India - Maharashtra Power Project

Document of The WNorld Bank FOR OMCIL USE ONLY AMJ 30o6-/A/ Report No. P-5061-IN MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN IN AN AMOUNT EQUIVALENT TO USS400 MILLION TO INDIA FOR THE MAHARASHTRA POWER PROJECT MAY 26, 1989 This document has a resticted disribution and may be used by recipients only in the performance of their officil dtles Its contents may not otherwise be disclosed without World Bank authorization.  CURRENCY EQUIVALENTS Currency Unit m Rupees (Rs) Rs 1.00 . Paise 100 US$1.00 - Rs 15.00 Rs 1,000,000 - US$66,667 NEASURES AND EQUIVALENTS 1 Kilometer (km) - 1,000 meters (m) - 0.6214 miles tmi) 1 Meter (m) - 39.37 inches (in) 1 Cubic Meter (mu) . 1.31 cubic yard (cu yd) - 35.35 cu.ft. 1 Thousand Cubic Meter (MCM) - 1,000 cubic meters 1 Barrel (Bbl) - 0.159 cubic meter 1 Normal Cubic Meter of Natural Gas (Nm3) a 37.32 Standard Cubic Feet (SCF) 1 Ton (t) 1,000 kilograms (kg) - 2,200 lbs 1 Metric Ton of Oil (390 API) - 7.60 barrels 1 Kilocalorie (kcal) - 3.97 British Thermal Units (BTU) 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 Kilowatt-hour (kWh) - 1,000 watt-hours 1 Megawatt-hour (MWh) - 1,000 kilowatt-hours 1 Gigawatt-hour (GVh) - 1,000,000 kilowatt-hours 1 Ton of Oil Equivalent (toe) - 10 million kilocalories ABBREVIATIONS AND ACRONYMS CEA - Central Electricity Authority GOI - Government of India GOM - Governnent of Maharashtra GOMID - Government of Maharashtra Irrigation Department IBRD - International Bank for Reconstruction and Development IDA - International Development Association ICB - International Competitive Bidding LCB - Local Competitive Bidding MSEB - Maharashtra State Electricity Board NTPC - National Thermal Power Corporation PFC - Power Finance Corporation SEB - State Electricity Board WREB - Western Region Electricity Board Fiscal Year April 1 - March 31  FOR OFmFCIAL USE ONLY SN"A MAArASHA POWR PROJECT Loan and Proiect Summary Borrower I India, acting by its President Beneficiaries : 1) Maharashtra State Electricity Board (MSEB), and 2) Government of Maharashtra Irrigation Department (GOMID) Amount s US$400 million equivalent Terms s Twenty years. including a 5-year grace period, at the Bank's standard variable interest rate. Onlending Terms s Government of India (GOI) to Government of Maharashtra (O OKs about US$400 million equivalent as part of Central Government assistance to Maharashtra for development projecte on terms and conditions applicable at the time, of which US$230 million equivalent will be retained by GOM for the Koyna IV project component, and US$170 million equivalent onlent to Maharashtra State Electricity Board for the project transmission and distribution cAmponent. GOK to Maharashtra State Electricity Board (:SEB): US$170 million equivalent for the project transmission and distribution component, with repayment over 20 years including 5 years grace period at GOM's interest rate applicable at the time of its lending to MSEB (but not less than 92 per annum). G01 would bear the foreign exchange and interest rate visk. Financing Plan: Local Foreign Total --- (US$ Million)--------- IBRD 400 400 Cofinanciers 11 150 150 GOIIGOMIMSEB 736 58 794 Total 736 608 1,344 1/ Possible export or suppliers' credits for major equipme-t. Economic Rate of Return: 14.0t (for the Western Region development program) Staff Appraisal Rerort: No. 7713-IN, dated May 26, 1989. MAPS: IBRD 21492 and 21493 Thts document hasa restrced distibution and may be used by recipits only in the peffonnance oftheirofficial duties. Icontents may not otherwise be disclosed without World Bank authorization.  MEMORANDUM AND RECO)MENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO INDIA FOR THE MAMARASHTRA POWER PROJECT 1. The following memorandum and recommendation on a proposed loan to India for US$400 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, expand and modernize electricity transmission and distribution systems, and strengthen the finances and organization of the Maharashtra State Electricity Board (MSEB). 2. Background. The power sector playe a key role in meeting the energy needs of the Indian economy (electricity provides 302 of comnercial energy consumption). However, with severe shortages of power remaining a serious constraint to economic growth, India must continue to invest in new generating capacity while, in parallel, increasing the efficiency of existing power systems. 3. To meet a higher proportion of demand, improve the quality of supply, and further extend rural electrification, Government of India (GOI) plans to install an additional 80,000 1W of capacity by the turn of the century (an increase of about 150S from present installed capacity). This would cost about US$150 billion at present prices and claim between 252 and 302 of total allocations under the Eighth and Ninth Plans (compared to about 20? in the Seventh Plan). Implementing such a large program would add sharp pressures to government finances and sector entities' managerial capabilities. 4. Recent improvements in sector efficiency have been encouraging. over the last seven years, plant load factor has increased from 42Z to 522, the rate of fuel consumption in thermal power stakions has been cut by 10? (saving approximately 12 million tons of coal per annum), and the number of employees per thousand consumers has been cut 34X. Sector efficiency has also increased through improvement in retail tariffs which now represent 60-70? of marginal cost, as compared to less than 501 in 1981. However, tariff structures remain badly distorted, with heavy cross-subsidies in favor of low voltage consumers, in particular in agriculture. 5. Despite these gains, India's power utilities remain relatively inefficient by international standards. Key constraints are the divided responsibility for power development between GOI and the States, political interference in the operations of the State Electricity Boards, and weaknesses in the financial structure of the SEBs, which undermine financial performance and hold down resource mobilization. 6. GOI has mounted several initiatives to tackle sector development and efficiency constraints. Most notable amongst these are initiatives tot (i) bring financial discipline to t* SEBs; (ii) accelerate development of  -2- the more efficient central utilities, in particular National Thermal Power Corporation (NTPC); (iii) establish the Power Finance Corporation (PFC) to mobilize additional resources for SEBs willing to make needed institutional reforms; (iv) relax existing regulatory and financial disincentives to private sector participation in power supply and distribution; and (v) review the fuel supply policy for the sector, including fuel import options, and sanctioning of more domestic natural gas for power generation. While each of these GOI initiatives are desirable, additional efforts are needed to address constraints in the areas of sector planning, power pricing, load management and SEBes' finances. The Bank maintains a close dialogue with GOI on these aspects of its policy which it intends to pursue further in the context of the Bank's sector work which will review, inter alia, investment planning, power pricing as well as the environmental aspects of power development. 