The Maharashtra administration and the Maharashtra State Electricity Distribution corporation Limited (MahaVitaran) on Thursday proclaimed the power-purchase contract with Ratnagiri Gas as well as Power (previous Dabhol power) has been terminated and the corporation was free to vend to other purchasers.
Both the administration and the state-owner dispenser told it could not have enough money to purchase Dabhol power at Rs 5.50 a unit as projected by Ratnagiri. It was rather high while contrasted to the power as of Maharashtra State Power Generation Company (MahaGenco) plants at Rs 3.30 a unit.
The private corporation, also, can now revitalize its Dabhol power plant, clogged as December 2013 because of the power-purchase accord, and vend power to other states for example Telengana, Andhra Pradesh as well as Karnataka At a assembly on Thursday, in the presence of Union Power Minister Piyush Goyal, Chief Minister Devendra Fadnavis, Ratnagiri board members, as well as project lenders it was determined that MahaVitaran will not pay amount overdue of Rs 2,000 crore, averred by the private power corporation, on account of unilateral transform in the accord. The administration and MahaVitaran told the accord with Ratnagiri has been terminated throughout a letter sent on January 12.
The state has at the moment put the ball in the court of the Centre as well as Ratnagiri to revitalize Dabhol venture. Fadnavis also told auction of Dabhol power venture to a private entity was not under deliberation as it would not be a practicable proposition unless sufficient gas was accessible for its revitalization.
He, though, added the completion of LNG terminal by GAIL India with a whole capacity 5 million tonne annually will assist Ratnagiri to mobilize yearly income of Rs 1,200 crore.
The stand taken by the state administration as well as MahaVitaran is rather decisive when Dabhol power venture lenders including IDBI Bank, ICICI Bank, SBI and Canara Bank have been be firming on further change of arrears into equity to evade the venture turning into a non performing asset.
Though, Ratnagiri has articulated its reservation as after the change of the arrears of Rs 405 crore into equity in December previous year; the equity has surged to Rs 3,370 crore as of Rs 2,965 crore. Its approved capital is Rs 3,500 crore and there is no further scope to change arrears into equity.
Both the administration and the state-owner dispenser told it could not have enough money to purchase Dabhol power at Rs 5.50 a unit as projected by Ratnagiri. It was rather high while contrasted to the power as of Maharashtra State Power Generation Company (MahaGenco) plants at Rs 3.30 a unit.
The private corporation, also, can now revitalize its Dabhol power plant, clogged as December 2013 because of the power-purchase accord, and vend power to other states for example Telengana, Andhra Pradesh as well as Karnataka At a assembly on Thursday, in the presence of Union Power Minister Piyush Goyal, Chief Minister Devendra Fadnavis, Ratnagiri board members, as well as project lenders it was determined that MahaVitaran will not pay amount overdue of Rs 2,000 crore, averred by the private power corporation, on account of unilateral transform in the accord. The administration and MahaVitaran told the accord with Ratnagiri has been terminated throughout a letter sent on January 12.
The state has at the moment put the ball in the court of the Centre as well as Ratnagiri to revitalize Dabhol venture. Fadnavis also told auction of Dabhol power venture to a private entity was not under deliberation as it would not be a practicable proposition unless sufficient gas was accessible for its revitalization.
He, though, added the completion of LNG terminal by GAIL India with a whole capacity 5 million tonne annually will assist Ratnagiri to mobilize yearly income of Rs 1,200 crore.
The stand taken by the state administration as well as MahaVitaran is rather decisive when Dabhol power venture lenders including IDBI Bank, ICICI Bank, SBI and Canara Bank have been be firming on further change of arrears into equity to evade the venture turning into a non performing asset.
Though, Ratnagiri has articulated its reservation as after the change of the arrears of Rs 405 crore into equity in December previous year; the equity has surged to Rs 3,370 crore as of Rs 2,965 crore. Its approved capital is Rs 3,500 crore and there is no further scope to change arrears into equity.