 "Enough funds for capex, no plans to divest equity: SJVN")
"Our financial condition is very sound. We have around Rs 3,500 crore already with us. For another two to three years we do not require any money to be raised from the market," SJVN Ltd Chairman and Managing Director R N Misra said in a reply to a query pertaining to company's divestment plans.
"After (2-3 years) if there is any need to raise money (then) our balance sheet is quite strong. Our net worth is around Rs 10,400 crore so we would get enough loan. So, we don't think that we would face financial problem to develop our projects," he added.
The company plans to add 6,553 power-generation capacity which will require an estimated investment of around Rs 40,000 crore.
On the operationalisation of the planned generation capacity, Misra said that all of its planned projects would be commissioned by 2021 and would require a capital expenditure of around Rs 40,000 crore.
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About meeting the statutory requirement of 25% public holding in the company by August, 2017, he said, "As far as disinvestment (is concerned), whatever directions we get from the central government we will do it. We have no directions from the government on this."
SJVN Limited, a Mini Ratna CPSU under the Ministry of Power, is a joint venture between the central government and the Himachal Pradesh government.
In October last year, the government had notified rules for minimum 25% public shareholding in listed state-owned firms, setting a deadline of August 21, 2017 for the purpose.
At present, the Centre has 64.46% equity in the company while Himachal Pradesh government has 25.51% stake. The public holding in the company is 10.03% which is required to be increased to 25% by the set timeline.
When asked about delays due to regulatory hurdles, he said that the 252 MW Devsari hydropower project and Naitwar Mori project of 60 MW located in Uttrakhand will get green clearances soon.
The detailed project report for the two projects in Uttarakhand have been approved by the competent authority, he added.
Misra further said that the company has committed setting up 1,000 MW of generation capacity from renewable sources like solar and wind.
The company has planned Ultra Mega Hybrid Renewable Energy (Solar & Wind) Park at Salt Pan Land at Kharghoda in Gujarat. It is in the process of hiring a consultant to prepare a Pre-Feasibility Report.
It is also preparing detailed project report of its 1,320 MW thermal power project at Buxar in Bihar. The company's outstanding as of now is Rs 1,132 crore.