India - Power Utilities Efficiency Improvement Project

Docmnut of The World Bank FOR OMCL USE ONLY Report No. P-5361-IN ! '' I _3,50}qi. - d5A{iw J|l 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 US$265 MILLION TO INDIA FOR A POWER UTILITIES EFFICIENCY IMPROVEMENT PROJECT JANUARY 3, 1992 This document has a restricted distribution and may be used by recipients only in the performance of ther official duties. Its contents may not otherwise be disclosed without World Bank authorization.  CURRENCY EQUIVALENT (as of July, 1991) Currency Unit - Rupees (Rs) Rs 1.00 Paise 100 Rs 1,000,000 TJS$38,462 US$1.00 = Rs 26.00 MEASURES AND EQUIVALENTS 1 Kilowatt hour (kWh) = 1,000 watt-hours 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 LRMC - Long Run Marginal Cost OFAP - Operational and Financial Action Plan PFC - Power Finance Corporation SEB - State Electricity Board SGC - State Generating Corporations USAID - United States Agency for International Development FISCAL YEAR April 1 - March 31  FOR OFFICIAL USE ONLY INDIA POWER UTILITIES EFFICIENCY IMPROVEMENT PROJECT Loan and Project Summary Borrower: India, acting by its President Beneficiary: Power Finance Corporation Ltd. (PFC) Amount: US$265 million Terms: Repayment over 20 years, including five years grace, at the Bank's standard variable interest rate. On-lending Term: From the Government of India (GOI) to PFC, with repayment over 15 years, including three years grace at an interest rate at not less than 11.5Z per annum with GOI assuming the foreign exchange and interest rate risks. PFC will onlend to its clients at an interest rate which is now set at 12.5Z and which will be adjusted to reflect variations in its cost of funds, and repayment terms ranging from 3 to 7 years, according to the types of assets financed. Financing Plan: Local Foreign Total - -------- (US$ Million)----- IBRD 59 206 265 PFC Resources 269 22 291 USAID - 14 14 SEBs 142 - 142 470 242 712 Economic Rate of Return: In excess of 12Z Staff Appraisal Report: No. 8943-IN This document has a restricted distribution and may te useci by recipients only in the performance of their official duties. Its contents may not otherwise .. ;osed without World Bank authorization.  MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE ETECUTIVE DIRECTORS ON A PROPOSED LOAN TO INDIA FOR A POWER UTILITIES EFFICIENCY IMPROVEMENT PROJECT 1. The following memorandum and recommendation on a proposed loan to India is submitted for approval. The loan would be for US$265 million equivalent and would have a term of 20 years, including five years of grace, at the Bank's standard variable interest rate. The loan will be used to finance the Power Utilities Efficiency Improvement Project. The United States Agency for Intprnational Development (USAID) will provide US$14 million to firance technical assistance and training. The Government of India (GOI) will onlend the proceeds of the proposed loan to the Power Finance Corporation (PFC), with repayment over 15 years, including three years grace, at an interest rate of not less than 11.5Z per annum, with GOI assuming the foreign exchange and interest rate risks. PFC will make loans to its clients at an interest rate which is now set at 12.5Z and which will be revised from time to time to ensure that it reflects PFC's cost of borrowing and allows PFC to earn a return on its equity that is positive in real terms. Repayment terms range from three to seven years, according to the type of assets financed. 2. India's power systems have an installed capacity of over 62,700 MW, a size comparable with that of France and of the United Kingdom. In FY90, India generated about 245,000 GWh -- about 70I from coal stations, 25Z from hydro stations, and 5Z from gas, oil and nuclear. Despite impressive progress in expanding supply, power shortages persist equivalent to about 22Z of peak capacity and 9Z of total energy requirement. With per capita level of electricity consumption still among the lowest in the world (about 270 kWh per year), demand in India will continue to expand at a rapid rate, and an average growth rate of 8% per annum is expected over the next five years. To meet this growth, massive investments in additional plant capacity will be required together with far reaching energy conservation measures. The strain on power systems supply is exacerbated by the relatively inefficient and wasteful utilization of energy in the country due to technological as well as energy price inefficiencies. 