Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized 4 ( MICROFICHE COPY Document of The World Bank FOR OMCAL USE ONLY Report No. P- 5787-IN Type: (PM) CHASSARD, / X81873 / ElOlOlJ SA2EG 11_tNo* P-5787-IN MEMORANDUM RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN IN AN AMUNT EQUIVALEN TO US$350 MILLION SECOND MASETRA TO INDIA FOR A JUNE 3, 1992 POWER PROJECT 'This *didr document off1ci'd has a resticed dibibdon anwy be uned by recpicut ol IS perfrmance of
CURRENCY EQUIVALENT (as of March, 1992) Currency Unit - Rupees (IRs) RS 1.00 - Paise 100 R 1,000,000 - US$39,216 US$1.00 - Rs 25.50 MEASURES AND EQUTVALENTS I Kilowatt hour (kvh) - 1,000 watt-hours 1 Megawatt (MV). 1,000 kilowatts (kw) 1 million vatts I Gigsvatt hour (GWh) - 1,000,000 kilowatt-hours ABBREVI&TIONS AND ACRONYMS GOI - Government of India GOM - Government of Maharashtra JGF - Japan Grant Facility ICB - International Competitive Bidding LCB - Local Competitive Bidding LICB - Limited International Bidding LIMC - Long Run Marginal Cost MBEB - Maharashtra State Electricity Board OPAP - Operational and Financial Action Plan PPC - Power Finance Corporation SRB - State Electricity Board FISCAL YEAR April 1 - March 31
FOR OFMICL USE ONLY INDIA SECOND MAHARASHTRA POWER PROJECT Loan and Proiect Summary Borrowers Beneficiarys Amount: Terms: On-lending Terms: Financing Plan: India, acting by its President Maharashtra State Electricity Board (MSEB) US$350 million 20 years, including five years grace, at the Bank's standard variable interest rate The Government of India (GOI) will make the proceeds of the loan available to the Government of Maharashtra (GOM) under the standard terms for central assistance to the states. GOM will retain US$1 million for part of the technical assistance component, and onlend US$349 million to MSEB, at an interest rate not less than the prevailing coupon rate for GOI long-dated securities, currently at 12.5Z per annum, with a repayment period of 20 years, including a grace period of 5 years. GOI will bear the foreign exchange risk. Local Foreign Total ------------- (US$ million)------------ IBRD 350 350 Export Credits - 200 200 GOM 305-305 MSEB 244 125 369 549 675 1224 - == Economic Rate of Return: In excess of 12? Staff Appraisal Reports No. 10604-IN Maps: IBRD 23691 IBRD 23692 This document has a restrictedistribution nd may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization.
MEMORANDUM RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE M%ECUTIVE DIRECTORS ON A PRCPOSED LOAN TO INDIA FOR A SECOND MAHARASHTRA PO1WER PROJECT 1. I submit for your approval the following memorandum and recommendation on a proposed loan to India for the equivalent of US$350 million to help finance a Second Maharashtra Power Project. The loan would be made at the Bank's standard variable interest rate, with a maturity of 20 years, Including five years of grace. The proceeds of the loan would be onlent to the Government of Maharashtra (GOM) under the standard terms for central assistance to the states. GOM will retain US$l million and onlend US$349 million to the Maharashtra State Electricity Board (MSEB) for 20 years, including five years of grace, with interest of not less than the prevailing coupon rate for Government of India (GOI) long-dated securities, currently 12.5X. GOI will bear the foreign exchange risk. 2. Sector Background. Over the past decade, electricity consumption in India incre4sed at an average annual rate of about 9?, partly as a result of low retail tariffs that have also largely contributed to the sector's present financial distress. Despite significant progress in system expansion, power shortages persist and, in FY92, were equivalen to about 9? of total electrical energy and 18? of peak capacity requirements. Power supply is likely to continue to constrain economic growth in India well into the next century. Unless greater emphasis is placed in future on improving the efficiency of supply, consumption, and pricing of electricity, continued focus on supply capacity expansion will aggravate the critical power demand/supply situation and is likely to be financially unsustainable. A major challenge for the Government of India (GOI) in the power sector in the 1990s will thus be to attain a better balance in sector development between supply expansion and efficiency improvements. 3. Meeting this challenge will first require bold actions on institutional arrangements as well as bulk and retail power tariffs, billing and collection, in a country where responsibilities for managing the sector are shared between the central government and the states, and where, as a consequence, electricity has become a highly charged political issue. State governments have effectively assumed control of most major decisions of the state utilities, including those on investments, tariffs, borrowings, salary and personnel policies. The commercialization of the state electricity boards (SEBs), involving the establishment of a transparent regulatory framework to provide operational and financial autonomy with accountability for performance, 5s a prerequisite to improving sector efficiency. The proposed project addresses these efficiency issues in the state of Maharashtra. 