In a big relief to Reliance Infrastructure, appellate tribunal NCLAT on Wednesday stayed the insolvency proceedings against the company. Reliance Infrastructure in a regulatory filing said that the National Company Law Appellate Tribunal (NCLAT) suspended the order passed by the NCLT over an appeal filed by it.
Bankers said as part of its debt reduction plan, Canada's Brookfield-sponsored India Infrastructure Trust acquired a pipeline for Rs 13,000 crore from East West Pipeline Ltd, an arm of Reliance Industries Holding Private Ltd, and all the liabilities are now off the subsidiary's books.
The Central Electricity Regulatory Commission, the nation's Power regulator, has allowed Ratnagiri Gas and Power Private Ltd, the new owner of Dabhol power project, to sell electricity to Maharashtra government.
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.
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 laying of gas pipeline to feed the 2,150-Mw Dabhol power plant owned by Ratnagiri Gas and Power Private Ltd has been delayed again.
Assuring that next Diwali would witness less load shedding, Maharashtra Chief Minister Vilasrao Deshmukh on Monday said the newly-formed Ratnagiri Gas and Power Private Ltd would generate around 2500 MW power to meet the present shortfall.
Goyal's statement comes in the wake of RGPPL board giving its approval last month for the conversion of debt into equity equivalent to interest dues of Rs 405 crore (Rs 4.05 billion).
Govt to issue ownership rights of 15 coal mines on Mar 23.
Dabhol's assets will be demerged into the power plant and the LNG terminal.
Within a month of the Comptroller and Auditor General of India (CAG) tabling the coal block allocation report in Parliament in August last year, the Central Bureau of Investigation (CBI) filed a First Information Report (FIR) against Hyderabad-based Navabharat Power Private Ltd for the coal block allotted to it in Odisha in January 2008.
The trouble is largest FDI projects in India have had a tragic history.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances