India - Uttar Pradesh Power Project

Docunent of The World Bank FOR OFFlCIAL USE ONLY A-V RST7- /~. -Rrqxt No. P-4818-IN MEMORANDUM AND RECONMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN IN AN AMOUNT EQUIVALENT TO US$350 MILLION TO INDIA FOR THE UTTAR PRADESH POWER PROJECT May 25, 1988 This document has a restricted distribution and may be used by recipients only In the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization.  CURRNCY EQUVATS Currency Unit - Rupees (Rs) Rs 1.00 Paisa 100 US$1.00 Rs 13.0 a/ Rs 1.0 US$0.077 Rs 1,000,000 US$76,923 a! Currency equivalences are those effective October 1st, 1987, unless otherwise indicated. MEASURES AND EQUIVALENTS 1 Kilometer (km) - 1,000 meters (m) = 0.6214 miles (mi) 1 Meter (m) = 39.37 inches (in) 1 Ton (t) = 1 metric ton = 2,200 lbs 1 Kilovolt (kV) = 1,000 volts (V) 1 Kilovolt ampere (kVA) = 1,000 volt-amperes (VA) 1 Megawatt (MW) = 1,000 kilowatts (kW) = 1 million watts 1 Gigawatt-hour (GWh) 1,000,000 kilowatt-hours ABBREVIATIONS AND ACRONYMS GOI - Government of India GOUP - Government of Uttar Pradesh IBRD - International Bank for Reconstruction and Development ICB - International Competitive Bidding LCB - Local Competitive Bidding LIB - Limited International Bidding SEB - State Electricity Board UPSEB - Uttar Pradesh State Electricity Board FISCAL YEAR April 1 - March 31  FOR OFFICIAL USE ONLY INDIA UTTAR PRADESH POWER PROJECT Loan and Project Summary Borrower: India, acting by its President Beneficiary: Uttar Pradesh State Electricity Board (UPSEB) Amount: US$350 million equivalent Terms: Twenty years, including five years grace, at the Bank's standard variable interest rate. Onlending Teims: Government of India (GOI) to Government of Uttar Pradesh (COUP): As part of Central assistance to Uttar Pradesh for development projects on terms and conditions applicable at the time. GOUP to UPSEB: US$350 million. Repayment over 20 years, including 5 years' grace at COUP's interest rate applicable at the time for its lending to UPSEB, but not less than the current rate of 10.25% per annum. GOI would bear the foreign exchange and interest rate risks. Financing Plan: 3OUP/Cofinancing $242 million UPSEB $162 million IBRD $350 million Total $754 million Economic Rate of Return: 11% Staff Appraisal Report: No. 7048-IN, dated May 23, 1988 Mbp: IBRD No. 19911 This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization.  MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO INDIA FOR THE UTTAR PRADESH POWER PROJECT 1. The following memorandum and recommendation on a proposed loan to India for US$350 million equivalent is submitted for approval. The proposed loan would be at the standard IBRD variable interest rate, and be repayable over 20 years, including a five-year grace period. The loan would help finance a project designed to alleviate power shortages, rehabilitate thermal generating facilities, reduce energy losses, and improve operational efficiency and financial viability in the power system of Uttar Pradesh, a State in northern India. 2. Background. The power sector plays a key role in meeting the energy needs of the Indian economy. Through power generation, the sector contributes to overall energy supply, and through its transmission and distribution network, it provides widely dispersed industrial and agricultural consumers with access to energy. As a result of the rapid growth of power demand, which grew at about 8% a year during the past two decades, and the widely dispersed locations of power consumers, power supplies have continuously fallen short of demand. Nationwide, the power deficit is estimated to average about 1OZ. In India's Northern Region, the deficit may be as high as 30%. These shortages result in severe disruptions of industrial production and agricultural output. Power consumers, who can affort it, often resort to investments in costly alternative sources of power. 3. The central and state governmentL recognize the high cost of these power shortages to the economy. They have attempted to eliminate these shortages through a massive investment program in power generating capacity. More than 20Z of total public investment resources are now allocated to the power sector. The bulk, about two-thirds, of these resources have been traditionally allocated to the expansion of power generating capacity. The remaining third, has been used for investments in transmission and distribution, and the rehabilitation of power plants. Delays in the implementation of new projects, underinvestment in transmission and distribution as well as underutilization of existing power plants, have been responsible for the slow progress in closing the power gap. Budgetary constraints limit the feasibility of increasing the allocation of investment resources for the power sector. The government is therefore pressing for improvements in the operational efficiency and financial performance of State Electricity Boards (SEBs), which account for more than 70% of India's power generation. 4. Uttar Pradesh is one of India's largest and most populated states. It has large coal reserves and a substantial hydroelectric potential. They have allowed Uttar Pradesh to build large coal-fired thermal power plants in the south-eastern part and hydroelectric power plants in the north-western part of the state. However, much of the demand for power is concentrated in the south-western part of the state, and like most other states in India, Uttar Pradesh failed to develop a transmission and distribution system commensurate with the expansion of generating  -2- capacities and power demand. As a result, the transmission system is overloaded, and Uttar Pradesh has one of the highest system losses in India. In addition, many of the power plants in Uttar Pradesh are operated inefficiently. This is due to several factors: in part, it is the result of a gradual worsening of the financial situation of the Uttar Pradesh Stata Electricity Board (UPSEB), which led to inadequate maintenance, and in particular shortages of spare parts; in part, it is the result of deficiencies in the design and manufacturing of the power plants, and the poor quality of coal thermal power plants have to use. 5. Rationale for Bank Involvement. A theme common to many of the issues constraining the development of India's power sector is the poor performance of the SEBs which remain the weak link in India's power system. Bank involvement in the power sector in India has therefore been evolving towards a more direct asscoiation with individual SEBs where state-specific programs can be designed to address areas of deficiency and where there is a commitment, at both the State and institutional level, to improve operational efficiency and financial performance of these utilities. 6. The proposed project would be the first direct Bank operation with UPSEB, a large, expanding, but institutionally and financially weak, electric utility in an economically important State of India. UPSEB has a history of low operating efficiency, poor quality of service, construction delays and cost overruns which together have resulted in poor financial performance and a precarious financial position. During project preparation, a comprehensive diagnosis of the organization and operations of UPSEB was undertaken and agreement reached on a detailed Action Plan, regarding the measures needed to improve the operational efficiency, reliability of supply and financial performance. The proposed project, therefore, represents the first attempt by the Bank to address comprehensively -- through an Action Plen -- the several operational, managerial and financial constraints to improving the operational performance of an important State Electricity Board, and to help lay the basis for establishing a strong, autonomous and commercially oriented electric utility. 