-7 . ' .1_*X

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FOR QMICALl USE ONLY K

* .i -NEKORANlDUN AND RECOMMENDATION RPWt No. P-5328-IN

i! , . ' ' ~~~~~~~~OF , ; °E

PRESIDENT OF. TE

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOAiET

AND THE

INTERNATIONAL FINANCE, CORPORATION

TO THE

EXECUTIVE DIRECTORS OF T41E

INTERNATIONAL BANK FOR RECONSTRUCTION AND D IPIIENT

AND THE

DIRECTORS OF THE ,

i;TERNATIONAL FPINNCE CORPORATION

ONi A PROPOSED

IBRD LOAN IN AN MUNT EQUIVALENT TO US$98 MILLION

AND

IFC INt13STUENT IN AMOtUTS OF US$30 MILLION AND YEN 4,600 MILLtON

UTAT ELECTRIC COMPANIES

FOR A

PRIVATE POUER TILI ES (TEC) PROECT-

IN

JUN,E 6, 1990

*3TbiN4ra a res_iced dbibtim !~msj,em y onl in dw pare"amo ttd ate&X ltf ofns wa Mqnt e be 0 W ___7

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* \- (R°)

.{ v . (~~~CURREC EUkALENTS 8 -.

., ~ \ ^ 4y6 Curr.eyLi~ R?' upee (Is) - -Is 1.00 - P*ise 100 . Q

'S$1 40 RS _ 7. 0Rs 1.00 3 1J$Q0§S88 \ -'R es 1,000,000 U.15J,82$'US$ 1.0 - YenouS .'

) ~ ~~~ , '3 . o

1 Miter (a) -U .39.37. inche (in)' Kilometer (kms) l,000' wters (m) - 0.6214 miles.(mi)1Cubic Motor (m , 1.31 cubic yafd (cu yd) -3 35.35 cubic feet--

z' 9 Thousand Cubic Meter (MGCM) 1,000 cubic mCtbrs F1 Barrel (bib) 0.159 cubic meter2lNb6mal Cubic Meter , 37.32 Standard Cubic Feet (SCI)'-of Natural Gas (f3t) ' -

I NMtric Ton of Oil, (39 API) 7.60 barrels1 Milligram, 0. 00klgr;= (g) - 0.035 ounce

C^1oT' (t ) - 1,000O kilograms (kg) - 2,200 pounds (lbs)I 1 Xilocalorio mcal)` 3.9718 4tish Thermal Units (BTU)I Ton of Oil Xqu 6alet (toe) - 10 million kilocalories1 Kilovolt.(kV) - 1,000 volts (V)1 Kilovolt ampere (kVA) 1,000 'o1t-axperes (VA) -l\Megawatt (WI - 1,000 kilowattes (kW) 1 million wattsI Kilowatt-hour(kWh) - 1,00W watt-hoursI Megawatt-hour 4mVh) ,- 1 000 kilowatt-hwoi b

GI Gawatt-hour (GMh) ,000,000 kilowatt-hours

K~~~~~~~~~~~~~~ S

ABBREVIATIONS AND A -

, ABCI - Ahmedabad Electricity Company .9BE41S - Bombay Electric Supply and,0 Tranaport Undertak nBSES - Bombay Subuiban E4ectric $upply. CompanyCESC - Calcutta Electricity Syuply compny.GD ' - Flue Gas Desulphurizati;n '5h

.¢0O . Government of'India .GOM \ _ Goveromenr of Maharash*ra . oard~ MSEB - Maharashtra State plectricity BoardMv - MegawtttTEe - The Tata Ilectric Companies ofAndhra, Hydro and Power

18 W r) s~ ~ ~ k K'

,Guarantor*s and Borrower's PInanclal Years April l March il '-' 0

,~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~4

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C- , FOF EIQ USK ONLY

'I~~~~~~~~~N

,9 - o PRIVEt1XE P011 UTILITIES (43C) PROJECT~~~~2~~~ Cs ' '''

Loan.and Prol ect Shuary

Tat. <Electric Companies (The {ata Uydro-Electrfr Power(k~ 1t.Supply Company Limited, The Andhra Valley Power Supply

Company Lim6ted,' and -The Tate-' Power Company Limited,referred to collTctively as the Tata Electric Companies -

-TEC). The three companies haye generated and supplied -

.ower in the Bombay arerJ since the 1910s. Th:y pool theirresources, share their assets. share costs an rtevenues 4n\

-' - the proportion 2MU30:50, and are operated as one companyunder the same man,gem-nt. majority of their shares

- .\ - - (51.72, 50.8t and 5h.7Z) is.hld. by the public. The Tata'interests hold only about 3S 4f the shares.

Guarantort IBRD Loans -India, acting by Its President. The GovernmentKof India (GOI) would charge'a guarantee. fee of 2.75 Z p.a.-on the principal amount of the IBRD Loan withdrawn and

rJ - outstanding,.

* BXD Lo.ans - fUS$ 98 million equivalent. .

Terms: Repayment over 20 years, including 5 years grace7. at theIBRD's standard variable interest rate.

IFC'-Investment:' First loan of US$ 30 million and second -loan of-Yen 4.600million. .m

Termst . Repayment on a 15-year. balloon schedule, including 4 yearsgrace. Interest rates fixed at 10 7/8 2 p.a. for the rirs*t

- loan and 8 114 X p.a. for the second loan. Pront ena fee: l%.. -Commitment fee 12 p.a. on the undisbursed balance.

Foreign Exchange and -Inte'.est Risks: The interest ratU risk on the IBRD loan, and the-foreign

kexchauge risk-on IBRD and IPC loans will be borne by theborrower.

lKort&aage and -Security: IBRD and IFC loans will be s9cured against first charge on

; .. -, all of TEC's assets, subject to certain charges on current* ,.assets in favor ofwork ng capital leq4ers, pari passu with N.

ot1er senior lenders.

-3 1

ois document has a resticted distribution and may be used b. veclvieft\ only in the performanceof their official duties. Its contents may not otherwise be diseWod wie At World Bank authorition. .

~~~~~~~-~ 1 . - ;*\--- rr

t~~~~~~~~~~~~~1 0

-Finainein Plans - * - tsUS million)

-\ Iternal Accruals' 61.5.Debenture.Issues ..- Convertible part - S 26.5 .;

- Non-convertible part 15.9Long Term Loans-IFC a/ s- IBRD ., s 98.0 .

L- ocal Fin. InstA 11.8 '

Total . 273.7 .

a/ In US$30 million and Y 4,600 million

Pinancial Rate-of Returni 24iZ

Eco'omic Rate--of Returnt 2X (1990-2000 time-slice-of the Western *egion-\ Development Program).

Staff Appraisal Repos. 8610-IN, dated June 6 1990O

Maps IBRD 92293 -

) - -…S*-\-?

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~~~~~~~O TU

NEHOMODR AND RECOQMNDTION OF TElE PRESIDENtT OF TNEINlTER &TIQlAL BANK FOR RECONSTRUCTION ANf. DEVELOPMENT

AND ITEV10114NL FINANCE CORPtORAtIONTO TIIE EXECUTIVE DIRECTORS OF THE IBID AND

TO THE DIRECTORS OF THE IFCON PROPOSED T1RD LOAN TO AND W2C INVESTMENT IN

TATA ELECTRIC COMPANIESFOR A PRIVATE POWlER UTILITIES (TEC) PROJECT

* V .* IN INDTAV _________ __________ _- ________-- __--------- -- -

1. - The following memorondum inLd recoimendation on a proposed IBRDloan of US$98 million equivalent and proposed IFC investment of US$30 millionand Y 4,600 million to Tata Electric Companies (TEC), is s\ubmitted for approval.The proposed IBRD loan would be at the standard IBRD variable interest rate, and'be repayable over 20 years, including a five-year grace period. Interest ratesof the proposed IFC loans would be 10 7182 p.a. for the US Dollar loan and 8 114S p.a. for the Japanese Oon' loan. The IPC ldans would be repayable on a 15 yearsba.lbon sciedule includiiig a four-year grace period. The loans woutd helpfinance the Private Power Utilities Project (I) -- TEC.

2. ; Background. India is one of the few developing countries with avibrant. if small, private sector presence in pidlic power,supply. There arefive private pown utilities providing public electric supplyt TEC, BombaySuburban Electrici'y Supply Ltd. (BSES), Ahmedabad Electricity Company (AEC),Surat Electricity Company and the Calcutta Electricity Supply Co (CESC). Allbut BSES generate at least some of the power they distribute. BSES distributespower purchased in bWlk from TEC.

3. All the private\power utilities are regulated by -the Electricity(Supply) Act of 1948. Under the Act, utilities may set their tariffs to recovertheir full operating costs, depreciation, interest and a return on equit- (122).Their indiVidual franchises are defined in licences obtained froi-- theirrespective state government, which covbr their geographic area of operation anda term which is normally of 20 years. In the case of TEC. its licence was iastrenewed to 2004 as a result of the Bank's requirements at previous loan approvals(para. 4J.' GOI has been considering in the last 2-3 years a set of amendmentsin 'the Att to imptove the incentives for private sector investment in powergeneration. Key reforms included in the White Paper GOI is considering are: anincrease in the return on equity froaml22 to 15; state government approval ofspecial reserves for repayment of loan principal sand to raise internal cashgeneration for future investments; an increase in the depreciation allowance;and an extension of the standard license period from 20 to 30 years. Theseincentives are in the right direction. The progress through the Government ofthese reforms has been interrupted -- in our assessment \only temporarily -- bythe change' of admini tration and by 'the preoccupat-'4* of -the- other concernedauthorities with rev'ision of the Eighth Plan. 'lHowever, delays in theimplementation of these policy initiatives would not adversely affect TEC'sability to operate nor the economic and financial returns to the 'proposeJ. \.project.'

x, . .. I; . V~~~~~~~~~~~~~K

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4. IBR involvement with India's private power utilities has comprisedfour loans to TEO for the staged. development of the Trombay Thermal Power Stationnear Bombay. At} of these loans -- approv*d in 1954 (Lqan l06-IN), l957 (Loan164-X)), 1978 (Loan 1549-IN) and 1984 (Loan 2452-IN) - have been successfullyaimplemente&G IFC's involvement in the kector includes two loans of US$10 millionand SwF16 million to ABC and SwF6O million' to TEC approved in FY89. The latterloan is to strengthen TEC's transmission system. A further loan of VS$20 millionequivalent to CESC is being considered for FY90.