4. Massive investments in additional capacity will also be required at a time when budgetary constraints are likely to reduce central government funding of the sector's investment program. Faced with a growing power gap and diminishing public resources, GOI has opened the power sector to private investment and, through amendments to the Electricity (Supply) Act, 1948, lifted many of the regulstory disincentives to private investment in the sector. Maharashtra has already identified two major power generation projects for implementation by the private sector and is developing its own private power policy and regulatory framework, within 60I's overall
-2- guidelinas. A technical assistance program for private power development in Maharashtra, pas y funded by the Japan Grant Facility (JGF), is being implemented as p of the proposed project and will help Maharashtra contract with private deve. pers for the two above-mentioned projects. 5. Lessons from Previous Bank Operations. The Bank has financed the Chandrapur Thermal Power Project (Ln. 2544-IN) and the Maharashtra Power Project (Ln. 3096-IN) to help MSEB expand its generation, transmission and distribution facilities, renovate and modernize existing power plants, and enhance its capabilities in many areas of utility operation, management and project implementation. Both projects have encountered difficulties in the early stages of their implementation due, to a large extent, to the slow pace of procurement. More recently however, MSEB's extensive use of model bidding documents approved by the Bank has improved the situation considerably. Funds available under the first project are practically fully comnitted and most of the outstanding balance is expected to be disbursed in FY93. Bidding for the part of the Mahsrashtra Power Project executed by MSEB is almost complete and funds will be fully committed by end-1992; savings of about US$46 million have already been identified and GOI has requested the Bank to cancel an equivalent amount from the loan. Similar progress has been achieved on the part of the project implemented by GOM. Compliance with loan covenants has generally been satisfactory. The lessons learned from these projects have had an important bearing on the preparation of the proposed project, particularly as regards the need to improve MSEB's procurement procedures and increase its selffinancing capabilities. 6. Rationale for Bank Involvement. The project helps implement the Bank's lending strategy for the power sector, which supports development of private utilities as well as central sector and state utilities that demonstrate a firm commitment to improve their operational performance and finances. The Bank's continued association with MSEB and GOM will ensure that the long-term process of financial, operational and managerial improvements initiated by HSEB under previous operations, and Maharashtra's stated policy of focussing on efficiency improvements as a priority area in MSEB's future development are fully implemented. Proposed generation and rural electrification investments have been cut in MSEB's investment plan and several major programs and projects have been initiated to reduce system losses and improve operational efficiency. They include: (a) distribution reinforcement and expansion in the main urban centers; (b) distribution master plans for the 32 districts in Maharashtra, leading into an accelerated distribution reinforcement program for selected areas; (c) major increases in residential and commercial electricity tariff rates and a 40Z reduction in SEBe's target for the annual number of agricultural pump connections, to contain the growth in demand and reduce the financial burden of supply to these consumer groups; and (d) rehabilitation and renovation of MSEB's existing generating stations (also involving environmental improvements). Significant adjustments in MSEB's electricity tariff structure have been recently introduced and will be pursued during project implementation. 7. Proiect Obiectives. The main objectives of the project are to: (a) support operational efficiency improvements; (b) improve internal and external resource mobilization through the introduction of internal cash generation targets for NSEB and external cofinancing; and (c) promote institutional reforms, including the review of the long-tenm institutional development of Maharashtra's power sector and direct support to GOM for the finalization of two major private power projects.
