Finance Ministry wants state-run Gail and NTPC to infuse an additional equity of Rs 475 crore each in the Dabhol power project along with lenders converting their Rs 450 crore debt into equity as part of financial restructuring to revive the beleaguered project.
Financial Services Secretary Arun Ramanathan on August 22 suggested to Power Secretary Anil Razdan his idea for reviving the nation's largest gas-fired power plant, official sources said.
He suggested that Gail, NTPC and Maharashtra Government infuse an additional equity of Rs 1,200 crore to meet the investment required for completing the balance work at the 2,150 Mw power plant and the adjacent LNG import terminal.
Lenders, who had previously reduced interest during construction (IDC) by Rs 466 crore, would convert Rs 450 crore debt into equity and reduce interest dues by a further Rs 104 crore, they said.
The power plant needs Rs 1,020 crore to complete the unfinished portion, while the LNG facility needs an additional Rs 1,344 crore.
The latest completion cost estimate is Rs 1,494 crore higher than September 2007 estimates.
Post conversion, the total equity capital of Ratnagiri Gas and Power, the new owner of Dabhol power plant, would be Rs 3,415 crore — with NTPC and GAIL owning 28.6 per cent stake each with both infusing Rs 975 crore in equity, Maharashtra government having a 15 per cent stake with Rs 515 crore equity and lenders owning 27.8 per cent with Rs 950 crore equity (28.6 per cent).
So far, NTPC, Gail and lenders have infused Rs 500 crore equity each and Maharashtra government another Rs 265 crore.