7. Maharashtra, where the proposed project is located, is the largest industrial state in India. It experiences power shortages because of inadequate supply capacity, estimated to be equivalent to about 142 of maximum load met and 2X of energy consumption. The Central Electricity Authority (CEA) projects that, in future, maximum load demand will increase more slowly (6.92 per annum) than in the past, while maximum generating capacity will increase more quickly (about 8.82 per annum). Together, these effects are expected to close the gap to about 6? of peak demand by 1999-2000. Energy supply is projected to keep pace with energy demand increase. Koyna IV is one of the key projects that will facilitate this improvement. For a relatively modest investment (about US$300/kW compared with about US$1,100 for new hydro stations), the project will permit being able to concentrate Koyna power supply into periods when demand is at its highest. 8. Maharashtra State Electricity Board (MSEB) is the largest of India's State Electricity Boards (SEBs) and provides 13S of India's total power supplies. Mhharashtra SEB also is one of the best managed and most efficient SEBs. In 1987/88, MSEB was also one of the only two SEBs which reached the 3t minimum rate of return (after interest and taxes) stipulated in the Electricity (Supply) Act. This relatively healthy financial performance is attributable both to the quality of MSZB's management and to careful consideration by the Government of Mbharashtra CGOM) of the financial needs of the sector. Continuing strong increases in demand mean that in future M3EB will have to manage unprecedented growth in its operations. To meet this objective, MSEB recognizes that key elements will be to achieve productivity gains of at least 52 per annum and to increase internal cash generation (inter alia, through continuing real increases in tariffs) to over 20X of investment requirements - a level unprecedented amongst India's SEBs. 9. Rationale for Bank Involvement. The Bank's sector strategy includes addressing sector constraints in the areas of planning, pricing, load management, institutional development, and finances. The prevalent nature of these constraint% suggests a sector-wide approach. However, the comparative autonomy of the States and SEBs makes it difficult to achieve progress through involvement exclusively with central government agencies. Hence, the Benk strategy includes direct operations with selected SEBs, which, together with their State governments, are cc,mitted to efficiency  -3- reforms. The Bank is already suppurting the development of MiAharashtra's power network by providing financing to both public and private utilities. Four Bank financed operations with the private utility, Tata Electric Companies, have been undertaken and further Bank Group financial assistance to Maharashtra's private utilities is under consideration. The first Bank project with MSEB focussed on reducing transmission losses, training, and financial accounting. The proposed project would consolidate and extend initial progress by strengthening MSEB's management organization and management information systems, improving the structure of MSEB's tariffs, and improving the Board's financial performance. 10. Proiect Obiectives. The Project objectives are to improve power supply in the Western Region and the operating efficiency of MSEB. 11. Project Description, Costs and Financing. The p'oposed project is part of the Western Region power development program, and eonsists of: (a) construction of a 1,000 MW (250 KW x 4) fourth-stage addition to the Koyna hydroelectric power plant; (b) inspection and repair, as needed, to the existing Koyna dam, (c) supply and erection of equipment and material for MSEB's transmission and distribution investment program between 1990191 and 1992/93, and strengthening of MSEBs capabilities for planning of distribution systems; (d) implementation