- 3-8. Proiect Description. The proposed project comprisess (a) the construction of the last stage of Chandrapur thermal power station by the addition of a 500-MW coal-fired unit; (b) the construction of a + 500-kV, 1,500-MW HVDC line from Chandrapur to Padghe, near Bombay (about 735 km), and the related termival stations; (c) the implementation of the accelerated distribution reinforcement program aimed at reducing losses in selected areas; and (d) consulting services in the following four areas: (i) load research and preparation of electricity demand management measures; (ii) development of MSEB's environmental management capabilities at the corporate level; (iii) preparation of private power projects in Maharashtra ; and (iv) institutional review of the power sector in Maharashtra. 9. Prolect Implementation. The proposed project would be carried out by MSEB, with the assistance of qualified consultants. The project cost is estimated at US$957 million equivalent, with a foreign exchange component of US$545 million equivalent (57Z) and taxes and duties estimated at about US$72 million equivalent. The total financing required, including interest during construction, is US$1,224 million equivalent, of which the Bank would finance US$350.0 million equivalent C4Z of the foreign exchange requirements and 27Z of the total). A breakdown of costs and the financing plan is shown in Schedule A. Amounts and methods of procurement and of disbursements, and the disbursement schedule, are shown in Schedule B. A timetable of key project processing events and the status of Bank Group operations in India are given in Schedules C and D, respectively. Two maps are also attached. The Staff Appraisal Report No. 10604-IN, dated June 3, 1992, is being distributed separately. 10. Environmental and Resettlement Aspects. The environmental impact of the proposed project is in line with standards acceptable to the Bank. A su1mary of the environmental assessment carried out during project preparation was distributed to the Executive Directors on February 28, 1992. Ground level air quality, S0O and NO, emissions and thermal discharge of Chandrapur, with all seven units in operation and burning the worst quality of coal, would remain in compliance with GOI, GOM and Bank guidelines. Liquid effluents will be treated and neutralized in a waste water treatment plant and will be recycled for ash disposal purposes. Transmission and distribution facilities will be designed and constructed in accordance with practices that will ensure minimum disturbance to the environment. The route for the 736-km long transmission line has been selected so that only 7.8 km infringes on forest land. MSEB will bear the cost of compensatory afforestation, for which land has already been identified. The proposed project also will entail a component to strengthen MSEB's environmental management capabilities. 11. While the proposed extension of the Chandrapur power station, the BVDC link and the accelerated distribution reinforcement program do not involve any displacement of population, the construction of units 5 and 6 led to the displacement of about 800 families, some of which remain to be fully resettled and rehabilitated. GOM has agreed to complete their resettlement and rehabilitation within a period of about 18 months. 12. Agreed Actions. During negotiations, GOM and MSEB agreed thats (a) MSEB's net internal cash generation will be no less than 202 of average capital expenditures in FY93 and FY94, and 252 from FY95 onvwards; (b) MSEB's rate of return will be no less than 4.5? from FY93 onwards; (c) MSEB will furnish to the Bank annual revisions to its five-year revolving capital investment program and the associated financing plan, not later than December
-4-31 of each year; td) customer receivables and commercial payables will remain within set limits; (e) MSEB will implement various environmental mitigatory measures at Chandrapur; (f) GOM will discuss with the Bank the findiags and recommendatioas of a high-level commission established to examine the institutional development of Maharashtra's power sector, not later than December 31, 1993; and (g) GOM and MSEB will carry ut jointly with the Bank a mid-term review, during the third year of the project, to assess overall progress in the physical exicution of the project and MSEB's new efficiencyoriented investment plan, and the implementation of the programs for electricity demand management, tariff reform and private sector power development in Maharashtra. Finalization of the financial arrangements for the acquisition and installation of the HYDC terminals and fulfilment of the conditions for final forest clearance are conditions of loan effectiveness. 