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The financials of CGPL, including the entire guaranteed debt, are factored in the consolidated financials of Tata Power. Under a previous agreement, the state government could seek a share of profit generated by the sale of coal from the companys captive mines. 0000014870 00000 n According to the statement, this agreement was signed after a successful trial project, during which Tata Power evaluated the performance of the BluWave-ai cloud platform to generate intra-day and day-ahead dispatches for use in its power scheduling operations. The recipients of the Report should rely on their own judgment and take their own professional advice before acting on the Report in any way. 0000003069 00000 n 0000006878 00000 n Connect with us: TWITTER | LINKEDIN | YOUTUBE | FACEBOOK. India Dot Com Private Limited. AHMEDABAD Tata Power Ltd has refused to sign a power purchase agreement in its current form with the government of Gujarat to sell electricity generated from its 4,000 MW Coastal Gujarat Power Ltd plant in Mundra, industry sources told Informist. Maharashtra, Rajasthan and West Bengal could not build up stocks due to pending dues. 0000621614 00000 n The rating continues to reflect the unconditional and irrevocable guarantee from Tata Power. CRISIL Ratings assumes no obligation to update its opinions following publication in any form or format although CRISIL Ratings may disseminate its opinions and analysis. This has led to less dispatch of coal to states over the past many months. hb```b``5f`c`mfa@ |@. 0000008314 00000 n CRISIL has also considered multiple scenarios to test the adequacy of the credit enhancement structure, including stress scenarios where the performance of CGPL deteriorates. In no event shall any CRISIL Ratings Party be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part of the Report even if advised of the possibility of such damages. CRISIL Ratings and its affiliates do not act as a fiduciary. 0000015219 00000 n CRISIL Ratings has introduced 'CE' suffix for instruments having explicit Credit Enhancement feature in compliance with SEBI's circular dated June 13, 2019. The parent should continue to support CGPL for meeting all the debt obligation on time, which continues to be a key rating driver. CRISIL Ratings uses the prefix PP-MLD for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011 to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". 0000002392 00000 n Cogencis news is now Informist. The proposed merger of CGPL with parent, The Tata Power Company Limited (Tata Power, rated CRISIL AA/Stable/CRISIL A1+) is on track and is expected to complete by the third quarter of fiscal 2022. %%EOF LIVE: President India Elections 2022 Results, Rupee vs Dollar: How weaker currency will impact economy and people of India, explains Anil Singhvi, EPFO Tips: What to do if your employer is defaulting on its contribution towards your account? The coal production by Coal India increased marginally to 209.2 million tonne (mt) in April-August period of the ongoing fiscal year as compared to 195 mt in the year-ago period, Ind-Ra said. The material covenants of the instruments are as follows: Note for Media: This Report does not constitute an offer of services. startxref The Report should not be the sole or primary basis for any investment decision within the meaning of any law or regulation (including the laws and regulations applicable in the US). For the avoidance of doubt, the term "Report" includes the information, ratings and other content forming part of the Report. Both Tata Power and Adani Power use imported coal from Indonesia to fire their respective power plants at Mundra. 0000005437 00000 n 0000001739 00000 n We are also the foremost provider of high-end research to the world's largest banks and leading corporations. While Adani had a power purchase agreement with Gujarat and Haryana, Tata Power's Coastal Gujarat Power had signed a power purchase agreement with Gujarat, Rajasthan, Maharashtra, Punjab and Haryana. 0000001256 00000 n Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. The CGPL is a wholly-owned subsidiary of Tata Power and operates the 4000 MW UMPP in Mundra, Gujarat. The Centre had invoked the emergency clause provided under Section 11 of the Electricity Act to ask 13 projects to import coal and start generation as the country faced record electricity demand last month. All Rights Reserved. ;$Ar%Zj@y3fI!/d6ZX0 bx+4GX2`F A`G4|yx`O6mvu?BX@z%"[%4>L(~{l9m'at \8dd8#D}}/x pb!t+Ux{":,ax. The Scheme provides for the amalgamation of CGPL with Tata Power and will result in numerous benefits such as streamlining the corporate structure and consolidation of assets and liabilities of CGPL within Tata Power, a more efficient utilization of capital for the enhanced development and growth of the consolidated business in one entity, the statement said. See Zee Business Live TV Streaming Below: Power and their respective shareholders," a company statement said. In regard to fiscal 2021 performance, operating profits benefited from lower fuel cost under recovery due to low coal prices. Ltd. 2022. The directive will bring on stream at least 7 GW power plants of Essar Power, Coastal Energen in states such as Gujarat, Andhra Pradesh and Tamil Nadu and it will also apply to the plants under the National Company Law Tribunal. HWMoFS ~/zJRHa #UK This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd. Informist Media Pvt. 0000002782 00000 n 0000009207 00000 n At a meeting on Friday in the power ministry, most lenders agreed to offer funding support to restart operations of the stressed assets, but developers of these plants are worried about uncertainties in sourcing imported coal and not getting full recoveries at the power exchanges. At 1516IST, shares of Tata Power were up 0.6% at 234.75 rupees on the National Stock Exchange. 