of plans to strengthen MSEB's management, operations, and finances; and (e) consultancy and training services, as well as computer hardware and software required to implement the project. The proposed project, which would be carried out over seven years, has an estimated total financing requirement of ES$1,344 million equivalent, with a foreign exchange component of USS608 million equivalent (45Z). The proposed Bank loan would provide financing for civil works, equipment and materials, training and consulting services. GOI will be seeking about US$150 million equivalent from co-financiers to supplement Bank financing for equipment or civil works. Schedule "A' shows the estimated cost and financing plan. Schedule 'B' gives details of amounts and methods of procurement and disbursements. Schedule 'C' shows a timetable of key project processing events, and Schedule "DO gives the status of Bank Group operations in India. Maps (IBRD 21492 and 21493) highlighting the project are attached. The Staff Appraisal Report No. 7713-Il is being distributed separately. 12. Resettlement and Environment. Construction of the Koyna IV power plant requires resettlement of six landless families, who have agreed to move to lands provided by GOM. About 480 hectares of land are required for spoil areas, access roads, quarries, temporary storage, etc., for Koyna IV. No houses or villages would be affected. Families owning this land, who reside in nearby villages, may lose income derived from exploitation of this land. These families will be compensated in accordance with the provisions of the Maharashtra Project Displaced Persons Act of 1976. The provisions of the Act are consistent with the Bank's guidelines for resettlement and rehabilitation. MSEB will have to compensate and rehabilitate any persons displaced for construction of transmission and distribution sub-stations. In these cases, compensation will be in accordance with the Act as well. The environmental effect of the Koyna IV power station are negligible because no new reservoir is needed and works are underground. AAy adverse effects resulting from construction operations will be suitably treated by sealing and landscaping.  -4- Transmission line routing will be selected to minimize crossing of forest land. Moreover, the Bank will not finance any lines that are not cleared in advance by the Ministry of Environment and Forest (MEP), GOI. The environment guidelines of ME? are consistent with the Bank guidelines. 13. Actions Agreed. Agreement has been reached with GOM that it will furnish a report to the Bank, by December 31, 1989, on compensation to be given to families who may lose income as a consequence of the construction of Koyna IV. Agreements have also been reached with both GOM and MSEBs (a) that they will furnish to the Bank by June 30, 1990 proposals for load management initiatives and tariff adjustmwnts; (b) on the cor snt and implementation timi table of an Action Plan for Managerial Dev..Lopment; (c) on the content and implementation timetable of a Financial Action Plan, including, inter alia, that MSEB's self-financing rttio will be raised gradually from 0.52 to 212 by fiscal year 1994/95, and that its workforce will not increase by more than 2t per annum (corresponding to a 5t per annum productivity increase); (d) that MSEB's financial rate of return after interest will be no less than 3S in financial year 1989/90 and 1990191, 3.S in financial year 1991/92 and 1992/93, and 41 thereafter; te) that MSEB's debt service coverage will be more than 1.2 from financial year 1990/91 onward; (f) to reduce commercial receivables to less than 2.5 months of revenues from March 31, 1990 onward; (g) to reduce gradually commercial payables to less than 2 months of consumption from March 31, 1992 onward; (h) to discuss annually revisions to MSEB's five-year investment and financing plan; and (i) to prepare and furnish to the Bank, by December of each year, the resettlement and rehabilitation plan for persons displaced by any substation proposed for Bank financing. 