The Mundra Project: Tata Power`s Mega Headache |
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EXCERPTS |
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In FY2006, the GoI, under its project – ‘Power for All by 2012’, planned to provide power to all citizens by 2012. With this in mind, It came up with the Ultra Mega Power Projects (UMPPs) plan. The GoI planned to develop 16 UMPPs each with a capacity of 4,000 MW or above. The government also planned to develop these projects under a public-private partnership using the ‘Build, Own, and Operate (BOO)’ model. It decidedto award the UMPPs only through the tariff-based international competitive bidding route... |
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Tata Power was part of the Tata Group, one of the leading multinational business groups of India. A pioneer in the power sector, Tata Power had many firsts to its credit (Refer to Exhibit I). It was established in 1915 when a 72MW hydroelectric project was started in Khopoli, Maharashtra, a state in western India. Tata Power was involved in all segments of the power industry – power generation, power transmission, distribution, and power trading..
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Coastal Gujarat Power Limited (CGPL) was incorporated by the PFC as a shell company in February 2006 to set up a UMPP adjacent to Mundra port in Mundra Taluka (administrative division) in the Kutch District of Gujarat...
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“The Mundra UMPP had five units of 800 MW spread over the1,242-hectare site in Mundra. These units used superior thermal technology like supercritical boilers...
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“Tata’s Mundra project was facing problems from all sides - from society, environmental issues, and financial problems...
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“Tata Power suffered massive losses due to the increase in coal prices and an unfavorable exchange rate. In 2012, it filed a petition with the CERC to consider a sudden increase in the cost of coal as a force majeure event and allow the company to increase tariffs...
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“After the Supreme Court order, analysts believed that there were only a few options available to Sardana...
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Exhibit I: Tata Power: Many Firsts to Its Name (1927-2017)
Exhibit II:Selected Consolidated Financial Information of Tata Power
Exhibit III: Selected Financial Information of CGPL
Exhibit IV: Mundra Ultra Mega Power Project
Exhibit V:Community Satisfaction Index (CSI)
Exhibit VI: Major CSR Activities at CGPL
Exhibit VII:
Under-recovery of fuel cost at CGPL
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