116 0 obj <>stream Know these 5 rights, Next RBI MPC Meeting: Rescheduled - Check new date, Real Estate News: Plots prices appreciates up to 38% in last 2.5 ys; Yamuna Expressway sees highest rise, President Elections 2022 Results: Mega 'Abhinandan Yatra' by BJP for Droupadi Murmu - Thousands of leaders, workers | All details here. CRISIL Rating's public ratings and analysis as are required to be disclosed under the regulations of the Securities and Exchange Board of India (and other applicable regulations, if any) are made available on its web sites, www.crisil.com (free of charge). This led the two to seek a passthrough for coal costs. 0000009181 00000 n CRISIL is majority owned by S&P Global Inc., a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide Key Financial Indicators - CGPL (reported). 0000012611 00000 n The Scheme provides for the amalgamation of CGPL with Tata Power and will result in numerous benefits such as streamlining the corporate structure and consolidation of assets and liabilities of CGPL within Tata Power, a more efficient utilization of capital for the enhanced development and growth of the consolidated business in one entity, the statement said. CRISIL Ratings has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. According to the India Meteorological Department (IMD), Tauktae which has taken the form of a "very severe cyclonic storm" is likely to intensify further during the next 24 hours and reach the Gujarat coast on Monday evening. Tata Power on Friday said that it has received approval from the Mumbai bench of the National Company Law Tribunal (NCLT) for the merger of Coastal Gujarat Power Ltd (CGPL) with itself. Details on funding distressed power projects were discussed at a meeting of senior bank executives at SBI headquarters last week. Tata Power Company has multiple levers for earnings upgrades and better valuation, which are only partially captured in its stock price, Sharekhan said in a note. 0000001814 00000 n The parent will continue to extend timely, need-based funds. Without limiting the generality of the foregoing, nothing in the Report is to be construed as CRISIL Ratings providing or intending to provide any services in jurisdictions where CRISIL Ratings does not have the necessary licenses and/or registration to carry out its business activities referred to above. The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject instrument. Power shortages are already emerging, and the gap between available electricity supply and peak demand widened to more than 4 gigawatts on Monday, according to government data from power ministry. Nevertheless, the under-recovery of fuel cost reduced to Rs 0.46 per kilowatt hour (kWh) in fiscal 2021 from Rs 0.78 per kWh in fiscal 2019 as international coal prices softened. Rating criteria by CRISIL Ratings are generally available without charge to the public on the CRISIL Ratings public web site, www.crisil.com. Date on which Tata Power shall make payment under the guarantee, Thirtieth day from invocation of the bank guarantee, If the bank invokes the corporate guarantee given by Tata Power, Date of the bank invoking the corporate guarantee, Date on which TPCL shall make payment under the guarantee, If the bank invokes the corporate guarantee given by TPCL, If the payment is called upon by the bank on CGPL, Date of the bank calling up for payment from CGPL, If the payment is not called upon by the bank, but the facility is overdrawn by CGPL, Thirtieth day of continuous overutilization, Date on which claim is first made by lender. Shipping ministry officials said coastal shipping routes have been proposed to ease the congestion on railway lines and rake shortages during peak demand seasons. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL Ratings. *Thecommittee of secretaries met earlier this week and approved a proposal of sugar exports. For more information, visitwww.crisil.com 0000002731 00000 n 0000015041 00000 n Industry sources say peak demand is expected to rise further to 220-GW in May compared to approximately 215-GW in April. We expect the operating losses of Rs 700-900 crore to be funded from parent in form of ICDs. Opening Bell: Market extends gains to 6th day; Nifty approaches 16,700, Sensex up 200 points, Amazon Prime Day sale: Buy Samsung Galaxy M13 5G, Galaxy M13 4G at special discounted price - Check details, UP Global Investor Summit: One day to be earmarked for MSME sector, RBI's policy rate likely to reach 5.65% by end of fiscal, GDP to grow 7%: FICCI survey, Emami acuires 30 percent stake in a pet-care startup Cannis Lupus Services, President of India 2022 Elections Results: Votes clearly stacked in favour of Droupadi Murmu - Latest counting details. 