5. TEC is a well managed corporation with strong financial performanceand an excellent record of efficient operation and technical innovation. TBI'sstaffing is coumensurate with the size and scope of its operations and isadequate to carry out the proposed project. TEC provides extensive inth'ouse andexternal training to other utilities in India, primarily for power plantoperation. TEC supplils power'to BSES, BEST and large industrial consumers inthe Bombay area. The quality of its power supply (as regards continuity,frequency anO voltage) is superior to supplies provided by public utilities.

6. Rationale for Bank Group'Involvement. \GOI has adopted an ambititusInvestment program for the power sector ulder the 1990-95 Plan. Expansion ofprivate sector participation -is a key element of this program. It wou'd providean opportunity to help mobilize additional resources from outside the publicsector as well as improve finaticial and economic ef'iciency in the power sector.The Bink dioup's involvement with India's private power utilities has stimulatedGOI thinking on the role of the private sector in public power supply and hashelped obtain government commitments and regulatory improvements "that havestrqngthened utilities' financial performanc". IBRD And ,IPC participation inthe proposed project will also help mobilize additional financing for a privateuti3lity with excellent records of performance and efficiency. Et will alsoprovide an opportunity.- to review 4ith the Government the adequacy of theincentives it is currently considering \to encourage increased private investment.This to especially relevant in Maharashtra, the largest industrial state, wherethe, private sector is already active but where' there is scope and a need toattract additional resources. Moreover, the Government of Haharashtra (GOM) hasbeeri, a leader in promoting private investment in sectors such as power,traditionally reserved for public funding.

7. TEC, vhich has in the past borrowed from the Indian public financialinstitutions and from IBRD, wishes to diversify its financing sources. IFC'sfirst loan of SwF60 million to TEC was p part of this strategy. IFC's proposedUS$30 mS4lioh and Yen 4,600 million loins for this project, together withWitsearlier loan of SwF60,million would result in a total exposure of US$100 millionequivalent, which IPC judges to be a prudent overall exposure in TEC. Tocomplete the financing, the additional requirement of US$98 million is being metby IIRD. . i

8. V Project Ob ectives. -The phys-ical objectives of the proposed projectare, to provide additional peak\ generation capacity to meet more,of the increasingdemand in the Bombay' area and reduce TEC's dependence on the state's grid;

, ~ - .y

3 . 3 C>

increase the util zation of existing therma. generating imJts at Trombay 1 aaidadd a gas-based comblned cycle plant. These. investments will\ reduce TEC'saverage cost of generation, mitigate the sulphur dioxide emissions trom the coalaud oil burning Trombay Unit No. 5 and improve sykem reliability 'sand qualityof service to consumers. The project's institutional and sectoral objectivesare to help increase private sector participation in public power supply andintroduce time-of-day energa pricing and load management tariffs for TEC'a bulk

supply and direct consumers

9. Y Protect Description, Costs and Financing. The proposed project ispart k the least-cost development program for the Western Region power systemand-eomprises:. a) a pumped storage unit at the existing Bhira hydroelectricstation, to generate 1I0 KW of addition&4 peak power by consuming off-peakthermal power; b)'a 220 kV transmission line to carry th'ise power to the licensearea; c) a gas-based combined cycle unit of 180 MV at the Trombay tb ermal powerplant; d) a second flue gas desulphurization (POD) unit to control the sulphurdioxide emissions from the coal and oil burning Unit No.-5 at Trombay; and (e)a review of design-and techni4al specifications and super4ision of constructionof the Bhira- ppped storage scheme and acquisition of know-how for the extensionof the PGD faZ\lity at Trombay.

10. The Oroposed project vill be completed in about four years and willtost about US$230.7 million. Interest during conitruction-will add an additionalUS$43.0 mlllion. The foreign financing-'requirements for the pioject is aboutUS$144.2 miilion (532 qf the total), Schedule 'Al presents the cost estimatesand financ in plan for the project. Schedule 'B' presents the arrangements forprocurement and disbursement. ,Retroactive financing of up to US$2.0 million willbe provided «or eligible expenditures 'after May 31, 1990. Schedules 'C" and OD"provide a tiimtable of key projecttprocessing events and the status of Bank gro4poperations in India. Map No. 22293 is attached. Staff Appraisal Report Ko.

-8619-IN, dated June 6, 1990, is being istributed separately.

11. Environmental Aji*cts. All the components of the project will'complywith 001 and GOM standards as well as with all applicable environmental policiesand guidelines of the World Bank. The existing Bhira dam and power plant have