7. Project Objectives. The proposed project is designed to: (a) alleviate acute power shortages in Uttar Pradesh and the Northern Region; (b) enhance the performance and efficiency of existing thermal power station and high voltage transmission system; (c) introduce in the power utilities of the country a new technology in power generation with the installation of fluidized bed boilers; (d) promote the development of economic hydro resources and supplement coal resources used for power generation; and (e) effect institutional, operational, and financial improvements in UPSEB by implementing a comprehensive Action Plan. 8. Project Description. The proposed project comprises: (a) construction of a 330 MW hydropower station near Srinagar on the Alknanda River, a tributary of the River Ganga. The scheme includes a 70 m high and 200 m long concrete gravity dam, intake structures, a sedimentation basin, about five km long channel, an outdoor power house wit.. Ax 55 NW generating units and associated infrastructure and auxiliaries; (b) resettlement, rehabilitation and compensatory afforestation measures associated with (a); (c) installation of two fluidized bed boilers at the  -3- Harduaganj thermal power station and modernization of the coal and ash handling systems; (d) installation of an additional coal handling system at the Obra thermal power station and the acquisition of wagons for coal transport from the coal mine; (e) construction of about 430 kms of high voltage transmission lines together with additional transformer capacity and associated te'-ommunication facilities; (f) installation of around 2,000 energy meters; and (g) consulting services and training for execution of the project and improvement of the organisation and performance of the utility, in the context of the implementation of the Action Plan. The Action Plan comprises a number of specific actions (organizational improvement, planning, maintenance, training, billing, etc.) with a specific timetable, aimed at improving operational efficiency, strengthening project management, and bringing about the financial recovery of UPSEB. 9. The total financing requirements for the project are estimated at US$754 million equivalent, including interest during construction, with a foreign exchange component of US$331 million (43.9%). A breakdown of costs, the financing plan, and retroactive financing arrangements are shown in Schedule A. Amounts and methods of procurement and disbursement, and the disbursement schedule are shown in Schedule B. Proposals for cofinancing of some of the project components through either bilateral assistance or commercial agencies have been submitted to GOI and UPSEB and are under consideration. A timetable of key project processing events and the status of the Bank Group operations in India are given in Schedules C and D, respectively. A map (IBRD No. 19911) highlighting the project is attached. The Staff A-praisal Report, No. 7048-IN, daced May 23, 1988, is being distributed separately. 10. International Waterways Aspects. The Government of Bangladesh, as a riparian state, was informed on December 1, 1987, of the Bank's intention to assist India in implementing the Srinagar hydro scheme, a component of the proposed project. It was also advised of its design (exclusively for power generation without any diversion of water), its operation (run-of-the-river with daily regulation) and its location (some 1,500 km from the border with Bangladesh). While raising some general concerns regarding water sharing of the Ganga River flow, the Government of Bangladesh has not expressed any substantive objection to the proposed project following the Bank's notification. Bank staff have determined that for the reasons stated above, the project will have no harmful effect on the quantity of water flow into Bangladesh. 11. Environmental Aspects and Resettlement. The environmental impact and the resettlement of population dislocated by the proposed project, essentially limited to the Srinigar hydro-scheme component, are relatively small due to the small size of the areas to be either submerged or required for the construction work, and the sparsity of the population in the valley -- 59 families will need to be resettled. UPSEB has already started to undertake a compensatory afforestation plan. Regarding resettlement, UPSEB has provided to the Bank a satisfactory plan, which includes proposals for (a) adequate assistance and/or cash compensation for relocation of those ousted in appropriate accommodation, and (b) for training and assistance in small businesses, industries or trade which either already exist at Srinagar or are likely to be developed in the context of the implementation of the  -4- project. The Bank will regularly review progress made in implementing the resettlement plan which should be complezed by December 31, 1992. 