14. Benefits. Extension of the Royna scheme by 1,000 MV is part of the least-cost development program for the Western Region. The extension will help meet a higher proportion of peak power demand from public supply, and so, displace expensive captive power generation. It will also firm-up existing generating capacity and thereby improve the quality ci power supply. Transmission and distribution investment included in the proposed project complement MSEB's least-cost development of generation and will reduce power losses and improve the quality and reliability of supply. The Western Region development program is conservatively estimated to have an economic rate of return of about 142. 15. Risks. The proposed Koyna IV scheme presents the usual risks associated with major underground works, such as unexpected geological conditions that may adversely affect project costs or the construction schedule. However, the geological exploration program carried out thus far and the excavation works carried out for the neighboring Stages I to III, which are also underground, indicate that the geological setting is adequate for the proposed works. The size of the turbogenerating units proposed for Koyna IV is unprecedented in India. To minimize the risk of technical problems, GOM has agreed to hire consultants specialized in this field. Implementation of MSEB's proposed five-year investment plan may be affected by delays in administrative approvals, forest clearances and land acquisition. Budgetary constraints may also require rescheduling of investments included in the plan. To deal with.these risks, adequate allowances for administrative processing have been incorporated in the implementation schedule. Moreover, MSEB agreed to review with the Bank  -5- every year the updated investment program for the following five years. As part of the review, the Bank will need to be satisfied as to the nature and scope of any revisions needed and the integrity of the updated program in terms of its internal consistency, technical adequacy, and economic justification. It is possible that as a result of rescheduling of investments, HSEB may be unable to commit the entire loan amount before December 31, 1992. To keep this risk at a low level, the Bank will finance only 25 of MS1B planned investment during the initial three years of the plan. Hence, MSEB will have ample flexibility to select for Bank financing those schemes that are not constrained by possible issues of the nature described above. 16. There is also some risk that the financial objectives set for MSEB may not be achieved because of Insufficient tariff adjustments. However, past GOM record in this respect is good, with average annual tariff adjustments 5S above inflation over the past three years. Envisaged future tariff adjustments are modest in comparison and therefore are not expected to present a major risk. 17. Recomendation. 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 26, 1989  -6- Schedule A INDIA MMAUHATSRA POWER PROJECT Project Cost Suumarv Local ForeiRz Sotl ---------- (US$ Million)--------- A. MOTU POU S!TATION Civil Works 65.8 40.3 106.1 Equipment 62.5 123.5 186.0 Consulting Services 0.3 2.2 2.5 Engineering & Administration 27.7 0.0 27.7 Sub-total Koyna IV 156.3 166.0 322.3 S. msHB ih13TN4NTS Equipment and Materials for Transmission Systems 84.1 216.1 300. 