3. In the face of the current budgetary constraints, central government funding of the sector's investment program is likely to decline and the state and central government-owned utilities will have to increasingly rely on their own internal resources to finance power systems expansion. However, their ability to contribute internal resources toward capacity investments is hampered by their poor financial conditions. The sector's financial distress primarily stems from the operational and financial inefficiencies of the State-owned utilities -- the State Electricity Boards (SEBs) and the State Generation Companies (SGCs). A large part of the SEBs' financial losses is attributable to the relatively low retail tariffs which on the average have remained at about 502 of the long run marginal costs (LRMC) of supply. At the same time there are wide tariff differentials among consumer groups with industrial tariffs close to, and in some cases even above the LRMC, while agricultural tariffs are less than 10% of their supply costs. The large financial burden imposed by agriculture on the power system is increasing as agriculture's share in total consumption has grown. from about 17? in FY82 to 22? in FY90. A similar situation applies to residential uses of electricity. The heavy financial losses of the SEBs are reflected in negative internal cash generation equivalent to US$4.1 billion over the FY86- 90 period. This poor performance is adversely affecting the finances of the centrally-owned utilities and is hindering efforts at attracting private  - 2 - investors to the sector. A turn-around in the sector's finances would require bold actions on tariff, billing and collection, together with conservation measures such as plant efficiency improvements, reductions of transmission and distribution losses, load management and promotion of end-use efficiency. To effect these reforms, GOI is attempting to attach conditionality to its discretionary financing of the states power sector. The creation of PFC in 1986 is an element of this strategy. 4. PFC would link its financing of the SEBs' priority investments to tangible improvements in the utilities' operations. It would support efficiency improvements in existing plant operations, expansion and upgrading of transmission and distributiorn facilities as well as mitigating measures for controlling plant emissions. While helping finance the gap in electricity demand and supply, PFC, through its loan conditionalities, will attempt to instill financial discipline among the SEBs, thereby strengthening their financial base and their capacity to contribute to the sector's investment requirements. 5. Lessons from Previous Bank Operations. Performance audits conducted for the Second Power Transmission Project (Cr. 242-IN) and the First and Second Rural Electrification projects (Crs. 572-IN and 911-IN) highlighted the difficulties of effecting institutional improvements in the absence of clear division of responsibilities between the central entity and the SEBs, and without agreed mechanisms for project cost recovery. Project completion reports show that the Third and Fourth Transmission pro'ects (Crs. 377-IN and 604-IN) experienced similar difficulties; despite some progress, in general, SEBs did not respond to GOI's initiatives. The lessons learned from these projects had an important bearing in the design of the proposed project. 6. Rationale for Bank Involvement. Since PFC is envisioned to become a key instrument in improving the performance of the power sector, GOI considered it important to have, from the initial stages of PFC's formation, support from the Bank in the shaping of the entity's policies and procedures. The Bank has been able to work closely with GOI and PFC in this area, and expects to continue doing so. In line with its operational policies, PFC will lend only to utilities which have undertaken to implement Organizational and Financial Action Plans (OFAPs), endorsed by their respective states, aimed at improving the utilities' resource mobilization and operational efficiency. These OFAPs typically include elements such as: (a) actions, including tariff adjustments, to allow the utilities to reach, in a period of no more than three years, the minimum 3Z rate of return, after interest, on historically valued assets, as required by the Electricity Act; (b) until tariffs allow the minimum return target to be reached, the states should commit to pay cash subsidies to the utilities in the amount needed for the utilities to earn the minimum 32 rate of return; (c) specific plans to reduce the utilities' receivables; and (d) introduction of clauses in the utilities' tariff to allow them to recover automatically, from their consumers, any increase in the cost of both fuel and purchased power. The project thus enhances the Bank's lending strategy for the sector, which supports development of private utilities as well as central sector and state utilities that demonstrate serious interest in improving their operational performance and finances. 