, ' not had substantial adverse effectk on the environent. ' The proposed pumped\ storage unit, would use' the\, exsting upstream and downstream reservoirs, and'so' would not 'adversely affect the surrounding environment. the new 220 kY

transmission line vould use the right-of-way of the existing 110 kV li4s. Theefficient use of natural- gas in a combined cycle scheme and the extension of thePOD Plant for Trombay Unit 5 would help contain emissions from the Trombay

* Thermal Powez\ Plant (total capacity 1,330 M \TEC has obtained theenvironmental clearance for the Bhira pumped storage scheme; and that for theTrombay Combined Cycle Soheme would be obtained&prior to effectivenes -of the\

- - - proposed IBRD -and--IC- loan.. . --ALat d4nuseA a4n_-4etail

\ 1 By operating these units at a higher loa4 factor- during off-peakN- '\ hours for pumpingvwater at the Bhira Pumped Storage Scheme.

2 A review of TEC's tariff and load management options for TEC's direct

consumers has been un trtaken during project preparation.

'..'\

....E.-...r... ..ffi :.- . . Ss-*J- ;:.. . - r_ V *....... -. w.-=

'~~~- \\'\ j.

in paragraph #.28 and Annex 3.9 of the Staff ApprailR Repo.

12. a. \ reed Actions. During negotiations, G014 (a) reaffie4 thqavailabilit),of adequate supplies of,Ouitab1e-fuels for the economic operationof TW-Ti Trody Thermal Powr flant; and, (b) agreed to cause. GOM, befbre 30Ju4e. 1991, to extend TC I's license 'to September 15, 2010, the maturity date4-ofthe proposed IBRD loan. greed that It would not take any actions,- inEludlngdelimiting TIC's area of supply, that would adversely affect TEC's operitiqnalperformance and financial position.. GOMfurther agreed that it would continueto allow TEC.the current practice of,colleting certain special reserves as arepermissible, under the Rlactricity (Su pply) Act. TC agreed to the security,arrangements for the proposed loan, and agreed also' to Unit their long-termborrowings so that the companies' long-term debt to equity ratio does not exceed

13. B efits The project will increase TEC'is peak generating capacityand its utilisation of the:existing Trpmhay thermal power station. The projectwill also reduce TIEC's transmission losses- and improve system reLIability.Tariff adjustments and load management initiatives will bring the level andstructure of TEC'\s tariffs more closely in 'ine with its oupply costs. More-genera;ly, Bank Grqup support for increased privl4te sector participation in thede*elope1ept of India's power sector, will release Oublic resources-for investmentin other sectors that are-not able to attract private funds.

14. Risks ()- The physical twoject components, .*Uich are based on6onventional technology, do nsot presen 'unusual technical fisks. The Mulshi'Dam, upstream of the Bhira Hydro Power Project will conftinize to be monitoredand inspected periodicslly by the IrriationY!partment of GMK ltm accordance

- vt- Indian regulationi;a b (b) Under-t3# Electricity (Supply) Act regulatingpower- ptil7tise in India, TEC set their tariffs ! recovet their full costs,

- anclinding depreciation-'at 3.6? p-a., interest and a predetermined return on thecapital base. Additional special`teserves are allowe4 by GM* to full\cover thedebt service and raise internal funds for future- investments. Contiuiuation of

'\these reserves is essential for TEC to attain c fortable debt servicing. (c)TEC's system and operations are clooely interlinked with the State grid operatedby the MSEB. Maintaining the present rorking balance is critical for TEC's lopg-term viability. - -

15. The ;TC Investment.. The 'principal featuies of the proposed IYCinvestment are as\ follows:

First Loan: tif$30 million.- Interest rate fi ed at 10-71/O p.a. Repayment in,; 22 semi-annual inst4llments of US$909,091 due from September 25, 1994

through March 25, *005, and the balAnce of US$9,999,998 due oq_ September_25, 2005. - -

Second LoansYen 4,600 million. Interest rate fiixed-at 8-114? p.a. Repaymentin 22 semi-annuil installments of Yen,139,393,940 due from Septemb4*25,! 1994 through March 25, 2005, and th. balance of'\en 1, 533.333.326Idue on September 25, 2005. -

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Both IFC Loans Commitm4ptoFee 1? p.a. Front-end ..Fee lZ. ,Prepayment permitted-; subect to premium'.

Securitys For both iFC loans, first charge over TEC's 'imuoveable and moveableasseta, -ranking pari pausu ith other senioi lenders' ,charges,

, C., - subject to curt in prior chirgis over current assets in kso.ofworking capital landers. Partial disbursement permitted againstn'' .' hWpothqcasion of moveable aesetiu.

16. ,, In accordance with 4ectie,s 3(ii) of Article III of the Articles ofAgteement of IFC, the Covernment of "India hap been notified of the proposed.inveistment.