13. Project Benefits. The main benefits of the project ares (a) an increase in power supply in Maharashtra; (b) further improvements in MSEB's operational efficiency; (c) strengthening of its finances and of its managerial autonomy; (d) impro,emerts in the quality of service in Maharashtra; (e) more economic use of generating capacity through better pricing policies, demand management and loss reduction measures; (f) reduced reliance on the central government for financing investment requirements by increasing MSEB's self-financing capabilities and improving external resource mobilization as well as facilitating private sector investments; and (g) strengthening of MSEB's environmental impact management capability. 14. Risks. The project does not pose any particular technical risks, in view of the proven designs and engagement of well-qualified consultants to assist MSEB in project implementation. The main project risks relate to: (a) the availability of supplier financing for the HVDC link, on reasonable terms; (b) a slow procurement process; and (c) the pace at which tariff and other institutional reforms will be implemented. These risks will be minimized by: (a) assisting MSEB in preparing the tender documents for the HVDC link to help obtain the most attractive financing offers; (b) having finalize during project preparation a model bid document, contract packages and the associated procurement plan; (c) having the first tariff adjustment, involving major improvements in the structure of tariffs as well as a significant increase in their level, implemented before Board presentation; (d) establishing realistic targets for MSEB's financial performance and the implementation of further tariff adjustments, demand management measures and institutional reforms; and (e) providing tecbnical assistance to help MSEB and GOM implemen these measures. 15. Recommendation. I am satisfied that the proposed loan would comply with the Articles of Agreement of the Bank and I recommend that the Executive Directors approve the proposed loan. Attachments Washington, D.C. June 3, 1992 Lewis T. Preston President
Schedule A INDIA SECOND MAEARASETRA POVER PROJECT Estimated Cost and Financins Plan a/ (US$ million) Local Foreign Total Estimated Proiject Cost A. Chandrapur Unit 7 (500 MW) 172 236 408 B. HVDC Transmission Link 133 181 314 C. Accelerated Distribution Program 65 41 106 D. Consulting Services and Equipment 1 2 3 TOTAL BASELINE COSTS 371 460 831 Physical Contingencies 23 26 49 Price Contingencies 17 60 77 TOTAL CONTINGENCIES 40 86 126 TOTAL PROJECT COST 411 546 957 Interest During Construction (IDC) World Bank 43 74 117 others 95 55 150 TOTAL IDC 138 129 267 TOTAL FINANCING REQUIRED 549 675 1,224 Financing Plan Source IBRD - 350 350 Export Credits - 200 200 GOM 305-305 HSEB 244 125 369 Total 549 675 1,224 - _min - a/ Including taxes and duties of about US$72 million equivalent.
-6- Schedule B Page 1 of 2 INDIA SECOND HAHASHTRA PC'VER PROJECT Summary of ProDosed Procurement ArranRements a/ (US$ million equivalent) -- Procurement Method- Project Element ICe LCe Other N.B.F. Totsl Cost 1. Civil Works 15.CO - - 40.6 g/ 88.6 (11.0) (-) (-)( - ) (11.0) 2. Goods (Equipment a 367.0-6.3 480.4 828.7 Machinery) (802.0) ( - ) (6.0) ( - ) (807.0) S. Erection Servines 87 C - - - 87.6 (8300) (-) (-) (-) (80.0) 4. Consulting Service 4.1 Engineering and Supervision - - - 29.9 29.9, _) ( _) ( -) (-) (-) 4.2 Technical Assistance - - 2.7-2.7 (- _ ) ( _ ) (2.0) (2.0) Total 409. - 0 0 88.09 957.4 (848.0) ( - ) (7.0) ( - ) (850.0) ai Contract values Include contingencies, taxes and duties (US874 million). b/ Civil work. portion. of the equipment contracts which wilt be procured under ICB on a supply-and-erect basis. / Main eivil works, tn multiple packages, which will be procured under LCB procedures. i/ Erection portions of the equipment contracts which wit be procured under ICB on * supply-and-ereet basis. ICB: International Competitive Bidding. LCD: Local Competitive Bidding. Other: Direct negtaltlons, or selection of consultants according to Bank guidelins. N.8.F.: Not Bank-financad (including ULCB). Note: Figures In pef nthei a nre the aounts finaned by the Bank loan.
Schedule B Page 2 of 2 Cntgomry (1) Equlpment for: Olebursemente (a) for Pan. A (1) 162,000,000 of the Project (b) for Part A (1i) 85,000,000 of the Project Cc) for Part A (iii) 70,000,000 of the Project -7- Amount of the Losn Allocated X of (Expressed In Expwdituro DOI top Equivalent to b nftnced 100f of foreign *xpenditures 1006 of local expenditures (ox-factory) cost and 80g of local expnnditurer tor other it.eme procured localy (2) Cl ii works and 41,000,000 00s erection (8) Coneultante' 2,000,000 100l services (4) Un llocated 20.000000 TOTAL 860,000,000 Estimated Bank diaburement (USI mliiion) Bonk Fiscal Year FY08 " FY94 FY95 FY96 FY97 FY98 Annual 59.6 84.9 71.8 118.2 88.1 7.2 Cmulative 89.6 74.7 146.5 259.7 842.6 860.0 / Part A of tho project: Chandrapur unit 7. Port 8 of the proj act: HVIC transmission link. Part C of the project: acclerated distribution reinforc_emnt prograr k/ Including special account Initial dposit of USf 19 millon.