7. Lending through PFC also offers the advantage of allowing the Bank to expand its impact on the sector by having access to most SEBslSGCs in the country, as opposed to direct lending, which has to be restricted to selected SEBs/SGCs. Moreover, because PFC will be having frequent and regular  operations with most SEBs/SGCs, it will enjoy the advantage of a closer and more active relationship with them, providing a better potential for enfor2ing lending conditionality. 8. Proiect Objectives. The main objectives of the project are to: (a) support GOI efforts to make PFC a viable and effective instrument for effecting improvements in the power sector; (b) strengthen the operations of the beneficiary SEBs by lending only to those who are willing to undertake acceptable reform programs; (c) foster better use of existing power facilities by reducing constraints in the transmission and distribution systems; (d) mitigate the adverse envirormental impact of thermal plants in operation by providing adequate anti-pollution and monitoring facilities; and (e) improve the preparation of power projects and promote the development of the local consulting industry by funding preinvestment studies and engineering for power projects. 9. Project Description. The proposed project comprises: (a) a program to strengthen PFC's capabilities to discharge its responsibilities; (b) the creation of a preinvestment fund in PFC; and (c) five components to be financed through PFC: (i) the implementation of a pre-identified segment of the lending program of PFC with four SEBs (Andhra Pradesh, Punjab, Madhya Pradesh and Gujarat); (ii) environmental upgrading of power plants; (iii) engineering studies for systems renovation; (iv) institutional strengthening of power utilities; and (v) improvements in SEBs' billing and collection. 10. The project will be carried out in five and a half years and will have a total cost of US$712 million equivdlent, with a foreign component of US$242 million. Schedule A presents the cost estimates and the financing plan for the project. Schedule B presents the arrangements for procurement and disbursement. A timetable of key project processing events is presented in Schedule C and Schedule D gives the status of Bank Group operations in India. Staff Appraisal Report No. 8943-IN, dated January 3, 1992, is being distributed separately. 11. Agreed Actions. During negotiations, PFC agreed: (a) to implement its Operational Policy Statement, which statec PFC's lending criteria and guides the Corporation in its operations and finances, and not to modify it in a material manner without prior consultation with the Bank; and (b) that its funds will not be pre-allocated but will be lent following criteria agreed with the Bank. PFC also agreed to take actions to ensure that in its projects satisfactory environmental standards are met. 12. Environmental and Resettlement Aspects. The project does not present any environmental issues of significance or call for major dislocation of population. It contemplates environmental actions in three aspects: (a) it includes direct investments for about US$90 million to reduce pollution levels and environmental degradation around a large number of power plants; (b) it also includes studies for systems renovation comprising studies for upgrading of power stations including an assessment of their environmental condition to determine the mitigatory actions required; and (c) the transmission and distribution sub-projects under the project will be subject to environmental assessments when needed and will include the required mitigatory actions to protect the environment. Participating SEBs will be asked, as a condition of obtaining financing for a particular sub-project, to meet acceptable environmental and social impact standards.  - 4 - 13. Project Benefits. The main benefits of the project are: (a) improvements in the operational efficiency of the state utilities; (b) improvements in the finances of the state utilities through reduction in losses and better billing and collections; (c) improvements in the environmental operating conditicns of participating utilities; (d) improved quality of service; and (e) better use of existing plant facilities. Projects eligible for PFC funding are required to have an economic rate of return of at !east 12%; the economic rates of return of projects already approved, and which represent about 50X of all investments envisaged, range from 142 to over 100 . 14. It is envisioned that with the implementation of the action plans mutually agreed to between PFC and the SEBs to help mitigate financial shortfalls in the SEBs' operations, the financial returns on the proposed investments would correspondingly improve. 