 "DVC seeks nod to raise Rs 1,600 crore via bonds in this fiscal")
Loan-laden DVC wants to service some of its short-term debt and fund ongoing projects. “We are looking to raise funds, subject to government approval and government guarantee,” said Andrew W K Langstieh, chairman, without sharing details.
However, officials indicated It has sought Government approval to raise Rs 1600 crore and expecting government gurantee to receive very good rates for the bonds. In 2012-13, the company had raised Rs 2,400 crore through bonds. DVC had again tried to get permission after this but was turned down. It has debt of about Rs 30,000 crore. The annual cost of servicing this is Rs 1,200 crore, a tenth of its annual turnover.
DVC is also working on a one-time-settlement of the large amount due to it from the Jharakhand government against electricity sales.
As on March 2013, the Jharkhand government owed Rs 4,300 crore to DVC, for which both parties are negotiating. "The mnegotiation is progressing well. We hope work this out soon," Langsteih. However, there are dues post 2013 as well and total power arrears as on date from Jharkhand is more than Rs 6,000 crore. There are three equal shareholders of DVC: the Centre, Jharkhand and West Bengal.
According to himthing have improved recently as Jharkhand has now started paying the electricty on regular basis now. "In the month of June, 2015 we recorded highet ever monthly revenue of Rs 1380 crore," he noted.
Meanwhile, speaking on the DVC's Raghunathpur thermal power plant in Purulia (West Bengal), Langsteih denied reports that it would hand over the project to NTPC.