17'. Recommendatia4i. I am satisfied tht the proposed IBRD loan and IFCinvest vt would c9mply with the Articles of Agreement of the IBRD and the \ .Articles of Agreement of the Corporation.' I recommetd' (i) that the Executive

,,Diret,rs of IBRD approve the proposea IBRD Loan.and (Ci) that the Directors of*2 the 'Corporation approve the pi?oposed investment b*, the Corporatign on

substantially the-terms out4?ined-above and adopt the following' reabluttion:

wIRESOLVlED:- - \-

(a) o%ht the Corpora*4on be,a'torized o conclude \he transactionsoutlined in paragraph 15 of thil report substantially on the termstherein 8et forth; and.

° (b) Th4t the Pr°esident IEzecutive Vice Prepident or any staff member of-tha Corporation authorized by. any one of them, enter into an

V : ffi agreement \or _greements pro@,tAlng for such transeacti n<no containing such other terms and couditUons 'as he or she, b\ the

; , \9 C) execution thtreof, shall approve.0 \ - K\ ~ ~ ~ ~ ~ ~ ~ ' .

Bar'ber'B. Conable '

c - u - ?\t cPresident

Attachments '

-ashWngto4D.C. D X-KJune 6, 199-

0,~~~~~~\\- . \ ~ .\ ' ''

-\ _ _A -'.s~ --

Scheidule A

11PRIVATE POWER UTZLITUli (TiC) PROJECT

Proje ctost SwuaryProject-C-ompoet ~\ Local~ Foreign Tot-Al

'1X.\ 150 MW Pwmped Storage Scheme tt\hir& 30.8 222 53.0OII. 4hira-Dharavi- 220 kV -Transmiss'iott System 16.2 V7.2' 33.4

-.11.1-180 )(W Gas Based Cpmbiued Cycle Scheme at Trombay -43.9 47,A 9qi.jo ?v

IV. Flue Gas Deoulphuiiw.ation Stieamat 'Trohl1y\Unit 50 .6 5.2 10.8

Totol. Base costs -96.5 9e.9.7 188012

P~iysica1Continjencies. 6e.8 6,.0 M1 a-Price Goitingencies- 16.7 -4,l3.0 29.7

Total contingencies '\. 235 19. 0 \ 42.5

'Total Project Cost 120.0 110.7 230.7

Interi6t-Durli ~Construction (IDC)I* ZRD .and tIC Loani 0. 0 p3.5 33.5

N; 1.. -~~~Other 9- - 0.0 ~9.5

Total IDC\ '9.5 S33.5 '.

Total Financing Required' 129.5 144.2 273.'7

11 Including\taze's and duties of about 1150 18. million.

Financing Plan:Local For*ign Total…------ S$ million …-----

Internal Accr"ls 6. 61.5DebeAtureCtssues

-Conivertible part 26.5 -2.

- Ron-c&~vertible part 15.9 -15.9

ngTerm Lo*ns <006.

IBRD- 98. 0 98.0Local Pin. lnst. 0 1.811.8..

Total ~'-115.7 158.0 O. -273.7

ki~n US$30 utilliow-and 1\4#600 million. -

C p - ~ ~ ~ -

e2 -

-L4 - -0 sLV-- ° 5 ' . Schdule B

o 9, . .' ,?2PasoIof2

PRIATEPOWRITUJTUPTRQ LOJCT

?7Qcurement Method an, Disbiu rseent,. (Us$ million)

Pr2e ent Mlthoda -aProcure ent Method bI ?btal

?roecct flement ICB L Other A.

Pr lnimry Works - 0 -2.0

Civil Works - - .16.1 - _ 16.1

Material andz Equipment; 112.8 5.0 81.9 - 199.7\0 DIBBD (93.0) (4.0) ( - ) ( - 5 (97.0)

IFC s t - ) t - ) , (60-0) ) 60.0

Srvices. -- 8.1 4.8 12.9\ I~~~~'BBD: (\ (l.0)cI t ) 1.0)

- - - - - - -- - - - -- -

Total 11Z.8 -21.1 - 92.0 4.8 230.7- - .TD=93.0) r (4.0) (1.0 ik- ) (98.0)\VC; .- ) - (60.0, ( _ V l6O.Q)

- -- ' - -- ---- - - - -

,af Amounts include taxes and duties (US$.18.8 million), and figures inpapentbeeis s7rqthe resperctive nabuots financed by IBRD and IFC loans.

bl ICBs International Competitive Dddin.. -.LCB: Local Competitive Biddipg.: thert Direct imports zad locally procured items.

-- - \ .\N+..s Not App1icabl (4A4sinistrative Expenses). \

ci Consuftan is' services\ s.

C~~~~~~~~~~~~~~~~~~~~~~~ () ,

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Schedule B \.. Page.2 of 2

Di.sbursement,:

IBRD LoansAmount of th*Loan Allocated X of(4 tpressed in Expenditures

Categogry ' Dollar EguL1flent to be Financed

(1) Equipment, materials.,andrelateA erection:(a) Mat7rials and equipment 90,000,000 '\ 10O of foreign

expenditures'and 100? of local expen-ditures (ex-factorycost).'

tb) Erection df plants, .

-transmission lines-and substations 5,000,000 1OOZ of foreign.

expenditures and 70?\ - \ - , of local expand4tui`es.'

(2) Consultant services 1.0?00, O,0 ' lOOZ of foreignexpenditures.

(&)-Unallocated- ,0 z.ooO,o

T Total % \ - N. 98,000.0-0 0

\ . , l J ~~~~- S . -- O 'Ksti ted Disbursements Schedule: ^ '

IBRD/IFC Fiscal Year F FY92 FY93 FY94 FY9St-BRD Loans) \ ~ --------- mU$illioan)_ ____

IBD Loan: , - .

-Annual 1.0 1 .6 ,37.9 32.9 7.6 .cumulative 1.0 19.6 . $7.5 99.4. 98.0'

-t Loan: . N-> Anntual . 3.0 6.0 24.0 \18.0 9.0

stnnlaQ 3.0 9.0 33.0 51.0 60.0

Rates of Returns: 'Fnancial: 24? -\ - - - . '

Economic t5? (1990-2000 tlme-slice of the Wqstez Regi3wI \ k ] . z ., Development Program)..

IK D | X r , ! -

-> ' . . 'i ' ' 7

s i x f S c' ° *" , '

_ .. t \ \o c f t. _ 0 - . .

7.,V

Schedule CINDIA

PRIVATE POWER UTILITIES (TIC) PROJECT

Timetable of fey Project Processin= EventsN

(a) Time taken to prepare s 1 year(b) Prepared by TTEC(c) First Bank mission s October i989(d) Appraisal mission departure s January 15, 1990(e) Negotiations - aMay 28 - June 1, 1990(f) Planned date of effectivene'sa s\August 31, 1990(g) List of relevant PCRs s Third Trombay Thermal Power Project

Lu. 1549-IN, PCR dated June 1986

A ~~ ~~~ -

! * .~~~~~~~~~~~~~~~~~~A

\' .. \.

1O~~~~' 'I ~~~SO4OULE 0

1W STATUS OP 64A5 UMP wwtU4 Zw5IN VtA. ;;A;Enl;GTOF 3ANI1 LOMSAN$ ID R5

)(Ae ~f March it1, 199)