12. Financial Aspects. The impact of the Action Plan is expected to significantly strengthen UPSEB's financial position in the following areas: first, its increased capacity to generate funds will be reflected in: (a) a growing percentage of its investment being financed with internally generated funds; and (b) UPSEB's improved capacity to service its debt; second, the rate of return will move from a negative to a positive value as a result of a more efficient operation of its physical plant; third, UPSEB's liquidity position will improve because of better management of its working capital; fourth, rationalization of the utility's investment program will avoid spreading financial resouces too thinly and contribute to a reduction in project comp'.etion time; and, finally, UPSEB's capital structure will improve. Achieving this financial recovery program implies regular annual tariff increases starting in 1990/91. This operation, which addresses the most critical operational and institutional deficiencies of the Board, is the first step in a longer term institutional recovery process. The longer term consolidation of UPSEB's financial position will require addressing financial policy issues and practices which are at least partially outside its control, and are part of the Bank's ongoing sectoral dialogue with GOI. 13. Agreed Actions. GOUP agreed to: (a) undertake specific actions under the Action Plan regarding UPSEB's organization and technical and financial performance that are under its responsibility; (b) eliminate, or cause to eliminate, before March 31, 1989, the remaining arrears due to UPSEB, as of August 31, 1987, by GOUP and its agencies for electricity consumption, and prepare, before December 31, 1988, a program to ensure that, from April 1, 1989 onwards, GOUP and its agencies pay their electricity bills within 60 days; (c) implement the resettlement plan needed as a result of the development of the Srinagar hydro scheme; and (d) onlend to UPSEB the proceeds of the proposed loan at the standard interest rate it charges for 'Loans made to its corporations and agencies, but not less than the current rate of 10.25' p.a. with a repayment period of 20 years, including a grace period of five years. 14. In addition, GOUP agreed to cause UPSEB to: (a) implement the Action Plan agreed with the Bank which includes the specific measures to be implemented according to a detailed timetable. In order to ensure that the objectives of the Action Plan are being achieved, the Bank will undertake, by December 1989, a full review of the progress attained by UPSEB in implementing it. Lack of progress on the substantive provisions of the Action Plan would be viewed by the Bank as a serious matter which could affect further project implementation; (b) take all measures necessary to ensure that in each financial year, commencing 1990/91, UPSEB earns a rate of return on historical assets of at least 3X after interest payment; this is estimated to be equivalent to about five to six percent on revalued assets; (c) furnish to the Bank annual reports, beginning September 30, 1989, covering the monitoring and evaluation of the resettlement and compensatory afforestation plan related to the Srinagar hydro scheme, and no later than one-year before the expected completion of scheme, details of the arrangements for  -5- inspecting and maintaining the dam and the associated structures to ensure their continued safety; and (d) furnish to the Bank: (i) UPSEB's audited accounts together with the Auditor's report within 12 months of the end of the financial year for financial years 1987/88 and 1988/89, and within nine months for the following financial years; (ii) quarterly progress reports, beginning September 30, 1988, indicating the progress attained in implementing the measures included in the Action Plan; and (iii) annual reports, beginning December 31, 1988, on the financial performance for the ensuing financial year, specifying the actions to be taken to meet the financial targets and updated financial projections for the following five years. 