-8- Schedule C INDIA SECOND MAHARASHTRA POWER PROJECT Timetable of Key Processing Events (a) Time taken to preparet 15 months, February 1991-May 1992 (b) Prepared bys Maharashtra State Electricity Board (MSEB) (c) First Bank mission: February 1991 (d) Appraisal mission departures February 1992 (e) Negotiations: may 1992 tf) Planned Date of Effectiveness: November 1992 (g) List of relevant PCRs and PPARs: Credit/Loan No. Project PCR Date PPAR No. Cr. 377-IN Third Power Transmission March 1989 Cr. 604-IN Fourth Power Transmission March 1989 Cr. 572-IN Rural Electrification 6307 Lr. 911-IN Second Rural Electrification 6307 The project was prepared by Mmes. JoOlle Chassard (Senior Financial Analyst) and Nandita Parshad (Economist) and Messrs. Argun Ceyhan (Senior Power Engineer), Akbar Rhavaja (Financial Analyst), Mihir Mitra (Power Engineer), and Kari Nyman (Energy Economist).
9 - SHDL PAGE I of THE STATUS OF DM GROUP OPERATIONS IN INO A. STATEMIT OF BANK LOU AND IDA CREDm (As of March 81, 1902) USS MlIIon (not of cancellations) Loan or Fiscal Year Credit No. of Approval Purpose TR IDA 1/ Undlsbured 2/ 90 Loans/ S626.1 - - 17 Credits fully disbursed/cancel led - 10949.9 1172-IN 1982 Korba Thormal Power II - 888.7 6.77 2076-ZN 1982 Ramagundam Thermal Power II 260.0-8.39 1260-ZN 1963 Oujarnt Water Supply - 69.6 9.18 1319-IN 1988 Haryana Irrigation II 138.8 0.42 1869-IN 1983 Upper Indravati Hydro Power 170.0 30.42 1169-IN 1i86 Calcutta Urban Development III - 91.5 9.82 2238-ZN 1968 Contral Power Transmission 200.1-71.06 2095-ZN 1968 Himalayan Watershed Masngement 80.2-5.05 1424-IN 1904 Rainfed Areas Watershed Dew. - 256. 16.89 1426-IN 1904 Population III 70.0 2.07 1432-IN 1984 Karnataka Social Forestry 24.7 1.25 387-IN 1984 Nhava Sheva Port 260.0-20.61 2398-IN 1984 Dudhichua Coal 109.0-17.54 2403-IN 1984 Cambay Basin Petroleum 218.6-29.41 2415-ZN 1064 Madhya Pradesh Fertilizer 172.6-8.44 14S4-ZN 1904 Tamoi Nodu Water Supply - 38.6 190.5 SF-12-IN 1904 Tamil Nadu Water Supply - 86.5 80.51 SF-16-ZN 1904 Pertlyar Vagal II Irrigation - 17.6 11.42 1483-ZN 1904 Upper conan Irrigation 105.4 46.04 1496-IN 1984 Cujarat Medium Irrigation - 156.8 47.43 2416-IN 1904 Indira Serovar Hydroelectric 17.4-11.07 SF-20-IN 1964 Indira Sarovar Hydroelectric - 13.8 17.07 1618-IN 1906 Indira Sarovar Hydroolectric - 13.2 16.08 2417-IN 1904 Railways Electrification 279.2-19.86 2442-IN 1904 Farakka II Thermal Power 278.8 69.9 2462-ZN 1904 Pourth Trombay ThermIaPower 136.4-9.70 1502-ZN 1984 National Cooperative Dovolopment Corporation III - 188.6 12.48 1514-ZN 1065 Kerala Social Forestry 27.1 4.48 1S28-ZN 1085 National Agric. Extension I 32.9 12.44 1544-rN 19865 Bombay Urban Development 100.9 38.71 2497-IN 1065 Namarda (Gujarat) Dam and Power 200.0-200.00 152-ZN 1986 Noards (Gujarat) Dam and Power - 100.0 10.06 16S8-DN 10os Normade (Gu3 rat) Canal - 145.2 26.71 159610N 1065 Second National Agricultural Ext. - 46.4 19.25 1811-IN 1086 Notional Social Forestry - 154.1 25.82 2498-ZN 1t65 