* ~~~~~~~~(net of camel lotions)t.ea4 or 'gflSoa yopCredit lf~. of Approval Purpose \IA1 jftdlwb"Ur.e 2/

n2 tojfg/ 433.1 Is* Credl'e #VI Is dleburee 017.

tin2-IN 1962 Korb. Thereat Power it .6 400'.0 21.731177-ZN Ion62 Madhya Predeet, major - 23vtin0.0 71. 731176-iN 46Sf W.t ftepte Sow)at forest 1 - 3.0 6.002076411 I,6 ReeaWatoda ThermaI Pomer I 300 20.56.1250~-IN n93 4Jr~Wte upy-7.9 36.631211-IN 1to3 J.rminu/amhl r cod

Isis-IN I"S menss Zrr)at)oo it 150.0 41.186-ZN -198 U.P. Pub)lq"T=bm.l t - 191.0 14.9311356-1 1Is3 upper lidroewet) Hydro Power -170.0 55.972276-ZN 196 Uppe IOdUovOtI Hydro Pose. 10.4 -116. 011369-ZN 196 Ca I uAte Urban Dows, I at ItU 9-17.9222W-10 1968 Cestre) Ptowr Tr.eseleuoe 250.?22*0-~P 1963 fInaleye* Watershe 1isewo 46.2 -16.21

isp-rn 1963 Meber.eht.e~~W$eUt) Igton 8. 6.55

1424-IN 1964', ReiuWed Areas Waterseld Ow. - 81030.891426-ZN 1964 Populetlee In 70.0 ~c29.02

~~462:1k 1164 Kormeteke $ocle) foretry -27.0 11.273:6 -\, Wbeve Sb., Port 25~0. 217.90

23f3-IN 196 40u&)obti Ceujf10~ - 29.072493IN 1964 2ebySe) ri.1S6.0 75-9624 I-N 1d& Mah.PrdsPrH aer 03. 44.19

1494-,I is,;; TeslINdad Wffter Supply - 3.5 II.99SF-li-ZN 1964 Te~~7 l Nads w6oer supply 36.3 35

1466-IN \ 1*04 'Penlyp Vel-go) U In4gtlote 7. 0.44SF-IS-ZN 19114 Per)yar Yablsel U1 Ierrltlee - .6 13. 59

14wu164. Upper,vaeg Irnlgatlo. I 12.0 106.751496-tN1964 4ujertt Mod).. Krn I~on 172.0 110.64

2416-1 Is4 tiedre brwer tyrofotI 17.4 13616.16SF-to-ZN 1964 FavoeSeewr I ydree.$eis-to3413-IN 1 I:odinef lteroy. ldeleotnl - 13.2 16.0s

2417-1k 1*0 Sllmse £l.ctn7ltl.et 27n.2 -69.542442-1k 1is4 VtenoM,. t Thermal Poser 806-203.522452-tN 19614 Vromit Trombey Theneel Peose 136.4 i - 16.491502-ZN a"6 Natlose) Ce"oprtlw -134

Deweleimeat Conporetlon U? 2.0la1514.01111 296 Kotenss ocla) poroetr - 1.6 20.701523-1k 96 Natlomal\ Aerlo. Etmoelon It 3. 13.931544-ZN 1*0 Sombey Unto. Sews opeget -80120.79

ad, -').If dlaboreamensa belng priesd

Lea. c' Fvle- e. I ' i)'f. . .' ', ' . ' , ' 'At ' et

CridlaMp. of APPr.w.I Purpose no6 IDA 1, Undlebureild 2/

34971-1 1D6Nsis ga.a)o* ead,Pewsr 200. - 200.00I552IN 1086 NVWd (.aa) u n P.o.w - 10.o-*6.

