The biggest lesson is in creating bankable projects with the government getting major clearances, leaving private firms to deliver on what they do best.
Reliance Power clarifies that Amitabh Jhunjhunwala, arrested in a money laundering case, has not been associated with the group since 2019. The case involves alleged bank loan fraud through Reliance Group companies.
The projects coming up in Bihar, Jharkhand and Odisha will together add 16,000 MW capacity to country's power generation.
Reliance Power (R-Power), the Reliance-ADAG group company, which plans to set up 28,000 mw of power plants in India, has secured $1 billion (or around Rs 4,200 crore) funding from three Chinese banks for the Sasan ultra mega power project (UMPP) in Madhya Pradesh.
Flaying post-bid concessions to Reliance Power, the CAG on Friday said the Anil Ambani-led firm got undue benefit of Rs 29,033 crore (Rs 290.33 billion) when the government allowed use of surplus coal from blocks alloted to Sasan power plant for its other projects.
The Anil Dhirubhai Ambani Group-promoted Sasan Power was Rs 2,500 crore short of the roughly Rs 15,000 crore it needed to borrow for the project. Now, India Infrastructure Finance Company Ltd has agreed to lend around Rs 2,500 crore. A consortium of 12 domestic banks have already committed around Rs 12,500 crore, with State Bank of India and Power Finance Corporation leading the pack, with Rs 3,500 crore and Rs 1,800 crore respectively.
Solar power is expensive. The cost of generating one unit of solar power is Rs 15 while it costs just Rs 1.19 per unit from coal (at Sasan ultra mega power plant). The Centre, in partnership with state governments, will give incentives worth up to Rs 12 per unit for generating power from solar energy.
Coal ministry says Sasan coal cannot be used for other plant.
The Anil Ambani group firm is the sole bidder for the engineering, procurement and construction contract for DVC's proposed 1,000 MW thermal power plant at Raghunathpur in Purulia district of West Bengal.
At Rs 1.196 per unit, power tariff reaches new bottom.
Power Finance Corporation, the nodal agency for ultra mega power projects, has extended the last date for accepting bids for Krishnapatnam project to October 24, sources said. Essar Power, Sterlite Industries, Larsen and Toubro, D S Construction, Japan's Sumitomo Corp and CLP-GMR combine are other companies believed to be in the qualified bidders list.
Niira Radia had said friends in high places enabled favourable EGoM decision on Sasan coal diversion, a charge staunchly denied by Reliance Power.
With their balance sheets under stress, private companies have lost interest in them.
The Central Electricity Regulatory Commission (CERC) has said the first 660-Mw unit of Reliance Power's 3,960-Mw Sasan ultra mega power project (UMPP) could not achieve its "full load" in March 2013 and rejected the company's plea to appoint an independent technical committee to look into the readiness of that unit.
The Narendra Modi-led National Democratic Alliance government has given environment clearance to five projects since it took charge on May 26.
Reliance Power is yet to get a new CEO after J P Chalasani quit as managing director and chief executive officer.
UMPP is coal-based thermal power project that has 4,000 MW capacity.
R-Power had produced the test certificate claiming March 30, 2013, as the date of commissioning.
Exceptions were made for ultra-mega power plants, such as the one at Sasan, which the court observed were not under consideration, and for coal blocks attached to the power and steel companies controlled by the central government.
Many top corporate groups hit hard, in penalties and sunk investments, beside loss of future revenue
It is hoped that the decision of India's apex court will send a signal to politicians and their cronies from the world of business that the rule of the law does eventually prevail, says Paranjoy Guha Thakurta.
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