Jhari. Coking Coal 57.7-5.08 2534-ZN 1906 National Highways 168.0-90.17 2644-ZN 1965 Chandrapur Thermal Power 260.0-94.68 2555-IN 1086 Riband Power Transmission 202.0-8.61 25682-N 1065 Kerala Power 176.0-188.36 1619-IN 1086 West Bengal Minor Irrigation - 69.2 63.67 1621-ZN 1906 Maharashtra Composite Irrigation - 160.0 172.80 1622-ZN N1086 Kerla Water Supply and Sanitation - 21.9 7.59 1628-ZN 1906 West Bengal Population 46.9 16.6C 1631-ZN 1066 National AgriculturZA Research SS - 59.0 39.84 2829-ZN 1NS Industrial Export Dev. Finance 90.0-8.66 2630-IN 1986 ICICI-Indus. Exp. Dev. Finance 160.0-9.24 1643-ZN 106 Gujorat Urban - 50.8 29.74 2B80-ZN 1088 Cement Industry 165.0-88.30 2861-DN 1906 ICICI - C emnt Industry 85.0-15.04 1666-IN 1086 Andhro Pramoeh It Irrigation - 140.0 126.22 2662-IN 1066 Andhra Pradeh SI Irrigation 41.0-41.00 2674-1N 1066 Combined Cycle Power 465.0-29.49
-10- SaHSULE 0 US$ MilIton PAGE 2 o0 S Loan or Ftscal Year (net of cancellations) Credit No. of Approval Purpose I3D IDA 1/ Undisbursed 2/ 2780-IN 1986 Cooperative Ferttlizer 118.8-22.89 1787-IN 1967 Bihar Tubee lls - 22.3 11.82 2769-ZN 19t7 ombay Water Supply & Sewerage III 40.0-40.00 1750-IN 1987 Bombay Water Supply & Sewrere III 14S.0 92.8B 1764-IN 1987 National Agric. Extension II - 70.2 89.27 1767-IN 1967 Gujarat Rural Roads 119.8 94.89 1770-IN 1987 National Wter Mnagement - 114.0 69.12 2766-ZN 1967 Oil India Petroleum 140.0-41.68 2796-IN 1967 Coal Mining & quality Improvemet 840.0-117.50 2813-IN 1967 Tlecomauni cation. IX 164.6-25.83 1760-IN 1967 Uttar Pradesh Urban Developamnt - 121.0 78.95 2827-1N 1987 Karnataka Power 260.0-197.41 2644-ZN 1987 National Capital Power 426.0-189.26 2846-IN 1967 Tulcher Therml 876.0-287.92 284-ZN 1967 Madras Water Supply 68.0-86.48 2898-IN 1966 National Dairy II 200.0-200.00 1659-N 1988 National Dairy II - 160.0 42.70 2904-IN 106 Wesatern Gas Development 288.2-1.19 2M26-ZN 1988 Indus. Fin. & Toch. Asot. 360.0-66.22 293;-N 1986 Railway Modernization III 890.0-216.28 2938-IN 1966 Karnataka Power II 220.0-188.80 2957-IN 1986 Uttar Pradesh Power 850.0-02.95 1923-ZN 1986 Tamil Nadu Urban Dev. - 269.7 181.67 1931-IN 1988 Bombay A Madras Population - 57.0 17.80 2994-ZN 1096 States Roads 170.0-170.00 1959-IN 1980 States Roads - 80.0 47.14 8024-ZN 1909 Nathpa Jhakri Power 485.0-448.29 1952-IN 1989 National Seeds III - 150.0 102.06 3044-IN 1989 Petroleum Transport 840.0-806.00 2006-IN 1989 Vocational Training - 211.0 176.88 2010-ZN 1989 Upper Krishna Irrigation II - 160.0 117.40 $05-IN 1969 Upper Krishna Irrigation UI 65.0-86.00 8058-ZN 1909 Export Development 120.0-59.85 8059-ZN 1980 ICICI - Export Development 175.0-104.48 '202-DN 1960 National Sericulture - 147.6 116.19 8093-IN 1909 Electrontes Industry Dew. 8.0-7.50 8094-IN 1969 ICICI - Electronics Ind. Dev. 101.0-60.87 3096-IN 1989 1081 - Electronies Ind. Dev. 101.0-76.08 8096-IN 1989 Maharashtra Powor 400.0-375.56 2057-IN 1989 Nat'l. Fasi y Welfare Trng. - 113.3 9.09 3119-IN 1990 Industrial technology