2 Erection of Lines and Substations 90.1 0.0 90.1 Engineering & Administration 11.7 0.0 11.7 Sub-total Transmission 185.9 216.1 402.0 Equipment and Materiahs for Distribution System 3U.9 26.1 66.0 Erection of Distribution Sy- :em 19.1 0.7 19.8 Engineering & Administration 2.6 0.0 2.6 Sub-total Distribution 61.6 26.8 88.4 Consulting Services 1.3 0.8 2.1 Sub-total MM63 Investmnts 248.7 243.7 492.5 Total V%se Cost 405.0 409.7 814.7 stommm ininm Physical Contingencies 47.1 45.0 92.1 Price Contingencies 86.1 85.9 172.0 Total Project Costs 1/ 538.2 540.6 1,078.8 Interest During Construction 197.2 67.8 265.0 Total Financng ReequLted 735.4 608.4 1,343.8 11 Including taxes and duties of about US$70 million equivalent.  -7- Schedule B INDIA MAHARASNTRA POWER PROJECT Procurement Method antd Disburseemt tNethod ... ................. ( i ---- (USS Million)----------- ICb LCB Other f Total Cost Land 1.0 1.0 Civil Works 102.7 ' 41.0 d/ 46.7 e/ 290.4 (62.8) 117.3F- (80.1) Materials and Equipment 355.8 369.3 725.1 (309.1) (4.8) (313.9) Training and Consulting Services 6.0 6.0 (6.0) (6.0) Engineering and Administration 56.3 56.3 Total 458.5 510.3 52.7 57.3 1 078.8 (371.9) (22.1) (6.0) (-) t400.0) aI Amounts include taxes and duties (US$7O million), and figures between brackets are the Bank-financed portion. b/ Employent of consultants in accordance with Bank Guidelines. c/ Land acquisition administration overheads, works implemented departmentally and items not su6ject to coaiercial procurgoent. _/ Erection of transmission and distribution works. el Corresponds to portion of access tunnels presently under construction by 6OUID on force account, not financed by the Bank. Di_bu,rsints ,ko Amount (USC mategono PercentaMe of Exnenditure to be FLnanced Civil Works for Koyna (up to US$40 million) 40.0 70% Civil Works for Koyna (above US$40 nillion) 17.8 15% Civil Yorks for Transmission and Distribution 25.0 60% Other Equipment and Materials for Koyna 165.0 1 100% of foreign expenditures, and ) 50* of local expenditures Other Equipment and Materials for MSE8 146.2 o Consulting and Training 6.0 100* Total 400.0 ..... Estimated Risb_rU_nents Bank FT 1989 19 1991 1992 12993 19 94 2 196 1221 Annual 1,1 38.5 71.4 75.0 75.6 82.4 34.8 15.1 6.1 Cumulative 1.1 39.6 111.0 186.0 261.6 344.0 378.8 393.9 400.0  Lchedule C ,INDIA ,,,I , POWER! PROJECT Timetable of Key Project Processins Events (a) Time taken to prepare I 30 months (b) Prepared by O GQMID, MSE, CEA, 111B (c) First Bank mission I August 1987 td) Appraisal mission departure I January 9, 1989 (e) Negotiations I may 9-15, 1989 (f) Planned Date of Iffectiveness October 31, 1989 (g) List of relevant PCRa and PPARa I First and Second Rural glectrification Projects (Cr. 752-IN and Cr. 911-IN); Third and Fourth Transmission Projects (Cr. 377-IN and Cr. 604-IN)  -9- t8 StAtUS 01 34M3 ROUP RA?!OISS SN INDIA A. 0D (As of Ranh 31, 1969) USS sullen Use $f CasL1tn Loan or Fiseal Crdzt No. Year of Puro e Zn. IA Us a' 66 Los 3,855.8 - - 136 Crdlts fully disbursd 8,976.1 963-IN 1980 inland FIshexA*. 20.0 0.65 1003-ZN 1960 TaU Nadu ButrItio- 32.0 2.51 1011-IN 1980 GuJar.t SIrriatean S- 17S.0 23.45 1021-ZN 1980 Siagraul Thermal S 300.0 7.16 1034-ZN 1980 arnmtaraa Serlculturo 54.0 1.41 1053-Zn 1980 rakga Thermal Pmn -: 225.0 9.05 I8ai-in 1980 F.raha Sthermal Powe 25.0 - 25.00 1072-IN 1981 BLhar Rural Roab -5.0 0.2 XO7R-ZN 1961 3ahana Uarra 83.0 1.0 1116-xN 191 a lta tank !rratloa - 54.0 0.43 ~.125-11 1981 aslrIa IFartlleer Project - 399.1 0.62 1138-N N1981 M.P, Arlcltural Zn. t - 37.0 3.79 1172-ZN 1982 ltrba Therml Poer Project It - 400.0 55.63 1177-ZN 1982 M&dhya Prtdesh Nb3er IrclaetLo - 220.0 87.88 1178-8 19N2 West Bengal Soia poeartry - 29.0 9.89 2076-IN 1982 1 a mL Poew I 300.0 - 78.29 1219-18 