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Gridco moves OERC claiming Rs 4,234 crores from RIL

It further said RIL, which obtained the controlling interest in the three discoms at Rs 117 crore, diluted its shareholdings from 51 per cent to 0.002 per cent without any investment. 

Published: 06th July 2020 08:28 AM  |   Last Updated: 06th July 2020 08:28 AM   |  A+A-

Electricity, TANGEDCO

For representational purposes

Express News Service

BHUBANESWAR: Making a claim of over Rs 4,234 crore against the Reliance Infrastructure Limited (RIL), the State-owned bulk power trading utility Gridco has knocked the door of Odisha Electricity Regulatory Commission (OERC) for recovery of the amount from the company that was forced out of power distribution business in the State in 2015.

As per the audited account of Gridco for 2014-15 financial year which formed part of the petition, the State utility has claimed Rs 2,414.69 crore towards pending bulk supply power (BSP) bill including Rs 921.69 crore delayed payment surcharge. 

The Anil Ambani-controlled RIL had management control over Wesco, Nesco and Southco with 51 per cent stake in each of the utility before its distribution licences were cancelled by OERC on March 4, 2015.

The other receivables claimed by Gridco from RIL include Rs 662.32 crore securitised dues, Rs 178.91 crore for bond issued in favour of NTPC, Rs 16.45 crore interest on the bond, Rs 466.90 crore SLDC dues, Rs 267.63 crore towards capital expenditure and Rs 177.93 crore towards securitised delayed payment surcharge.

Of the total receivables, Rs 1,789.28 crore was due from Wesco, Rs 1,443.75 crore from Nesco and Rs 1,001 crore from Southco.

In its petition, Gridco has submitted that the cumulative loss of Rs 4,234 crore was the result of complete mismanagement of the utilities in violation of the terms of agreement such as share holders agreement, share acquisition agreement, escrow agreement and bulk supply agreement.

After revocation of distribution licence of RIL, OERC temporarily handed over the management of the three discoms to Gridco which holds 49 per cent stake in the companies. It further said RIL, which obtained the controlling interest in the three discoms at Rs 117 crore, diluted its shareholdings from 51 per cent to 0.002 per cent without any investment. 

“This was in gross violation of the disinvestment scheme, the provisions of the shareholders agreement, Section 17 of the Electricity Act and Section 21 of the Odisha Electricity Act,” Gridco said. RIL is reported to have filed its counter to the petition on June 30 and the Commission will hear the matter on August 25.

OUTSTANDING DUES

  • Wesco - Rs 1,789.28 cr

  • Nesco - Rs 1,443.75 cr

  • Southco - Rs 1,001 cr

  • Securitised dues - Rs 662.32 cr

  • Capital expenditure - Rs 267.63 cr


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