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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