0000619399 00000 n endstream endobj 70 0 obj <> endobj 71 0 obj <>/MediaBox[0 0 595.2 841.92]/Parent 66 0 R/Resources<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]/XObject<>>>/Rotate 0/Tabs/S/Type/Page>> endobj 72 0 obj <>/BS<>/F 4/Rect[280 101.66 374.09 113.86]/Subtype/Link>> endobj 73 0 obj <> endobj 74 0 obj <> endobj 75 0 obj <> endobj 76 0 obj <> endobj 77 0 obj <> endobj 78 0 obj [226 0 0 0 0 715 682 221 303 303 0 498 250 306 252 386 507 507 507 507 507 507 507 507 507 507 268 268 0 0 0 0 894 579 544 533 615 488 459 631 623 252 319 520 420 855 646 662 517 0 543 459 487 642 567 890 0 487 0 307 0 307 0 0 0 479 525 423 525 498 305 471 525 230 239 455 230 799 525 527 525 525 349 391 335 525 452 715 433 453 395] endobj 79 0 obj <> endobj 80 0 obj [226 0 0 0 0 729 705 0 312 312 498 498 258 306 267 430 507 507 507 507 507 507 507 507 507 507 276 276 0 0 0 0 0 606 561 529 630 488 459 637 631 267 331 547 423 874 659 676 532 0 563 473 495 653 591 906 0 520 0 325 0 325 0 0 0 494 537 418 537 503 316 474 537 246 255 480 246 813 537 538 537 537 355 399 347 537 473 745 459 474 397] endobj 81 0 obj <>stream The rating also factors in the payment structure designed to ensure full payment to the lenders by Tata Power within the timelines stipulated; and hence reflects the credit quality of Tata Power. Daily electricity demand has touched 4,350 million units in the first two weeks of April, a record of sorts as the average during the same month in 2021 was 3,900 million units. CRISIL Ratings has in place a ratings code of conduct and policies for analytical firewalls and for managing conflict of interest. Several states have asked such plants to resume operations and are willing to pay a higher price for power generated from costlier gas and coal. Working capital facilities worth Rs 3,050 crore, are backed by an unconditional and irrevocable corporate guarantee from Tata Power. CRISIL Ratings Limited ("CRISIL Ratings") is a wholly-owned subsidiary of CRISIL Limited ("CRISIL"). 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On a standalone level, CGPL is expected to incur operating loss this fiscal. T@lNs;c C@8C Liquidity should remain healthy over the medium term, driven by funding support from Tata Power to meet financial obligation. All rights reserved @ CRISIL Ratings Limited. "Tata Power, one of India's largest integrated power companies, has received approval from the Mumbai bench of NCLT vide its order dated March 31, 2022 for the Composite Scheme of Arrangement between CGPL and Tata. xref After a series of litigation across multiple forums, the Supreme Court in February approved a settlement between Gujarat Urja and power producers Adani Power and Tata Power involving a 100% passthrough of the coal cost as per the benchmark set by Central Electricity Regulatory Commission and other negotiable clauses. Any opinions expressed here are in good faith, are subject to change without notice, and are only current as of the stated date of their issue. "Barring one or two plants which are not feasible to run as they have been shut down for 5-6 years and will take about one year time to revive, a clear roadmap for all other plants has been decided," a senior official said. CRISIL Ratings uses the prefix PP-MLD for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011 to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". Access or use of this Report does not create a client relationship between CRISIL Ratings and the user. These discussions on rationalising the coal movement have been taking place over the last 15 days. With a tradition of independence, analytical rigour and innovation, we set the standards in the credit rating business. CGPL, a wholly owned subsidiary of Tata Power, implemented a 4,000 MW ultra-mega power plant in Mundra, Gujarat. We are not aware that any user intends to rely on the Report or of the manner in which a user intends to use the Report. 0000620321 00000 n End, IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT. The proceeds of the NCDs will be utilised by CGPL towards refinancing of its existing debt, capital expenditure and augmentation of working capital, Tata Power said in a BSE filing. is on track and is expected to complete by the third quarter of fiscal 2022. unconditional and irrevocable corporate guarantee by Tata Power, Downgrade in the parent's rating by one or more notches, Non-adherence to payment structure which is critical to ensure performance of the credit enhancement mechanism. According to the power ministry data, electricity consumption had slumped nearly 15 per cent in May 2020 due to lower commercial and industrial demand and showed impact of lockdown restrictions. We are also the foremost provider of high-end research to the world's largest banks and leading corporations. ~ Ru*unmv*0`,A=~[]#uVJH! ow}`z|Sn2JWB 9D*nGVSB84,SRRr 0 2022. Projects will have to be commissioned at the Dholera solar park. 0000002559 00000 n CRISIL Ratings Limited is a wholly owned subsidiary of CRISIL Limited. Pic: https://www.tatapower.com/. Tata Power is one of India's largest integrated private power utility, with installed generation capacity of around 10.8 GW (as on September 30, 2020). 0000621318 00000 n 0000024554 00000 n Gujarat had set the ceiling tariff for the auction at Rs 2.92 per unit. 0000000016 00000 n 0000620153 00000 n This Report should not be reproduced or redistributed to any other person or in any form without a prior written consent of CRISIL Ratings. Since the commissioning of the plant, Tata Power has infused around Rs 13,000 crore till March 31, 2021, in the form of perpetual securities, equity and inter-company loans. All rights reserved. About 55% of the variable charges cannot be escalated in sync with prevailing coal prices. 0000011178 00000 n Tata Power continues to make efforts to improve operating efficiency and minimize under-recoveries of CGPL through procurement of coal from various sources. The coal mines in Indonesia may continue to provide a natural hedge to CGPL's operations, though this could be muted by their domestic market obligations. 0000621157 00000 n This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. 0000621551 00000 n "The key issue is sharing of profit the Tata Group earns from its mines in Indonesia, which could cost Tata Power anywhere between 5 paise to 15 paise per unit," a senior state government official said.
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