192 Andbra Prades Arculturl hx. - 6.0 1.96 2186-18 1982 Kallada I4ation 20.3 - 2.35 1280-IN 1983 cujarat Water SUPP - 72.0 46.12 1286-Zl 1983 JanllYA*rL, and Haryana Sooal forestry - 33.0 10.00 1288-SN 1983 Chambial Nedhy Pradeh Zrrlet ZI - 31.0 4.64 1289-18 1983 Subermaff0sA Irratlon - 127.0 8.43 2205-ZN 198S3 Krls o-Gdavart Kuplorarto 165.5 - 9.34 2210-18 1983 RaIlays IgN"maatloe 1 maIntenane UI 200.0 - 79.82 2241-tI 1983 South a""La Gas Deve et 139.3 4.36 1319-S8 1983 Satyan IrrIsatIon U - 150.0 52.88 1332-SN 1983 U.?. Publc tubstells t - 101.0 33.33 1356-ZN 1983 Upper Indraval N Power - 170.0 78.15 2278-IN 1983 Upper Zidaatt Hydr Pow: 156.4 _ 156.01 1369-In 1983 Calcutta Urban Develop t lIl - 147.0 100.50 2283-ZN 1983 Central Powr Transmlesn 250.7 - 217.86 2295-RN 1983 Imalayan Watershed Kaaaemet 46.2 - 34.82 1383-S8 1983 rhtra Water UtILatiL - 32.0 10.37 2308-ZN l98ib har"btra Water UtltuatLon 22.7 - 22.64 2329-18 1983 Madhya Pradesh Urban 24. 13.89 1424-IN 1984 Lafd Areas Watershed De. - 31.0 33.04  -10- 1436-ZN 1984 topulAtien tSS - '0-0 49.02 1432-zN 1944 wnatalsa Seolal OVe*St:Y - 27.0 13.79 2387-ZN 184 Phava, Sheva part 250.0 7I.62 2393-ZN 19S4 udbtehus Coal 151.0 - 97.8S 2403-IN 1984 Cambay atin Peteoleim 213.4 - 120.50 2415-tZ 1984 Madbya Peadah ?au tilUnae 203.6 - 53.97 1454Z-N 1984 ?mil Nadu Water Supply 36.3 25.72 S7-12-SP 1984 TM&l& Nadu ate., supply - $6.5 45.60 1468-ZN 1984 Ptrty r VaLgal It lesigaleon 17.5 1.15 SP-16-ZN 1984 PeuLyar Vail ZI Zrrgisaticn - 17.5 14.69 1483-ZN 1984 Uppet am*& Zruigatto - 12S.0 117.17 1496-SN 1984 Gujarat Medin STr4eation - 172.0 120.28 2416-lN 1984 Indis 8arover HydroeleetwLe 17.4 - 12.50 SF-20-1N 1984 Sndlrs Sa es Hydroelectrie - 13.8 16.15 2417-SN 1984 R^allvays SleetuiicatLe 2a8.7 - 162.63 2442-IN 1984 FarekMSa Sthereml Poev Sa00.o 251.53 2452-ZN 19864 ieuth Teombay Thlrzml Poen* 135.4 . 58.94 1502-ZN 1984 Nationl1 Coep rtive Development Cogpocaitin Its - 220.0 188.71 1514-1N 1985 toan , Social leetary - 321.8 24.15 1323-Z 19o5 National A4 le. ltaenaien I - 39.1 43.07 1544-tN 198s sombey urban DvLeopm t - 138.0 132.74 2497-ZN 1985 aumada (Guianat) Da a"d pawl 200.0 - 200.00 1552-ZN 1985 Namaj (d uJarat) DM nd lo es - 100.0 95.50 1553-ZN 1985 Naroada (CGJarat) Canal - 150.0 166.16 1569-SN 1965 Second Natlonal AsgcoulturaL 1nt. - 49.0 43.14 1611-ZS 1985 National SocLal Fesensty 165.0 140.12 1613-1N N985 ndirta Saeva Hydroelettuic - 13.2 16.02 2495-SN 195 Jhbsia Coking Coal 248.0 - 207.67 2505-SR 1985 tahazashter Peteeohendtol 300.0 - 76.57 2534-ZN 1985 Seeond National Ui pvay 200.0 - 162.0S 2544-SN 1985 Chanas put Sh 1 r leowve 300.0 - 206.01 2555-ZN 1985 RLhand lovee ?canamisLan 250.0 - 124.08 2582-N 1983 leral Povet 178.0 - 160.14 1619-SN 1986 east Bengal Mmneo ISeisatlea - 99.0 123.24 1621-ZN 1986 Mahazaahat Composite IrrLsetin - 160.0 195.86 1622-ZN 1966 Xeral, Vater Supply and SIaiAt:ltA - 41.0 *4.57 1623-ZN 1986 vest Bengal Pepultlon - 51.0 53.71 1631-IN 1986 Natlonal AscLeultural Rseseach it - 72.1 25.25 2629-IN 19806 Industtal sEpoet DvW. finane 90.0 - 71.67 2630-IN 1986 ZOICI-Indus. lAp. Dev. TLnaie 160.0 - 107.06 1643-ZN 1966 ujazt Urban - 62.0 70.15 2653-rZ 1966 31A*30 t 375.0 - 60.53 2660-IN 1986 Cement Zudustry 165.0 - 110.60 2661-IN 1986 SCSCt - Cement Induatey 35.0 - 25.97 1665-IN 1986 ndhzr Pradesh S1 Irrigation - 140.0 164.69 2662-ZN 1986 Andz. Pradesh It lueigation 121.0 151.00 2674-IN 1986 Combined Cycle Pevet 483.0 _ 219.17 2729-IN 1986 Cooperative reetililse 150.2 - 6.95 2730-IN 1986 Cooperative VertilLse 152.0 _ 68.73 1737-1N 19"7 BLir Tubeve ls - 68.0 69.64 2769-1N 1987 Bombay Matet Supply & Sewerage III 40.0 - 40.00 1750-IN 198' Beoba Yatee Supply a Seerage III - 145.0 118.96  -ll- SCIItD= 1754-ZN 