.1,5 (3 Caml 150.00Second Nt l mtural t. . ' 49.0 o

i ~ ~ 16 Nalsa Socle Foetr 15. 116.05

2401-IN 11149 $7.? 12.00

2408-ZN 1065 ilaoh Cbsrt 0*sI ~ e 2

606-ZN 1966 ugtasbti~~aVsbrscluJ~~mWa1e \ 800.0 2O. . 3.03,29$4-1Xl 1065 20n0. 00 2 0.0 - 1.7'2544-IN 10ow MOarpeTema es 0. 178.94,2565-ZN 19 s0.0 . U 4.90250-IN 1K e P.,.. 119.0 1 15-.601f194#-11 190 We*-i 56l.. Mo. Iii gtion 7- .0, 120.711'214-N 1" UahaeastrC tmposte nIg0tloo j 6.0 1-3.931032-ZN 300 Kerala *wbt*r upply and Sanitation 419 41.0056U3-DN 1966 lih songal 1epuIsti) - 61.0 '19.13101-IN 1000 Kattosal.Agr cultural Ro * . K 72.1- 70.82039-DO 1066 Ztoeduetil perl Dow. P1 90.0 48.71

2831IN 196 'CICI-ndus. t_p. Doi. Finae. 100.0 #793.11164-IN 1900 Guj orabjIbbs - S2.0 49.07200-Z 1906 Im NABAlD I 3. . 70.7a260ZN 1to6 Copewit 1DdustrY 195.0 94.;22661-ZN 106 ZCZC - Ceme.t ldustry 35.0 - .25.29

I1S-N 19# An. ndhre Paden Sh UlI - 140.0 156.3726N2-IN 1M Andlti Puedeb I Treboetis 121.0 - 131.002674-N 10S6 Capbu.d Cycle Po 461.0 141.082729-tN 1966 tCoerative Ft I It ' 1.2 - 0.96

t2730-1N 190 Coperative It tI 146.0 - 66.55* ?374N 1907 Cbar TubeCel- la -:.0 66.642769-ZN 1967 Seb Wda Sll-ter Supply a . . 40.00

175tN 1.7 9ls & lersec its - 346.0 .

1764-1>O 108? Olo ANationa le. toes_lee IU 65.0 76.151767-1N 1907 Gujarat Rural oed., - 119.0 115.04-17O-ZN 1017 Netleal teww Wemag.me t 114.0 108.40276-ZN 1067 011 I tdi Petroleu 140.0 - y. 93.10279WIN 1907 Co WIntm a& uality. Improvmest 30.0 - 135.092M13-ZN 1067 TIc_as¢etl eX 193.0 - 42.562796-ZN 1967 Utir Pradeb Ue Delopmt 20. 20.0017WI-ZN 10 'UDter Predesh UVbe DIblopw_t - 130.0 100.122827-ZN 1907 Karnate ow Pe-s.'J30.0 - $08.332644-IN 1to? Natleonl Capitol Powers 466.0 - 364.002946-ZN 1907 r1 r I Termrl JJ5.0 - 344.622346-ZN 193? Uad Wo Wb Supply 53.0 -001622-ZN 1907 Madras ftb Supply2803-ZN t96 Ntbl eel "try U W00.0 - 2;.00169-ZN- 1046 NtIseel 0DIry U 100.0 9 0.00 2004-ZN 1186 Veeers r a Cb velpmeft 261. -= - ;4@_2929-Vt son bdw.. pie. TOeh. Aet. no00 _ 235.022929-ZSN 1068 H"owin C. Ftocss Corp. . 20.0 s- o.29$-ZN 100 _tilway moderaoatosa III 390.0 - 3z.332936IZN 19J0 KastabsP Uot. 260.0 o _ 289.1029057-ZN I6 lAtNradab Power -. 331923-IN 1068 Y9W, I Ned,u UVie Dew. . - 300.2 ,. 242.031981-ZN 1999 b aty* bmdris opuseto - 7.0 20.482994WZN 196 Stetee lNeed 170.0 -0.00

1"o-z" is" St"" ItOods 1~- 0.0 :62 45J024-tl N+1 t 1 09 4650 - 4<9.91161902-4ZN 1o6n NtlWnel 9b.ed IU ' - 90* 135.5030II ZN 1060 Pstralerm Trnsp-rt .0.0 o- 34000-2006ZN 1960 Vocatlonal Treiln - 280.00 2.5.67,804061-IN . 6 Yes*tgals Trailsg 830.00210-ZON 1t UP_ Kelbee tretiptia, I t * 100.0 134.63060411 1060 Uper rialna Zrjao It 166.0 105.0030681-1 190 1Lpot - o . \. . 110.00

30 .Z . ~ IC!-bot )4S .. 175. 1.0t\~~' 0 .. ,

C. ,' K

PA"E 3 of4

CredO 0. O' Aprv ' mOee' - .-

Crwtt No. of Aweni DA 1/ Is.1 -eUred 2/

NU3 erioulter. 4. n;.~ ~~~~~~~90hme , "A ow q. A

DI400 D_. 11^11 lMl JO.O - 3000Eiete.e S_ id0. 0ev 9. - 7.308004.-t ff1 - 101.o.0 - 1. 00

it1-" ' 1 ' 'nz ?r . -40.0 M0,

W1,. 1W 51 .ute.inill t, ty Weltoft Tr"* U.~~~11. -,$a o otl1 1evell- 14g.00 145.00

3144-DI Peo r 1o0 aeOtelma 1 .00 - 1.20-IN Peb rrltilaJltreag. 10.0 144.10

Tote, 1. .2r9.8p' 116265 6ofThelw bold y- Bo - 240A.* los.?

Total oeelw -ustsa -372.6 l61,.9Aedit Se d 13. t i

o~lv fem aste atalOe a Wme.. o repsid 133.6lo an - "esum

total VW' hed r 3 1 251Tote l w -adiehre -eeeis ') 7n25.0 " JtO .?