15. Benefits. Economic benefits under the proposed project are expected from: (a) increases in the quantum of power supplied to consumers; (b) improvements in the quality of power supply; (c) reduced system losses; and (d) greater efficiency in the use of assets in the public power supply system. The least cost power development program for the Northern Region, of which the proposed project is an integral part, is calculated conservatively to have a quantifiable economic rate of return of at least llX. 16. Risks. No unusual risks are foreseen in the execution of the project. Technical risks would be minimized by the use of consultants where UPSEB has inadequate experience. In regard to the institutional strengthening of the UPSEB that is being sought under this project, there is some risk that a change in the current management of UPSEB could slow down progress. While this risk exists, the opportunity of regular reviews with UPSEB on the progress being made in implementing the Action Plan will provide the Bank with an opportunity to monitor the leadership being provided by UPSEB's management, and recommend changes as appropriate. 17. Recommendation. I am satisfied that the proposed loan would comply with the Articles of Agreement of the Bank and recommend that the Executive Directors approve the proposed loan. Barber B. Conable President Attachments Washington, D.C. May 25, 1988  -6- Schedule A INDIA UTTAR PRADESH POWER PROJECT Estimated Cost 1/ Item Local Forei n Total (US$ Millions) Srinagar Hydro Power Station - Land, environment and resettlement 5.2 - 5.2 - Civil Works 85.9 37.6 123.5 - Electro-mechanical equipment 33.6 73.0 106.6 - Erection 20.6 2.2 22.8 Sub total 145.3 112.8 258.1 Harduaganj Thermal Power Station - Boiler 5.9 13.8 19.7 - Coal, fuel oil and ash handling 4.2 7.4 11.6 - Civil Works and Chimney 0.5 0.3 0.8 - Electrical auxiliaries 2.5 2.6 5.1 Sub total 13.1 24.1 37.2 Obra Thermal Power Station - Coal handling system 10.7 16.9 27.6 - Wagons 7.4 4.9 12.3 - Associated civil and auxiliary works 0.7 - 0.7 Sub total 18.8 21.8 40.6 Transmission and Telecommunication Systems 40.3 41.2 81.5 Meters 0.6 2.3 2.9 Training and Consultation Services 0.8 1.3 2.1 Engineering and Administration 37.3 - 37.3 Total Base Cost 256.2 203.5 462.7 Physical Contingencies 26.3 14.3 40.6 Price Contingencies 52.2 39.6 91.8 Total Project Cost 334.7 257.4 592.1 Interest During Construction 89.0 73.3 162.3 Total Financing Required 423.7 330.7 754.4 1/ Including about US$44.5 million in taxes and duties. Financing Plan (US$ millions) Source Local Foreign Total IBRD 92.6 257.4 350.0 QOUP/Cofinancing 168.6 73.3 241.9 UPSEB 162.5 - 162.5 423.7 330.7 754.4 = =b  -7 - NDUIA SCNEDULE-8 UTTAR PRAOESI P0111 PROJECT .................... PROCUOEIEHT AH"G>iS (US S millions) .... ............. ... ................. ........... ,,,^............................. PROCIREIIT iEtHWD PROJECT CapaETS *----------------------------------..-- ICe LC8 OTHER N.A. TOTAL .................. ......... ......................... ................. ................. I.............................................. Contract lank Contrwts Contract Ban* Contracts Contract Sank Value Finance Value Value Finance Value vatue Finane A. SRINAGIU NDRO P0RE STATION: Lend, Resettlement,Preperathn 7.5 7.5 Civit harks -D,Taumnel,Sedimant,1asin 137.0 103.0 137.0 103.0 -Power Chwa t 23.0 17.0 23.0 lorebey,Power House.Suitchyard 36.9 28.0 36.9 28.0 -Tail Rce 6.4 6.4 -spilltsyl Gates 15.4 9.3 15.4 9.3 -Penstocks 4.3 2.6 4.3 2.6 -Turbo-senerators 69.8 59.5 69.8 59.5 -AuxilIaries 3.7 3.7 -in Tssaorm r 4.0 2.4 4.0 2.4 *Cables 0.5 0.5 -SwitChyard 3.5 2.1 3.5 2.1 S. HARDUAGAM Boi ers 23.3 16.0 23.3 16.0 Cool Handling 8.5 6.8 8.5 6.8 Ash Handling 3.0 1.8 3.0 1.8 Fuet Oll ndl4ng 0.4 0.3 0.4 0.3 Etectricat Uorks 5.4 4.1 5.4 4.1 Fire Fighting Syate 0.8 0.8 Chiay 0.8 0.8 C. DWRA Coal Handling 30.3 21.5 30.3 21.5 Vag"n 14.1 9.6 14.1 9.6 Misc. Civil Works 0.9 0.9 0. TR3AH#IISIO SYSTEM: Tranunesion Line 57.1 44.3 8.5 65.6 44.3 SubStatiem 21.1 15.7 4.2 25.3 15.7 Telecinmication 3.1 1.9 3.1 1.9 E. metere 3.2 2.5 3.2 2.5 E. SERVICES: consultoy 1.6 1.0 1.6 1.0 Trainirn 1.1 0.6 1.1 0.6 Egineering & Adinfstration 48.6 48.6 TOTAL 463.4 348.4 25.8 2.7 1.6 56.1 548.0 350.0 DISBURSEMEUT ARRAIWIEUT ---------------........w A-unt of the Loan Pacantage of Attocatad(tVresed Expediture to Cateory in Dollar Eqaivalent) be Fin, ced .... ................ ................. ......... ................ (1) Civil -rk 14S.000,000 75 X of civfl works expwditures (2) Efaipunt & Mateias 171.000,000 100 S of foreign nd aw ociated erection xpenditures and 100 S wwks of Local e pnditures (ox-fatory cost) and 75 2 eection cost (3) Consultants' services 1,600,000 100 1 and training (4) UnIttloated 32,400,000 tOTAL STIMATED DISl_SST (tUS S Miltions) .... .... ....................... ............. B"FY FY 89 fY90 FY 91 FY 92 F 93 FY 94 FY 95 FY 96 ,,, ,, , ..... ...... ..... ...... ..... -----. ... .. _ .. ... .. ... .. .... ---- Ab tl 26.5 10.0 29.S 48.6 95.0 67.2 30.0 23.2 Cumulative Disburement 26.5 36.5 66.0 134.6 229.6 296.8 326.8 350.0  -8- Schedule C INDIA UTTAR PRADESH POWER PROJECT Timetable of Key Project Processing Events (a) Time taken to prepare: One and half years (b) Prepared by: Uttar Pradesh State Electricity Board Uttar Pradesh Department of Irrigation Central Electricity Authoricy (c) First Bank mission: January 1987 (d) Appraisal mission departure: June 1987 (e) Negotiations: April 1988 (f) Planned date of effectiveness: September 1, 1988 (g) Last relevant PCRs and PPARs: No. 6307, dated June 26, 1986 (India: First and Second Electrifica- tion -- Credits 0572/0911)  - 9 Schedule 0 Page 1 of 4 THE STATUS OF BANK GROUP OPERATIONS IN INDIA A. STATEMENT OF aANK LOANS AND IDA CREDITS (As of March 31, 1988) US$ million Loan or Fiscal (Yet of Cancellations) Credit Year of No. Approval Purpose Bank IDA 1/ Undisbursed 2/ 61 Loans/ 3,134.2 - 124 Credits fully disbursed - 7,800.5 842-IN 1979 Bombay Water Supply II - 196.0 10.28 1648-IN 1979 Ramagundam Thermal Power 50.0 - 1.86 963-IN 1980 Inland Fisheries - 20.0 3.68 981-IN 1980 Population II - 46.0 4.93 1003-IN 1980 Tamil Nadu Nutrition - 32.0 4.34 1011-IN 1980 Gujarat Irrigation II - 175.0 34.50 1012-IN 1980 Cashewnut - 22.0 7.15 1027-IN 1980 Singrauli Thermal II - 300.0 19.15 1034-IN 1980 Karnataka Sericulture - 54.0 5.71 1046-IN 1980 Rajasthan Water Supply S Sewerage - 80.0 22.84 1053-IN 1980 Farakka Thermal Power - 225.0 10.82 1887-IN 1980 Farakka Thermal Power 25.0 - 25.00 1897-IN 1981 Kandi Watershed and Area Development 30.0 - 6.80 1072-IN 1981 Bihar Rural Roads - 35.0 4.33 1078-IN 1981 Mahanadi Barrages - 83.0 13.34 1082-IN 1981 Madras Urban Development II - 42.0 4.54 1108-IN 1981 M.P. Medium Irrigation - 140.0 31.21 1116-IN 1981 Karnataka Tank Irrigation - 54.0 12.26 1125-IN 1931 Hazira Fertilizer Project - 399.1 24.56 1138-IN 1981 M.P. Agricultural Ext. II - 37.0 11.31 1146-IN 1981 National Cooperative Development Corp. II - 125.0 8.40 1172-IN 1982 Korba The:-'al Power Project II - 400.0 109.17 1177-IN 1982 Madhya Pradesh Major Irrigation - 220.0 109.42 1178-IN 1982 West Bengal Social Forestry - 29.0 14.66 1185-IN 1982 Kanpur Urban Development - 25.0 4.55 2076-IN 1982 Ranagundam Thermal Power II 300.0 - 115.76 1219-IN 1982 Andhra Pradesh Agricultural Ext. - 6.0 2.59 2123-IN 1982 Refineries Rationalization 200.0 - 8.36 2165-IN 1982 Rural Electrification III 304.5 - 32.73 1269-IN 1982 Kallada Irrigation - 60.0 3.74 2186-IN 1982 Ka.lada Irrigation 20.3 - 15.47 1280-IN 1983 Gujarat Water Supply - 72.0 58.12 1286-IN 1983 Jammu/Kashmir and Haryana Social Forestry - 33.0 17.90 1288-IN 1983 Chambal Madhya Pradesh Irrigation II - 31.0 10.03 1289-IN 1983 Subernarekha Irrigation - 127.0 49.86 2205-IN 1983 Krishna-Godavari Exploration 165.5 - 30.18 1299-IN 1983 Railways Modernization & Maintenance II - 200.0 35.85 2210-IN 1983 Railways Modernization & Maintenance II 200.0 - 197.04  Schedule D - 10 - Page 2 of 4 USS million Loan or Fiscal (Net of Cancellations) Credit Year of No. Approval Purpose Bsank IDA 1/ Undisbursed 2/ 2241-IN 1983 South Bassein Cas Development 139.3 - 16.46 1319-IN 1983 Haryana Irrigation II - 150.0 