1987 National AStlo. Exton It - 85.0 87.70 17S7-IN 1987 Gujaret Rural Ros - 119.6 121.42 1770-IN 1987 National Water anaement - 114.0 112.46 2785-lN 1987 Oil India Petrolem 140.0 - 127.1$ 2796-1l 1987 Coal NlItMO & Quality Improveme4t 340.0 - 193.13 2813-I1 1987 Teleconantcations IX 345.0 - 282.76 2797-IZ 1987 Uttar Pradesh Urban Devlopmet 20.0 - 20.00 1l80-IN 1987 Uttar Pradesh Urban Dv _lpment 130.0 122.36 2827-1N 1987 Karnttka Powr 330.0 - 314.68 2844-1N 1987 Rational Capital Poer 485.0 - 421.50 2845-IN 1987 Talchar Thermal 375.0 - 3S0.63 2846-IN 1987 Kadras Water Supply 53.0 - $3.00 1822-IN 1987 Madra Water Supply - 16.0 9.08 2893-IN 1988 National Dairy II 200.0 - 200.00 18S9-ZN 1988 National Dairy It - 160.0 104.36 2904-IN 1988 Western Ga Deelopment 283.3 - 235.62 2928-IN 1988 rdus. Fin. i Tech. Mst. 310.0 - 270.03 2928-Z1 2988 SAIL - Ind. Fin. i Tech. Ast. 50.0 - 49.94 2929-ZN 1a98 Rousing Do.. .ziance Corp. 250.0 - 166.12 2935-IN 1988 Railways Modern. III 390.0 - 360.00 2938-IN 1988 xaruataka Power It 260.0 - 240.00 2957-I1 1988 Uttar Pradsh oe 350.0 - 324.70 t923-IN 1988 STaUl Nsdu Urban Dew. - 300.2 257.67 1931-IN 1988 Bombay i madras Population - 57.0 50.16 2994-IN 1989 Statek Roads 170.0 - 170.00 1959-IN 1989 States lods - 80.0 62.41 3024-ZN 1989 Nathpa Jhekrl Power 485.0 - 485.00 1952-ZR 1989 National 8eeds tIt - 150.0 140.28 Total 15,051.8 15,411.0 of which has been rep ad 2.094.8 457.8 Total now outstanding 12,957.0 14,953.2 Amount Sold 133.8 of which has bean repaid 133.8 - Total nov hold by Bank and DA 31 12,957.0 14,953.2 Total undisbursed (excluding *) 7,217.2 3,678.5 11 IDA Ctedit amounts for SDR-denominated Credits are expressed in tergs of their US dollar equivalents, as established at the tLme of Credit negotiations mad a subsequently presented to tbe Board. 11 Undisbursed mounts for SM-denominated IDA Credits are derived from cuanmtiLve dLsbursements converted to their US dollar equLvalents at the SD1RVS dollar exchange rate in effect on March 31, 1989, While or4.inl principal is based on the exchang rate in effect at negotiations. ths accounts for the fact that in som caes, the undisbursed balance as shwn ln US$ equivalent is higher than the originl prLnclpal. SI Prior to exchane adjustmnt. * Not yet effective.  -12- (AS of Her" 31. 1989) Fiscal Y -r5 Ssm~~~m 1959 Republic Forge Company Ltd. 1.5 - 1.3 1959 Kirlaska: Ol Engines Ltd. 0.8 - 0.o 19fO Asesn SUiLmanit Ltd. 1.4 - 1.4 1901 CS.S. Pumrps Ltd. 0.2 - 0.2 193-60 Precision Seargs %nda Ltd. 0.6 0.4 1.0 1964 Fort Gloster Industries Ltd. 0.8 0.4 1.2 1964-75-79 ttkindra UgLn Steel Co. Ltd. 11.8 1.3 13.1 1964 LaksbAl Machine Works Ltd. 1.0 0.3 1.) 1967 Jayshue. Chemcals Ltd. 1.1 0.1 1.2 1967 dian ImploslVS Ltd. *.0 2.9 11. 1989-70 Zuat Asre-ChemLeals Ltd. 15.2 3.8 19.0 1974-87 Escorts Limited 1S.8 - 15.6 1978 sousiLn 0e" Lont ?inanoe Coup. 4.0 1.6 5.4 1980 DeePak FeutSlUer nd petrochemioals CorporatIon Ltd. 7.5 4.2 11.7 1981 Corardel ftrtllsers LL Lted 15.9 - 1S.9 1981-86 TatS Iwo. an Stel Cesmp Ltd. 51.7 - $1.7 1981 Iahndra, HI_dra Lmted 15.0 - 15.0 1981 Rasarjuna Coat*d tubes Ltd. 1.5 0.3 1.8 1981-80187 Nagajuna 84nsd. Limted 2.$ 0.3 2.6 1981 fasarjuva Stools Limited 3.3 0.2 3.7 1982 Ashok Leylnd Limited 28.0 - 28.0 1982 The mbay Dyeing d aufaturas Co. Ltd. .8 - I. 1982 sharat Forg Company Ltd. 15.9 - 15.9 1982 The Indian Rayen Coep. Ltd. 14.6 - 14.6 1984-86 The Ovalier Rayon Silk Msi- Latugri (Vowing) Co. Ltd. 16.0 - 10.0 1985 siar SPonge 14.9 0.6 15.$ 1985 Bajaj bute Ltd. 23.9 - 25.9 1985 Neil Cement 12.0 - 13.0 1985 lndi Lese Deeqirpat Ltd. 5.0 0.3 5.3 1986 Laren and Toubro Ltd. 21.8 - 2t.8 1986 India Squlpmnt Leasng Ltd. 2.5 0.3 2.8 1986 IaJaj Te_pe Limited 30.5 - 30.5 1986 The Goa"t Eastern Shipping