SI t''i'A redtw smeote fler M"Wa.insta~ed MA CrWt 4.a' rwsesd IstrOM OW their "seden"

vIleW sol w.tsb hd" theS t .of# Credit 'qtoi. sa ssheqesl

crnveted to _he UBrd..~, Vadbt ee an lo tfor toSi A Cdt ,n dl wed f u

sewre to thei US dell. qinl.t atth IS/U dolir ,_heg _ot I,aefoe"t -at' M -s . ortlgstsielee _g bd osu ,_e wn teefet ng|aieo. int sesees for te fe ta is eeeo ewe th unihree* ,aen tI A,laUS$ lot Is higoer t_e. th ofrgiom,l pwiso i.

3,? poor to eseabeq djvetmwt.

* Not jot effectiv, e '

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. . . i , .~~~~~~~~~~~~~~~~~~~~~~~~~~~~I

V . .. }~~~~~~~~~~~~~~

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17O , !2 lc .0

2 13f ' 6W.13ZD

; . 07AIIW .tF 4r C

-irloo oil S (f rL t. ,. 11.6)

' Xztscaasw ' - %,V

St lts Ltd. .4 1A4 i .J l__ _-

_les _ee Cimpem ,' Le_Eut o

- i63" RublIt P.rp C_epl eds Ltd. 1.S 0 1.511166 Kirle Oil EngInes Ltd. 0.0 0) 4 0.3

1.160Saun Stilfumit Ltd. . ,.4 - 1.419*l KM..S.. Pump Ltd.- 4.1 --0~°2 1 ~~~Prseiei. Serig Ztio Ltd. 0. 6 0.4 i.%0

11S4 PIt loar dutrIe Ltd. 0.3 0.4 1.21964-7-9/90 Makindre Ug).. Steel Ce. Ltd. 11.6 2.7 14.6

lkos M "i Lforke LWd. 1.0 0.3 1.3Joy"reJ C_ltetoh VA. Pk.1 0.1 1.2

1S4, Joyabrepe Ci Ltd. .S2.9 ., t11.6116 Indies Ezpl.lwee Ltd.1160-70 Zwr Asre-Cbmmisels Ltd. 1U.2 *.9 19.0107647 - Lorte L1iited 1.6 - 15.6197 I Meu.ino 0w.lo_ne Ftges Corp. 4.0 1.1 5.6- 1060,62167/ _oepek Fortiter V im11 P*etrbeheioelo Coeoratlto Ltd. 74$ 4.2 11.7 tim A------ed MWe II swe Litmted 1S4 - 1.5919111140 Tot Iro ed Steel Compey Ltd. 12.0 21.4 05.4116190 Veb)adro9 Ibh1.dn Ll-IW 15.0 6.4 21.41101 NagIriuna Coated Tubs Ltd. 1.C 0.!81001816/87 IbreeJ ens St_gmad LlsIted 2.5 0.8 K 2.61981 I t r mm Stel Li mted l85 0.2 3.71982 _AsA Lop iend LUnited 28.0 - 20.0}992 The SeBey Dyseir - d

Mnufacturig Co. L.W. 1.6 - 18.8*162 1 *betP forple mpay Ltd. U..* - .1162 - Th. laud Raor Conp. LW. -4. .19U 4-lloTbq lr Ibyolo Si $Ilk V*"-'

flueria (Weavin) Co. . 6.0 . - 16.01036 BIker Sponge ' 15.2 0.0 16.0 -1016 IbJo Auto Ltd. 1'28.0 ' 23.01165 Modlt Cemt 180gi - 13.011J6 India Le Devl_gu Ltd. t.0 0.5 ( 6.8i 1016 Le nd Toro 2. 21.8

mmndi £qsi Ld Ltd 2.f 0.. 2.01016 '3eJ 4

7 LIited .80o.5 - 30.t

1066 |y IPP*6 60 § , 5 S,9 ( 11.9beede 87.6 3~~~~~~~~~~~~~7.5193 t JorntN Volley Pe1illw 1.1 - , $.

19037 Nero NMe Moto Ltd. 7.71 190?7"o Wlin.L l -4.? - 4.7I1798t90 Titt Wate LiRited 21.7 0.6 : 22.31to7 6 vt-Import Seek of Indle 15.0 - 16.0116798?jeret PeFles .les Ltd. 7.5 1.? 9.2119? e brvl _ing

Fi Cor. - 0.2 0.21967 Ninduetos MI*oos Ltd. 87.0 , - 37.01066. le' l - 1.1 1.11086 WI - 0.2 0.2116 MIltre . 0.4 0.423 Gujeret lu 4Fat) II w 2. t 20.

1160 Abmudubed ~~~~ ~ ~ ~~20.5 -2.

1100 Taeft eetrle b.S ° 3o9.619 J.ll. Shu 0.4 0.4

1690 MAW \ 10: ,& . .O >.,&~~~~~~~~~~~~.

,.CM.TOTAL. 015 IlIiWlTS 6214 * S 5< 670.6

Less Ceel latlee Terlnioms, K \

NMs Meld 201.2 1. 2.

Undlsburod £#06., 0.3 160.0I~ .. - .

4o~~~~~~~~~~~~~~n ~~~~~~~~INDIA

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