65.90 1332-IN 1983 U.P. Public Tubevells II - 101.0 56.02 1356-IN 1983 Upper Indravati Hydro Power - 170.0 120.38 2278-IN 1983 Upper 'ndravati Hydro Power 156.4 - 156.01 1369-IN 1983 Calcutta Urban Development III - 147.0 122.10 2283-IN 1983 Central Power Transmission 250.7 - 230.91 2295-IN 1983 Himalayan Watershed Management 46.2 - 39.03 1383-IN 1983 Maharashtra Water Utilization - 32.0 18.82 2308-IN 1983 Maharashtra Water Utilization 22.7 - 22.64 2329-IN 1983 Madhya Pradesh Urban 24.1 - 13.89 1397-IN 1984 Orissa Irrigation II - 105.0 54.35 1424-IN 1984 Rainfed Areas Watershed Dev. - 31.0 37.59 1426-IN 1984 Population III - 70.0 59.40 1432-IN 1984 Karnataka Social Forestry - 27.0 18.22 2387-IN 1984 Nhava Sheva Port 250.0 - 129.62 2393-IN 1984 Dudhichua Coal 151.0 - 107.34 2403-IN 1984 Cambay Basin Petroleum 242.5 - 176.68 2415-IN 1984 Madhya Pradesh Fertilizer 203.6 - 77.63 1454-IN 1984 Tamil Nadu Water Supply - 36.5 34.96 SF-12-IN 1984 Tamil Nadu Water Supply - 36.5 48.97 1468-IN 1984 Periyar Vaigai II Irrigation - 17.5 2.46 SF-16-IN 1984 Periyar Vaigai II Irrigation - 17.5 18.47 1483-IN 1984 Upper Ganga Irrigation - 125.0 136.87 1496-IN 1984 Cujarat Medium Irrigation - 172.0 144.88 2416-IN 1984 Indira Sarovar Hydroelectric 157.4 - 152.58 SF-20-IN 1984 Indira Sarovar Hydroelectric - 129.8 168.54 2417-IN 1984 Railways Electrification 280.7 - 207.50 2442-IN 1984 Farakka II Thermal Power 300.8 - 270.09 2452-IN 1984 Fourth Trombay Thermal Power 135.4 - 71.08 1502-IN 1984 National Cooperative Development Corporation III - 220.0 231.70 1514-IN 1985 Kerala Social Forestry - 31.8 29.77 1523-IN 1985 National Agric. Extension I - 39.1 47.69 1544-IN 1985 Bombay Urban Development - 138.0 156.61 2497-IN 1985 Narmada (Gujarat) Dam and Power 200.0 - 200.00 1552-IN 1985 Narmada (Gujarat) Dam and Power - 100.0 110.57 1553-IN 1985 Narmada (Gujarat) Canal - 150.0 187.56 1569-IN 1985 Second National Agricultural Ext. - 49.0 51.88 1611-IN 1985 National Social Forestry - 165.0 183.58 1613-IN 1985 Indira Sarovar Hydroelectric - 13.2 17.20 2498-IN 1985 Jharia Coking Coal 248.0 - 215.45 2505-IN 1985 Maharashtra Petrochemical 300.0 - 184.82 2534-IN 1985 Second National Highway 200.0 - 176.38 2544-IN 1985 Chandrapur Thermal Power 300.0 - 254.75 2555-IN 1985 Rihane Power Transmission 250.0 - 164.64 2582-IN 1985 Kerai l i. 176.0 - 174.19 1619-IN 1986 West Bengal Minor Irrigation - 99.0 139.97 1621-IN 1986 Maharashtra Composite Irrigation - 160.0 219.19 1622-IN 1986 Kerala Water Supply and Sanitation - 41.0 52.53 1623-IN 1986 West Bengal Population - 51.0 64.28 1631-IN 1986 National Agricultural Research II - 72.1 86.09 2629-IN 1986 Industrial Export Dev. Finance 90.0 - 78.44  Schedule D - 11 - Page 3 of 4 US$ million Loan or Fiscal (Net 'tf Cancellations" Credit Year of No. A Purpose Bank IDA 1/ Undisbursed 2/ 2630-IN 1986 ICICI-Indus. Exp. Dev. Firance 160.0 - 142.05 1643-IN 1986 Gujarat Urban - 62.0 75.72 2653-IN 1986 NABARD I 375.0 - 116.65 2660-IN 1986 Cement Industry 165.0 - 151.78 2661-IN 1986 ICICI - Cement Industry 35.0 - 30.57 1665-IN 1986 Andhra Pradesh II Irrigation - 140.0 176.88 2662-IN 1986 Andhra Pradesh II Irrigation 131.0 - 131.00 2674-IN 1986 Combined Cycle Power 485.0 - 429.07 2729-IN 1986 Cooperative Fertilizer 150.2 - 48.52 2730-IN 1986 Cooperative Fertilizer 152.0 - 89.21 1737-IN 1987 Bihar Tubewells - 68.0 76.43 2769-IN 1987 Bombay Water Supply & Sewerage III 40.0 - 40.00 1750-IN 1987 Bombay Water Supply & Sewerage III - 145.0 136.32 1754-IN 1987 National Agric. Extension III 85.0 98.29 1757-IN 1987 Gujarat Rural Roads - 119.6 133.87 1770-IN 1987 National Water Management - 114.0 120.78 2785-IN 1987 Oil India Petroleum 140.0 - 131.86 2796-IN 1987 Coal Mining & Quality Improvement 340.0 - 285.54 2813-IN 1987 Telecommunications IX 345.0 - 345.00 2797-IN 1987 Uttar Pradesh Urban Development 20.0 - 20.00 1780-IN 1987 Uttar Pradesh Urban Development - 130.0 141.06 2827-IN 1987 Karnataka Power 330.0 - 330.00 2844-IN 1987 National Capital Power 485.0 - 485.00 2845-IN 1987 Talcher Thermal 375.0 - 375.00 2846-IU 1987 Madras Water Supply 53.0 - 53.00 1822-IN 1987 Madras Water Supply - 16.0 17.34 2886-IN 1988 Drought Assistance 150.0 - 94.72 1852-IN 1988 Drought Assistance - 200.0 37.53 2893-IN 1988 National Dairy II* 200.0 - 200.00 1859-IN 1988 National Dairy II* - 160.0 168.14 Total 12,685.5 15,005.2 of which has been repaid 1,855.9 377.1 Total now outstanding 10,829.6 14,628.1 Amount Sold 133.8 of which has been repaid 133.8 - - Total now held by Bank and IDA 3/ 10,829.6 14,628.1 Total undisbursed (excluding *) 6,522.31 4,350.01 1/ IDA Credit amounts for SDR-denominated Credits are expressed in terms of their US dollar equisJlents, as established at the time of Credit negotiations and as subsequently presented to-the Board. 