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6/4/2015 Rajasthan SEB seeks Rs 55,000 cr new recast | The Financial Express
http://www.financialexpress.com/article/industry/companies/rajasthansebseeksrs55000crnewrecast/79981/ 1/5
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Rajasthan SEB seeks Rs 55,000 cr new recastTwo years after the first restructuring of its debt, the Rajasthan State Electricity Board (RSEB) has asked banksto consider a second round of restructuring for a whopping Rs 55,000 crore.
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By: Pranav Nambiar (http://www.financialexpress.com/author/pranavnambiar/) and Pallavi Ail(http://www.financialexpress.com/author/pallaviail/) | Mumbai | June 4, 2015 1:28 am
RSEB made a loss of Rs 10,643 crore in 201314, according to the annual report of the power and energy divisionof the erstwhile Planning Commission. (PTI)
Two years after the first restructuring of its debt, the
Rajasthan State Electricity Board (RSEB) has asked banks to
consider a second round of restructuring for a whopping
Rs 55,000 crore. Documents accessed by FE show the SEB
has approached banks for easier repayment terms given
the utility is reeling under losses.
“In order to optimise the costs and reduce the burden of
short-term loans, there is a need to undertake
restructuring/swapping of existing loans to reduce interest
rates and also to identify available options for financing
the future loan requirement of the Rajasthan power
utilities at competitive rate of interest,” the document
notes. The quantum of outstanding short-term working
capital loans as on March 31 stood at Rs 52,402 crore.
RSEB made a loss of Rs 10,643 crore in 2013-14, according
to the annual report of the power and energy division of
the erstwhile Planning Commission. The share of interest
in total cost rose from 12% in 2009-10 to 21% in 2013-14.
Bankers in the know of RSEB’s request for another restructuring told FE the utility
wants a lower rate of interest for the working capital, currently averaging 12.75%.
As such, lenders may approach the RBI (http://www.financialexpress.com/tag/rbi/)
for a special dispensation. If the central bank doesn’t provide forbearance, banks
would be required to classify the loans as a non-performing asset (NPA) and make
full provisions.
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6/4/2015 Rajasthan SEB seeks Rs 55,000 cr new recast | The Financial Express
http://www.financialexpress.com/article/industry/companies/rajasthansebseeksrs55000crnewrecast/79981/ 2/5
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(http://images.financialexpress.com/2015/06/shrt.jpg)
However, since April 1, the RBI has withdrawn forbearance for restructured loans
and is, therefore, unlikely to oblige the banks. The central bank has indicated on
more than one occasion that it would like banks to make the requisite provisions
for stressed assets well in time, instead of postponing the problem.
According to an undated document, Rajasthan invited bids from merchant
bankers to arrange for debt restructuring of the state-owned power companies,
the bids for which will close on June 23.
The request for proposal (RFP) document notes that during the last five years, all
the Rajasthan power companies have resorted to short-term working capital loans
to meet operational expenses. Moreover, there has been a huge rise in regulatory
assets — money owed by consumers to the discoms — but no corresponding rise
in tariffs.
RSEB was unbundled into one generation company, one transmission company
and three distribution companies in July 2000. It underwent one round of
financial restructuring for Rs 38,000 crore worth of short-term liabilities in 2013,
which FE had reported.
The high interest rate has resulted in an annual interest burden of about Rs 6,000
crore on Rajasthan discoms and including the generation and transmission
companies, the amount is Rs 6,270 crore.
In addition to the short-term working capital loans, the companies have also taken
capex loans to upgrade and strengthen generation, transmission and distribution
capacity; for the five companies, the amount adds up to Rs 42,368 crore, resulting
in an annual interest burden of around Rs 4,500 crore for all the utilities.
Discoms in the BJP (http://www.financialexpress.com/tag/bharatiya-janata-party/)-
led state increased power tariff by nearly 17% in February 2015. However, the
absence of tariff hikes to recover the average cost of supply in the six and a half
year years prior to tariff order 2011-12 have resulted in formation of regulatory
assets of Rs 12,560 crore by FY14.
For perspective, the regulatory assets of Haryana discoms stood at Rs 3,900 crore
at the end of FY14 while Uttar Pradesh discoms had recognised an accumulated
untreated revenue gap of Rs 3,980 crore during FY08-12, according to a report
issued by CARE Research in October 2014.
The report added that Rajasthan’s financial restructuring scheme is yet to deliver
improvement on financial parameters with the state’s discom having lowest cost
coverage ratio.
An ICRA report dated December 2014 noted that in FY13, tariff hikes varied across
the states from 2% to 37% with average tariff hike at 14% for the distribution
sector as a whole. The report noted that among the FRP approved states of Andhra
Pradesh, Bihar, Jharkhand, Haryana, Rajasthan, Uttar Pradesh, Telangana and
Tamil Nadu, only four states — Bihar, Haryana, Tamil Nadu and Uttar Pradesh —
had issued tariff orders.
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First Published on June 4, 2015 1:28 am
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