Development 145.0-104.13 2064-IN 1990 Industrial Tochnology Development - S5.0 63.37 2078-ZN 1900 Punjab Irrigation/Drainage 145.3 134.06 2115-ZN 1900 Hyderabad Water Supply - 79.9 74.68 3199-ZN 1900 Cement Industry Restructuring 300.0-275.30 2100-IN lo0 Watershed Development (Hills) - 76.0 77.16 2180-DN 19S0 Technteian Education I 210.7 168.88 2131-ZN 190 Watershed Development (Plains) - 65.0 64.68 2138-ZN 1990 Population Training VII 61.9 74.03 2158-ZN 1990 Tamil Nadu Integrated Nutritton II - 68.2 88.62 3287-ZN 1900 Northern Region Tranmission 485.0-457.42 8289-ZN 1900 Private Power Uti I ities I (TEC) 98.0-64.69 2173-ZN 1001 ICDS I (Oriss A Andhra Pradesh) _ 96.0 92.21 8268-ZN 1901 Petrochemicals II 12.0-11.00 8259-DN 1961 Petrochemicals II 283.0-174.66 826O-ZN 1901 A.P. Cyclone Emergency Reconstruction 40.0-40.00 2179-ZN 1991 A.P. Cyclone Emergency Reconstruction - 170.0 108.21 8300-ZN 191 Tami l Nadu Agricultural Developmn t 20.0-20.00 2215-ZN 1991 Tamil Nadu Agricultural Development - 02.8 60.62 2223-DN 1001 Technician Education II 807.1 274.90 2284-IN 1901 Maharaehtra Rural Water Supply - 100.9 97.87 3326-ZN 1991 Dam Safety 23.0-28.00 2241-ZN 1991 Dam Safety - 130.0 128.05
- 11-0 _SCEDULE PAGE 8 of 5 11*8 Million (not of cancel lations) Lon or fiscal Year _ Creit No. of Approvw l Purpose 8R IDA 1/ Undisbursed 2/ * 8884-IN 1961 Industrial Pollution Control 124-117.98 2252-IN 191 Industrial Polluoton Control - 81.6 29.90 3844-iN 191 Private Por UtilI tie It (USES) 200.0-107.46 $$"-IN 191 Gas Flaring Ruction 450.0-848.84 * 2800-IN 1992 Child Survival ad Safe Motherhood - 214.6 201."7 2816-IN 1002 Structural i ustment - 250.0 100.60 421-IN 1992 Structural Adjustment 250.0-100.00 2828-IN 1902 Mhbarehtra Forest.)" - 124.0 121.40 2826-IN 1092 Shrimp and fihb Culture - 86.0 66.96 2841-IN 192 West Benoal foresrr - 84.0 88.82 28S0-SN 19m National ADS Control s - 94.0 61.66 848I-ZN 1902 Power UtilIttes EffieIency 266.0-250.90 Total 18018.6 18092.0 11117.1 of which has been repaid 8260.9 810.8 Total now outstanding 14767.0 17261.2 Amount Sold 188.0 of which has been repaid 188.8 Total now hold by Baok and IDA 8J 14767.6 17281.2 Totel undisbursed (excluding) 6778.7 4021.2 1/ IDA Credit amounts for SOR-dnominated Credits are expressed In terms of their US dollar quivalents, as establishe at the tt.. of Credit notiations and as subsequently presented to the Board. 2/ Undisbursed amounts for S1R-denomimnted IDA Creits are derived as the undisbursed balance expressew In SOR equivalents (in turn derivod as the difference betwen the original principal expreseo In SORe (based on the exchange rate as established at the time of Credit negottations) and the cumulative disbursements converted to SDR eqivalents at thoexchange r prleil ni at the respective dates of disursements ls canaelotions expressed In SOR quivalents converted to US dollar quivalents at the SR/US dollnr exchange rats In effect on March 81, 1992. 8/ Prior to exchange adjustment. e Not yot ffective.
