Real-time Stock quotes, portfolio, LIVE TV and more.
Jan 03, 2012, 08.04 AM IST
In an interview to CNBC-TV18, TN Thakur, chairman and managing director of PTC India said the company's receivables from Tamil Nadu State Electricity Boards (SEB) have started, although Uttar Pradesh SEB is yet to clear the dues.
Further, he also said the company the PE fund is in its final stages. "We will be able to contribute about USD 75 million to the PE fund," he also said.
Below is an edited transcript of TN Thakur's interview to CNBC-TV18. Also watch the accompanying video.
Q: How the receivables are shaping up from two of the State Electricity Boards (SEBs) — Tamil Nadu and Uttar Pradesh? Have you halted any kind of volume or sales supplies to Tamil Nadu?
A: Tamil Nadu has paid Rs 51 crore during December and in January they will again pay some of it. So, their payment has now started but it will take a while before the entire outstanding is cleared, and we hope that by end of this financial year it should be possible.
UP has already gone into the election mode but we are still in touch with them and they have also been promising that they are after the polls they will clear the dues. Meanwhile, our borrowings have come down from Rs 400 crore to around Rs 180 crore or so. So, it has been brought down and we are hopeful that it will further go down. Ultimately we won’t need to borrow money from the market.
Q: Can you take us through what stage of finalization is the PE fund in and what kind of an initial capital would you be looking at?
A: The market is concerned about power sector, as of now still we are persuading with setting off the fund, we have already signed the term sheet with a sovereign fund and they are contributing substantial amount. If the whole thing goes through, PTC will also contribute. So, to begin with around USD 200 million will be the contribution between the two partners and then we are also hoping that some others would join. As soon as we are able to finalize all the terms and conditions with private equity, the sovereign fund that have signed term sheet with us we’ll go ahead and launch the fund.
Q: How soon will you be able to launch and what will be the exact contribution that PTC India is willing to make for this?
A: We would be able to contribute nearly about USD 75 million. It is really difficult to guess the timeline but we have already signed the term sheet and now serious negotiations are going on. So, we hope that this will be soon but I am not able to give you any firm timeline because it will depend on how quickly we are able to fit all the terms and conditions that each one of us would like to have.
Q: Focusing on your Seemapuri project, which is a 200 megawatt project, there was some delay in the commissioning. Can you take us through when the generation from this project is likely to begin?
A: We are hoping that project will commission sometime in end of January or early February. We hope that end of February we will start getting power from that plant for sale. This project is of 300 MW out of which 200 MW it would toll in and another 100 MW they will be selling to us through power sales agreement between PTC and Seemapuri project. So, the entire 300 MW will be sold through us but as I said 200 MW will belong to us under tolling arrangement and 100 MW is under power purchase.
Tags: PTC India
Action in PTC India
Jun 18 2013, 22:39
- in MARKET OUTLOOK
Jun 18 2013, 22:39
- in Business