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BSES NOT TO TAP FOREIGN FUNDS

Article Abstract:

BSES Ltd of Mumbai, a power utility firm, has shelved its plan to tap global market in part financing its Rs1,000 crore capital expenditure programme for 1998-99. The company has taken the move due to fluctuations in the forex market, which has made external debt costlier. The company now plans to fund the project through non-convertible debentures, institutional term loans and Rs150 crore worth preference shares. It is also planning to float infrastructure bonds worth Rs300 crore to Rs500 crore in two to three tranches over a period of 3 to 6 months. It plans to contribute Rs400 crore to the project through internal accruals. (gs)

Comment:

Shelves its plan to tap global market in part financing its Rs1,000 crore capital expenditure programme for 1998-99

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BSES LIMITED

Article Abstract:

BSES Ltd of Mumbai increased its return on net worth to 15.88 percent while return on net fixed assets increased to 12.84 percent in 1997-98. It posted a turnover of Rs2051 crore in 1997- 98 and a net profit of Rs262 crore in 1997-98. The company's Dahanu Power Station achieved a Plant Load Factor of 85 percent in 1997-98 against 73 percent in 1996-97. Its Contracts Division unit at Silvassa started the production of the Elastimold brand of accessories for XLPE cables, in technical collaboration with Amerace Corporation of the US. (khr)

Comment:

Posts a turnover of Rs2,051 crore & a net profit of Rs262 crore in 1997-98

Sales, profits & dividends, Other Communication and Energy Wire Manufacturing, Power Wire & Cable, Electric cables

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POWER PROJECTS TURN TO DOMESTIC CURRENCY

Article Abstract:

Power projects are searching for ways to change their foreign exchange exposures into domestic currency due to fears of a further depreciation of the rupee. Sources say that financial institutions are developing structures which will permit projects to substitute their forex liability with rupees. This is to be done by swapping forex loans of power projects with rupee loans of a different party. The rupee has depreciated by 20 percent to Rs42.70 against the dollar as on August 10, 1998 from Rs35.71 as on August 8, 1997. (khr)

Comment:

India: Power projects search for ways to change forex exposures to local currency due to fears of further rupee depreciation

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