Wait...
  1. Home >
  2. Export Import News >
  3. Foreign Exchange >
  4. JSW Energy revises offer for Prayagraj’s Bara plant >
  5. JSW Energy revises offer for Prayagraj’s Bara plant

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

JSW Energy revises offer for Prayagraj’s Bara plant.


Date: 31-08-2018
Subject: JSW Energy revises offer for Prayagraj’s Bara plant
Upping the ante for the takeover of the stressed 1,980-MW Bara power plant, JSW Energy is said to have revised its offer just a day after Resurgent Power Ventures —backed by Tata Power and ICICI bank — was awarded the Letter of Intent (LoI) for the plant’s acquisition.

Sources said that against Resurgent’s offer of Rs 6,086 crore, JSW has agreed to pay about Rs 6,200 crore for the power plant. Both the companies have accepted to bear the plant’s tax liabilities of about Rs 2,856 crore.

According to sources, JSW was also awarded a similar LoI about three weeks ago, but its previous offer did not include the promise of bearing tax liabilities.

Lenders and the associated companies are said to have scheduled a meeting on Friday to discuss the issue. The Bara power plant is run by Prayagraj Power Generation Company, a unit of Jaiprakash Associates (JAL).

The State Bank of India is the lead lender, and other bankers in the consortium with exposure of more than Rs 500 crore are Punjab National Bank, Indian Overseas Bank, Bank of India, LIC and the Union Bank of India. The total outstanding debt of the plant is about Rs 11,494 crore.

Though the plant has fuel linkage and power purchase agreement tied up for 90% of its capacity, the utilisation levels of the plant have been low due to non-availability of coal on account of lack of working capital facilities.

The plant entered into a 25-year PPA with five distribution utilities of Uttar Pradesh in 2008 for sale of 90% of power generated. It executed a fuel supply agreement in August, 2013 with Northern Coalfields (NCL) for supply of 6.95 MTPA of coal. The project was commissioned 33 months after the scheduled date because of delays in land transfer by Uttar Pradesh, slow equity infusion by the promoter, increase in foreign exchange variation, rate of interest, cost of equipment and labour as per contract and interest during construction due to time overrun.

The development comes after the Allahabad High Court, on Monday, refused a special waiver to independent power producers from the Reserve Bank of India’s (RBI) February 12 circular mandating early detection of non performing assets with an exposure of more than Rs 2,000 crore. The Bara plant is one of the 34 identified stressed power projects with a combined capacity of about 39 gigawatts (GW).

Source: financialexpress.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 22-05-2020
Notification No. 47/2020-CUSTOMS (N.T.)
Appointment of CAA in case of in case of M/s Satnam Steels, Rajkot.

Date: 22-05-2020
PUBLIC NOTICE No. 06/2015-2020
Inclusion of Gopalpur Port, Odisha as a Port of Registration under Para 4.37 of Handbook of Procedures, 2015-2020.

Date: 22-05-2020
TRADE NOTICE NO. 12/2020-2021
Issuance of Preferential Certificate of Origin for India’s exports to Thailand and Vietnam under ASEAN-India FTA

Date: 21-05-2020
Notification No. 24/2020 - Customs
Seeks to amend notification No. 56/2000-Customs dated 05.05.2000, No. 57/2000-Customs dated 08.05.2000 and No. 40/2015-Customs dated 21.07.2015 providing for extension of last date of export by six months, for those cases where the last date of export falls between 01.2.2020 and 31.7.2020 due to the outbreak of COVID-19 pandemic.

Date: 21-05-2020
Notification No. 25/2020 - Customs
Inclusion of Gopalpur Port [INGPR1] as notified port for getting benefits under AA/ EPCG schemes and other export incentive schemes like MEIS/SEIS and other such schemes.

Date: 21-05-2020
Notification No.46/2020 - Customs (N.T.)
Exchange Rates Notification No.46/2020-Custom (NT) dated 21.05.2020.

Date: 20-05-2020
Instruction No. 06/2020-Customs
Instruction Number 06 - Customs on Requirement of Veterinary Certificate

Date: 19-05-2020
Notification No. 45/2020-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg.

Date: 19-05-2020
Notification No. 08/2020-Customs (ADD)
Seeks to impose anti-dumping duty on import of Sodium citrate originating in or exported from China PR for a period of further 5 years.

Date: 18-05-2020
A.P.(DIR Series) Circular No.31
Risk Management and Inter-bank Dealings – Hedging of Foreign Exchange Risk-Date of Implementation



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001