- 12 - S-EDULED B. STATEMET OF IFC IDNESTUENTS (As of March 81, 1992) Amount (USS miliion) PAGE 4 OF S FTscal Year Company Loan Equlty Total 1969 Republic Forge Company Ltd. 1.50-1.60 19596-92 Kilosk,r Oil Engine Ltd. 0.86 0.80 1.66 1900 Assam Sillimanito Ltd. 1.80-1.88 1961 K.S.B. Pumps Ltd. 0.21-0.21 1968-86 Precision Bearings India Ltd. 0.65 0.99 1.08 1964 Fort Gloster Industries Ltd. 0.61 0.40 1.21 1984-75-79/90 Mahindra Ugin. Steel Co. Ltd. 11.81 2.84 14.65 1964 Lakshml Maehine Works Ltd. 0.96 0.80 1.a2 1967 Jayshree Chemicals Ltd. 1.06 0.10 1.15 1987 Indian Explosives Ltd. 8.60 2.88 11.48 1969-70!uarl Agre-Chemlcala Ltd. 16.15 8.76 18.91 1977-87 Escorts Limited 15.55-16.65 1978-87/91 Housing Development Finance Corp. 104.00 2.10 108.10 1980/82/87/69 Despak Fertilizer and Petrochemicals Corporation Ltd. 7.C0 4.28 11.78 1982 Coromandel Fertilizer. Limited 1C.98-1.688 1981-86-89 Tata Iron and Steel Company Ltd. 72.06 21.46 98.52 1981-82 Nagarjuns Coated Tubes Ltd. 1.60 0.24 1.74 1982-86-87/91 Negarj na Signod. Limitod 2.99 0.41 8.40 1981-82 Nagarj una Ste. l Limited 2.88 0.24 8.12 1902 Ashok Leyland Limited 28.00-26.00 1982 Tho Bombay Dyeing and 0.00 Manufacturing Co. Ltd. 18.80-16.80 1983 Bharat Forgo Copany Ltd. 16.90-16.90 1982-87 The Indian Rayon Corp. Ltd. 14.67-14.67 1984-sB The OGwller Rayon Silk Manufacturing (Weaving) Co. Ltd. 15.96-15.96 1986/91 Bihar Sponge 15.24 0.68 1C.92 1985 B3aJj Auto Ltd. 28.98-28.93 1986 Modi Cement 13.06-18.05 1986-86/90-91 India Lease Development Ltd. 6.50 0.76 9.28 1986 Larsen and Toubro Ltd. 16.62-16.62 1986 India Equipment Leaslng Ltd. 2.60 0.80 2.80 1986 BajaJ Tempo Limited 80.54-80.64 1986-6T The Groet Eastern Sh ppit Company Ltd. 6.00 10.66 18.68 1987 Gujarat Nbrmada Valley Fertilizer U8.07-88.07 1987 Hero Honda Motors Ltd. 7.74-7.74 1987 Wisco Limited 4.70-4.70 1967-89/90 Titan Watche Limited 22.02 0.66 22.56 1967 Export-Import Sank of India 14.84-14.84 1967 Gujarat Fusion Glass Ltd. 7.62 1.70 0.22 1967 The Gujorst Rural Housing 0.00 Finance Corp. - 0.19 0 19 1987 Hindustan Motor. Ltd. J8.08 - U8.03 1988 Invel Transmissions Ltd. 1.07 1.07 1969 Wrl Advanced Technology 0.20 0.20 1989-90 Keltron Telephone Intru, Ltd. - 0.40 0.40 1989-92 Gujarat Stats Fertilizer 40.81-40.81 1969 Ahmedabad Electricity Company, Ltd. 20.69-20.59 1990-91 Tate Electric 107.98-107.96 1990 JSB India Securities Firm - 0.87 0.87 1981-90 Mahindra Mahindra Ltd. 26.19 6.97 87.16 1990 UCAL Fuel System Ltd. - 0.6 0.68 1991 Indust. Credit & Investment Corp. of India - 26.41 26.41 1991 CESC Ltd. 2111-21.11 1991 Herdt Illa Oxides and Electronics Ltd. -0.2 0.29 1091 Infrastructure Lesing & Financial Service 16.00 1.81 16.81 1961 Triveni Pool Intairdril Ltd. (TPIL) - 0.98 0.98 1981 Bombay Electric 68.00-86.00 1991 YVrun Transport, Storage a Comunications 17.04 2.86 19.42 1991 TOICI Development Finance Comp anies - 2.10 2.18 1991 Export Finance 0.86-0.85
- 13-13 - ~~~~~SCHOULE _ D PAGE b OF 6 Amount (USS ml I on) Flomal Yer Company Loan Equity Tot"l 1991 ATIC Indatrieo Export Financ 0.28 * 1992 Block KG-OS-tV 6.20 8.20 1992 VS= VCF - 117 1.17 1992 Arvind ll. 9.00 9.03 18.08 1992 Kotak Mbhindra - 0.80 0.80 1992 SKf Bearinp 11.60-11.60 TOTAL GROSS CIMUITUITNS 90.068 119.09 1089.77 Lost Cancellation, Tertnatiom, Exchane Adjuatmeat, Repay_mea, Writeoffe and Sales 452.80 28 61 461.41 Now Hold by IFC 497.66 90.48 86.836 Undisburel 198.39 40.64 289.08 m
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