2/ Undisbursed amount. aor SDR-denominated IDA Credits are derived from cumulative disbursements converted to their US dollar equivalents at the SDR/US dollar exchange rate in effect on March 31, 1988, while original principal is based on the exchange rate in effect at negotiations. This accounts for the fact that in some cases, the undisbursed balance as shown in US$ equivalent is higher than the original principal. 3/ Prior to exchange adjustment. * Not yet effective.  SCHEDULE D - 12 - Page 4 of 4 B. STATEMENT OF IFC INVESTMENTS (As of March 31, 1988) Fiscal Amount (JS$ million) Year Company Loan Equity Total 1959 Republic Forge Company Ltd. 1.5 - 1.5 1959 Kirloskar Oil Engines Ltd. 0.8 - 0.8 1960 Assam Sillimanite Ltd. 1.4 - 1.4 1961 K.S.B. Pumps Ltd. 0.2 - 0.2 1963-66 Precision Bearings India Ltd. 0.6 0.- 1.0 1964 Fort Closter Industries Ltd. 0.8 0.4 1.2 1964-75-79 Mahinira Ugine Steel Co. Ltd. 11.8 1.3 13.1 1964 Lakshmi Machine Works Ltd. 1.0 0.3 1.3 1967 Jayshree Chemicals Ltd. 1.1 0.1 1.2 1967 Indian Explosives Ltd. 8.6 2.9 11.5 1969-70 Zuari Agro-Chemicals Ltd. 15.2 3.8 19.0 1976-87 Escorts Limited 15.9 - 15.9 1978 Housing Development Finance Corp. 4.0 1.6 5.6 1980 Deepak Fertilizer and Petrochemicals Corporation Ltd. 7.5 1.2 8.7 1981 Coromandel Fertilizers Limited 15.9 - 15.9 1981-86 Tata Iron and Steel Company Ltd. 52.4 - 52.4 1981 Mahindra, Mahindra Limited 15.0 - 15.0 1981 Nagarjuna Coated Tubes Ltd. 1.5 0.3 1.8 1981-86/87 Nagarjuna Signode Limited 2.3 0.3 2.6 1981 Nagarjuna Steels Limited 3.5 0.2 3.7 1982 Ashok Leyland Limited 28.0 - 28.0 1982 The Bombay Dyeing and Manufacturing Co. Ltd. 18.8 - 18.8 1982 Bharat Forge Company Ltd. 15.9 - 15.9 1982 The Indian Rayon Corp. Ltd. 14.6 - 14.6 1984-86 The Gwalior Rayon Silk Manu- facturing (Weaving) Co. Ltd. 16.0 - 16.0 1985 Bihar Sponge 16.7 0.7 17.4 1985 Bajaj Auto Ltd. 23.9 - 23.9 1985 Modi Cement 13.2 - 13.2 1985 India Lease Development Ltd. 5.0 0.3 5.3 1986 Larsen and Toubro Ltd. 21.8 - 21.8 1986 India Equipment Leasing Ltd. 2.5 0.4 2.9 1986 Bajaj Tempo Limited 30.5 - 30.5 1986 The Great Eastern Shipping Company Ltd. 8.0 2.0 10.0 1987 Gujarat Narmada Valley Fertilizer 38.9 - 38.9 1987 Hero Honda Motors Ltd. 7.9 - 7.9 1987 Wimco Limited 4.7 - 4.7 1987 Titan Watches Limited 15.6 0.4 16.0 1987 Export-Import Bank of India 15.0 - 15.0 1987 Gujarat Fusion Glass Ltd. 7.5 1.7 9.2 1987 The Gujarat Rural Housing Finance Corp. - 0.2 0.2 1987 Hindustan Motors Ltd. 40.5 - 40.5 TOTAL GROSS COMMITMENTS 506.0 18.5 524.5 Less: Cancellations, Terminations, Repayments and Sales 291.6 8.0 299.6 Now Held 214.4 10.5 224.9 Undisbursed 135.1 2.6 137.?  IBRD 199I H/IMACHAL INDIA '% PRADESH Wv,f .............. < t CHINA UTTAR PRADESH POWER SYSTEM M | FANiEIri 9> 220 kV and 400 kV CHANDIGARFHWN \,w, J/40t= 0 kV Tranasiniaon Lin P U N J A B ('A----- ---- 220kWVTnramsnsisln Lines -30' KHARA,UL ,8 \ / ! uRaNA5AR \ ,~ - N.T.P.C TroNnim sios LionU 7 ~~ ~~ ~~~~~0 0 0 400 kvYuti /._> ,t / S g HILL4a\ O 0 220 kV Substations I / XJ / i / \ iRANGANGA Jf U Thiermal Power Plants I~~~~~~~~~~~~~~~~~~~~~~~~~~~ Therisl Powe Plaits Under Rehabilttio HARYANA ~~~~~~~~~~~~~~~~~~~~~~~~~~~c m Hydra Powe Plants HARYANA I1\ /I -t2\\t~ * -'-1 A Gas X } KHATIMA_ At G, Power Plant > ,, r >9> T.---- Stateb Bounde ries I.P. STAL E1-1 Z H ' ' <p Ie- national BaEidaria S.I.P. STA NE G- /4 rSl toBlab0horl, U ARPQIJR s\' '\1>,\ * "2 OR d Kb, \ (NAROA 4_ _ _ _ _ \__ 2_0_2 ARDIJAGANJ'F \ RAJASTHAN lit.~~~~~~~T AI W PAKISrATrv / > CH,NA t;t \ _ \9S, ,2tiCHAHAR\- A h I H25 Ar. bi- \ ssoase-.5a, 5^