Other members include former Central Bank of India chairman and managing director Homai A Daruwala, former bureaucrat of the Madhya Pradesh cadre Prashant Mehta and RGPPL's managing director R K Srivastav.
the terminal will not be used to run the Dabhol power plant and would be supplied entirely to other domestic companies
This supply is likely to start in the next few weeks. A proposal to hive off the terminal was turned down by the government last year after it was opposed by NTPC Ltd and Gail, which hold 28 per cent each in the project. The terminal has an LNG regassification capacity of five million tonnes per annum. It will, however, be fully operational only after the completion of the breakwater facilities in 2011.
New recast plan calls for more loan rate cuts and lower equity returns.
"There are eight companies (who have put in expression of interest)... RNRL is one of them," said A K Ahuja, managing director, Ratnagiri Gas and Power Pvt Ltd, the company that operates the nation's biggest gas-fired power plant and the adjacent LNG import facility. Others in the fray include state power utility NTPC and GMR. Ahuja said RGPPL will frame the bidding criteria and call for financial bids by next month.
The Dabhol plant in Maharashtra, run by Ratnagiri Gas and Power Pvt Ltd and which was running at a capacity of 1,100-1,200 MW, is now generating 900 MW. The capacity was to be scaled up to 1,880 MW.
ICICI Bank, IDBI Bank, SBI and Canara Bank collectively hold 18.12 per cent equity in RGPPL, which operates the plant.
Jeffrey R Immelt, global chairman of General Electric Company was in New Delhi on Thursday as part of his three-day visit to India
The plant will start functioning to its fullest by the end of January 2008, after delay of one-month from previous schedule.
The proposal to hive off the LNG terminal at the revived Dabhol power plant in Maharashtra is likely to be scrapped, with promoters and financiers agreeing to pump in Rs 24 billion to restart construction work at the plant.
Ratnagiri Gas and Power Pvt Ltd, the new owner of the Dabhol power project,
The erstwhile Dabhol power plant, now renamed Ratnagiri Gas and Power Pvt Ltd on Monday moved a step closer to full capacity utilisation with the synchronisation of steam turbine of the 740 MW Block-II.
The Bombay high court has given its go ahead for transfer of assets of the 2,184 MW Dabhol power plant to Ratnagiri Gas and Power Pvt Ltd, paving the way for restarting the plant before the end of 2006.
This was decided at a meeting between State Energy Minister Dilip Walse-Patil and executives of General Electric, which had supplied power equipment to the erstwhile Dabhol Power Company. During the meeting, GE executives assured the minister that by the end of this month, the Block-I, currently lying defunct, would start generating around 600 Mw.
The company has four lenders -- State Bank of India, IDBI, ICICI and Canara Bank. According to the Reserve Bank of India norms, these loans would be declared as NPAs if the project is not financially restructured by March 31, 2009. The restructuring exercise includes a 50 per cent hike in the tariff for sale of power from the project, to be allowed by the Central Electricity Regulatory Commission. The project is expected to become viable after this.
The Maharashtra government has offered some respite for the troubled Dabhol Power Project by agreeing to provide a guarantee for a Rs 300 crore
The ad hoc exemption was given to Ratnagiri Gas and Power Private Ltd to import as well as re-import components, parts and materials required for revival of its Power block I under 'Adhoc Exemption Order 24/2007' issued on May 5, 2007. The finance ministry has not accepted the request of power ministry for considering extension of ad hoc exemption.
Why does the world's fastest-growing major consumer of energy fail to attract investments in oil and gas? This is a question worth pondering after private sector conglomerate Reliance Industries Ltd (RIL) failed to close a $15-billion downstream asset deal with Saudi Arabia's national oil company, Aramco. It's understandable if multi-billion dollar investments in oil and gas projects or deals involving state companies that need to traverse a complex bureaucracy at state and federal levels and the corridors of ministries unravel. However, Mukesh Ambani-run RIL, India's most successful energy company, is not typically known to fumble on closing deals (Ambani closed deals worth around Rs 2 trillion early last year in telecom and retail with blue chip investors).
Petronet LNG Ltd will seek equity in Ratnagiri Gas and Power Ltd, a JV between NTPC and GAIL for restarting the Dabhol Power Plant, in view of sourcing LNG to the beleagured plant.
Ratnagiri Gas & Power's Dabhol plant will start generating power at full steam and Maharashtra will start getting around 2100MW power by November, Chandan Roy, chairman and managing director, RGPPL, said.
Maharashtra government has agreed to buy electricity from the Dabhol power project at Rs 5.01 per unit and the plant is likely to be re-started by the middle of next month.
The Ratnagiri Gas and Power Project, earlier known as the Dabhol project, will be dedicated to the nation by Prime Minister Manmohan Singh in the coming year, chairman of the Empowered Group of Ministers said.
GAIL (India) Ltd has agreed to infuse an additional Rs 500 crore (Rs 5 billion) into Ratnagiri Gas and Power Pvt Ltd to enable the owner of the beleaguered Dabhol plant to clear pending dues of contractors.
The beleaguered Dabhol power project has hit a fresh roadblock with Punj Lloyd and its British partner Whessoe, the contractors for completing the LNG terminal, threatening legal action against Ratnagiri Gas and Power Pvt Ltd for default on payments.
Ratnagiri Gas and Power Pvt Ltd, the joint venture of state-run GAIL India and NTPC Ltd which owns the 2,150-MW power plant and the adjoining LNG import terminal, plans an IPO to raise Rs 1,000 crore (Rs 10 billion), company Chairman R K Goel told reporters in New Delhi. The Dabhol plant will be fully operational by next month when the third generating unit is commissioned, he said adding that currently, two units were generating about 1,100 MW electricity.
The beleaguered Dabhol power plant is unlikely to be restarted this month as was earlier expected
The government is considering selling Dabhol Power Plant's LNG terminal after hiving it off from the electricity generating unit, due to delays in completion of unfinished part of the terminal and huge cost-overruns, a power ministry official said.
Maharashtra Chief Minister Vilasrao Deshmukh met Petroleum Minister Murli Deora Wednesday to request for alternative sources of gas for the state's Ratnagiri plant.
Maharashtra will get some respite from its power crises next week
The Power Ministry on Monday said it is against hiving off the LNG terminal from the Dabhol power plant.
Ratnagiri Gas and Power Pvt Ltd, the new owner of Dabhol power plant, will restart generation in October after a three-month gap, but the cost of power will jump to about Rs 6.25 per unit from Rs 4.25 earlier.
Ratnagiri Gas and Power Pvt Ltd, the NTPC-GAIL joint venture that runs the Dabhol power plant, may have to shut down the project by end of this month due to fuel scarcity.
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