKEL is being supplied to GRIDCO Limited in Odisha in line with the long-term Power Purchase Agreement (PPA). Besides Odisha, GKEL would supply power to Haryana, Bihar and other parts of the country. GKEL secured coal linkage for all its 1050 MW capacity by signing Fuel Supply Agreements with Mahanadi Coalfields Limited.

With the commissioning of GKEL's second unit, the GMR Group's combined generation capacity has touched 2136 MW. Projects totalling 5038 MW are under implementation. Commissioning of GKEL's second unit follows close on the heels of the synchronization of the second unit of GMR's 2x300 MW EMCO Energy Limited at Warora in Chandrapur District of Maharashtra on August 27. EMCO's first unit of 300 MW became commercially operational in March 2013.

Speaking on the occasion, GKEL's President & Director Mr. R.V. Sheshan, said, "GKEL is the largest investment made by the GMR Group in the Energy Sector. It is also one of the earliest private power projects to commence commercial operations in Odisha. GKEL is also making substantial efforts so that the quality of life of individuals in neighbouring communities is enriched by its transformational educational, health care, livelihood and grassroots infrastructure development focused CSR interventions."

Shares of GMR Infrastructure Ltd was last trading in BSE at Rs.21.75, up by Rs.0.10 or 0.46%. The stock hit an intraday high of Rs.22.20 and low of Rs.21.65.

The total traded quantity was 3.60 lakhs as compared to 2 week average of 6.24 lakhs.

Source

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GMR’s 1370 MW Raikheda thermal power project nearing completion but awaiting coal linkage yet...

 

GMR Chhattisgarh Energy Pvt Ltd’s (GCEPL) 2X685 MW Raikheda thermal power project in Raigarh district in Chhattisgarh is nearing completion but the company has not yet received coal linkage for the project.

According to GCEPL the project is 85% complete and in all probability it will be operational by April 2014. GCEPL has spent nearly over 95% of the total estimated cost of Rs. 8,290 crore for the project so far.

GCEPL has now approached the Ministry of Coal seeking its help for coal allocation and enter into FSA with Coal India Ltd at the earliest.

It may be remembered here that the Cabinet Committee had approved on June 21, 2013 that the coal may be supplied to power plants that do not have any fuel linkage but are likely to be commissioned by March 31, 2015, having long term PPAs and a high Bank exposure.

Accordingly, GCEPL has requested MoC to take up the matter with CCEA for considering the plant under the stated category and to enter into FSAs similar to other power projects.

Source

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Second unit of GMR’s Kamalanga plant commercially operational...

 

The GMR Group is establishing 3x350 MW coal-based thermal power plant at Kamalanga in Odisha’s Dhenkanal District. The first unit of 350 MW commenced generation on April 30, 2013. The second 350 MW unit of GMR Kamalanga Energy Limited (GKEL) was declared commercially operational on 11 November 2013.

Power produced from GKEL is being supplied to GRIDCO Limited in Odisha in line with the long-term Power Purchase Agreement (PPA). Besides Odisha, GKEL would supply power to Haryana, Bihar and other parts of the country. GKEL secured coal linkage for all its 1050 MW capacity by signing Fuel Supply Agreements with Mahanadi Coalfields Limited.

With the commissioning of GKEL’s second unit, the GMR Group’s combined generation capacity has touched 2136 MW. Projects totalling 5038 MW are under implementation. Commissioning of GKEL’s second unit follows close on the heels of the synchronization of the second unit of GMR’s 2x300 MW EMCO Energy Limited at Warora in Chandrapur District of Maharashtra on August 27. EMCO’s first unit of 300 MW became commercially operational in March 2013.

GKEL’s President & Director Mr. R.V. Sheshan, said, “GKEL is the largest investment made by the GMR Group in the Energy Sector. It is also one of the earliest private power projects to commence commercial operations in Odisha. GKEL is also making substantial efforts so that the quality of life of individuals in neighbouring communities is enriched by its transformational educational, health care, livelihood and grassroots infrastructure development focused CSR interventions.”

Source

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Take up Chhattisgarh power project with CCEA: GMR to Coal Minister...

 

GMR Group has asked Coal Minister Sriprakash Jaiswal to take up with CCEA the issue of providing fuel for its 1370 MW supercritical power project in Chhattisgarh, involving a cost of Rs 8,290 crore, which is scheduled to start commercial operations next year.

"The Cabinet Committee on Economic Affairs (CCEA) on June 21, 2013 directed that coal may be supplied to power plants of 4660 MW and other similarly placed power plants that do not have any fuel linkage but are likely to be commissioned by March 31, 2015, having long-term PPAs and a high bank exposure," GMR Group said in a letter to Jaiswal.

"Our Chhattisgarh project is one of the plants under this category of similarly placed power plants. Hence we request you to take up this matter with CCEA for considering our plant under this category and to enter into fuel supply agreements (FSAs) similar to 78,000 MWs of power projects immediately," the letter said.

GMR Group is setting up 1370 MW coal-based supercritical thermal power project at Raikheda in Chhattisgarh. The project is in advanced stage of commissioning with 89 per cent of project work completed and scheduled to achieve commercial operation by April 2014, the letter said.

"Out of the estimated project cost of Rs 8,290 crore, we have already spent over Rs 7,900 crore which includes Rs 5,250 crore of debt fund from banks, towards the implementation of the project. The company entered into long-term power purchase agreement for supply of power to the extent of 35 per cent of the capacity, with the Chhattisgarh state government entity," the letter added.

"Further, we wish to bring to your kind notice that the power plant can participate in long term case-1 bids for sale of power only if they have long-term coal allocation. Hence it is important that we are allocated domestic coal availability so as to enable us to participate in long term case-1 bids," GMR Group said.

"We sincerely request you to help us at this critical juncture where huge investments have been done, and help us to get coal allocation and enter into FSA with Coal India at the earliest," it added.

Source

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GMR moved to Supreme Court for non-payment of Rs. 600 Crs by Tamil Nadu Electricity Board…

Power India found that GMR Power Corporation Private Ltd has filed a case against Tamil Nadu Electricity Board (TNEB) for non-payment of tariff invoices amounting to around Rs. 600 Crs from the 200 MW Diesel Based Power Project at Basin Bridge.

 

GMR had entered into a power purchase agreement (PPA) with TNEB in September 1996 for setting up a 200 MW Diesel Power Plant at Basin Bridge of Chennai.

 

The infrastructure company had also entered into a fuel supply agreement with HPCL in December 1996 for purchase of low sulphur heavy stock fuel for its diesel engine based power plant and onward sale of power to the electricity board.

 

GMR had a dispute with the state electricity board with respect to PPA, land lease rentals among others.

 

GMR had earlier filed a petition against non payment of invoices by TNEB to Tamil Nadu Electricity Regulatory Commission in the year 2008.

• Tamil Nadu Electricity Regulatory Commission by its order dated April 16, 2010 had allowed the claims of GME and directed TNEB to pay approximately Rs 480 crore with interest in six equal monthly instalments to the former.

 

However, thereafter TNEB has approached the Appellate Tribunal for Electricity.

• The Aptel wide its order dated February 28, 2012  had ruled in favour of GPC.
• Aptel ruled that reimbursements received by GMR from Hindustan Petroleum Corporation Ltd (HPCL) by way of fuel credits should be paid or set-off against dues payable by the Tamil Nadu Electricity Board (TNEB).

 

Recently, GMR has challenged the above petition into the Supreme Court.

• A bench headed by Chief Justice S H Kapadia has sought reply from HPCL as to whether such credit has been given by it gratuitously to GMR as claimed by the latter.
• However, it asked the parties to maintain “status-quo as far as inter-se adjustment is concerned.”

 

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More Literature on this topic:

http://courtnic.nic.in/supremecourt/temp/ac%203201-320212p.txt

http://aptel.gov.in/judgements/Appeal%20No.%20177%20of%202010.pdf

http://tnerc.tn.nic.in/orders/commn%20order/2010/DRP%20No.10%20of%202008.pdf

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MTSL 1980 MW Thermal Project at Raigarh - 8 companies in the race…

Spark Network found that around 8 power companies have bided for the 1980 MW Thermal Power Project of Maha Tamil Collieries. The project is proposed to be set up at Raigarh district of Chhattisgarh.

Eight power companies are known to have bid for the 1,980-Mw thermal power project of Maha Tamil Collieries, in Raigarh district of Chhattisgarh.

The list of the companies include Reliance Power, GVK, Lanco Infratech, GMR, L&T, Sterlite Energy, JSW Energy and Indiabulls Power. The cost of the project estimated at Rs. 15,000 Crore. The project being a pit-head will be located right at the attached coal mine. The mine, Gare Pelma – II produces 15 mt annual output and having reserves of around 768 million tonnes.

Maha Tamil Collieries is a joint venture company of the Tamil Nadu Electricity Board (TNEB) and the Mahrashtra State Mining Corporation, each an arm of their respective state governments. TNEB has 77 per cent of the equity and MSMC the rest. The JV will allow the successful bidder to use coal from the mine to put up the power capacity. The developer must, after satisfying obligations to the host state (Chhattisgarh), sell half the remaining power produced to the state electricity boards of Maharashtra and Tamil Nadu. The other half can be sold on a “merchant basis” though the two boards will have first right of refusal on these, too. And, any extra coal from the mine should be diverted back to the joint venture company.

The bid rules asked for companies with at least three years experience in mining 10 million tonnes in the past three years, either in India or abroad. Bidders who have been selected to develop a coal mine with geological reserves of 250 million tonnes are also qualified.

Spark Network believes that the bid qualifications are very strict and very few companies can qualify,  but the project has generated huge interest because it is one the biggest power projects seeking bids after the Tilaiya (in Jharkhand) ultra mega power project (UMPP) bids.

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