15. Risks. The proposed project does not pose extraordinary technical risks because the type of physical works involved is routinely implemented by utilities in India. There are, however, risks related to the institutional, managerial, and financial aspects of the project. On the institutional side, there is a risk that the participating SEBs will not meet the expected improvements set out in the action plans or that the pace of reform will be slower than planned. This risk will be minimized by establishing realistic actions and targets in the plans, and by providing financial and technical resources to the SEBs to facilitate their implementation. To minimize the risk of delays caused by slow procurement decisions and administrative processing, at negotiations GOI provided the Bank with the details of the procedures to be followed to expedite and simplify clearances of procurement actions and releases of foreign exchange for Bank-financed procurement. There are two risks related to PFC's performance. The first is that PFC could face collection problems because of the poor financial performance of its customers. This risk would be kept at an acceptably low level by PFC requiring, as a condition of lending to any SEB or SGC, that they establish a set of suitable guarantees, previously agreed with the Bank. The second risk is that PFC might fail to become an effective promoter of institutional improvements at the SEB/SGC level. This could occur if PFC does not have the institutional resolve -- and GOI's support -- to attach adequate conditionality to its lending operations. This also may occur if political pressures prevent PFC from enforcing said conditionality or its OPS. To manage this eventuality, agreements were reached to ensure that PFC's policies and procedures are consistent with its developmental objectives. 16. Recommendation. I am satisfied that the proposed loan complies with the Articles of Agreement of the Bank and I recommend that the Executive Directors approve it. Lewis T. Preston President Attachments Washington, D.C. January 3, 1992  Schedule A INDIA POWER UTILITIES EFFICIENCY IMPROVEMENT PROJECT Estimated Cost and Financing Plan a/ (US$ million) Local Foreign Total _b/ Estimated Project Cost A. Transm-vsion & Distribution Schemes 214 126 340 B. Environmental Upgradging of Plants 67 24 91 C. Studies for Systems Renovation 2 4 6 D. Institutional Development of SEBs 3 3 6 E. Institutional Development of PFC 1 0 1 F. Creation of Preinvestment Fund 4 10 14 Total Baseline Costs 290 167 457 Physical Contingencies 28 15 43 Price Contingencies 102 39 141 Total Project Cost 420 220 640 Interest During Construction World Bank 20 20 40 Other 30 2 32 Total Financing Required _7Q 2 Financing Plan IBRD 59 206 265 PFC Resources 269 22 291 USAID - 14 14 SEBs 142 - 142 Total 470 24" 22 a/ Including taxes and duties of about US$84 million equivalent. b/ Totals may not add up due to rounding.  Schedule B Page 1 of 2 INDIA POWER UTILITIES EFFICIENCY IMPROVEMENT PROJECT Procurement Method and Disbursements a/ (US$ million) Procurement Method Total Project Element ICB LCB Other N.A. Cost b/ Land - - - 16.2 16.2 Civil Works - 72.3 17.4 c/ - 89.7 (10.0) (10.0) Materials and Equipment 424.1 47.5 5.6 477.2 (233.0) (5.0) (238.0) Training and Consulting Services - - 36.2 - 36.2 (17.0) (17.0) Engineering and Administration - - - 20.7 20.7 Total ',24.1 119.8 59.2 36.9 640.0 (233.0) (10.0) (22.0) - (265.0) a/ Amounts include taxes and duties (US$ 84 million), and figures between brackets are the Bank-financed portion. b/ Land acquisition, administration overheads and items not subject to commercial procurement. c/ Works implemented departmentally.  -7- Schedule B Page 2 of 2 Disbursements Category Amount Percentage Financing (1) Equipment and 248,000,000 100? of foreign Materials expenditures, 100? of local expenditures (ex-factory cost) and 75? of local expenditures for other items procured locally (2) Consultants' service 7,000,000 100? and training (3) Unallocated 10,000,000 TOTAL _265,QQ0.000 Estimated Bank Disbursement (US$ Million) Bank Fiscal Year FY92 FY93 FY94 FY95 PY96 FY97 FY98 Annual 15.9 31.8 53.0 74.2 31.8 53.0 5.3 Cumulative 15.9 47.7 100.7 174.9 206.7 259.7 265.0  Schedule C INDIA POWER UTILITIES EFFICIENCY IMPROVEMENT PROJECT Timetable of Key Processing Events, (a) Time taken to prepare: 30 months (b) Prepared by: Power Finance Corporation Ltd. (c' First Bank mission: February, 1989 (d) Appraisal Mission Departure: April, 1990 (e) Negotiations: September, 1990 (f) Planned Date of Effectiveness: March, 1992 (g) Last relevant PCR: No. 765Z- INDIA: Third and Fourth Power Transmission Projects (Credits 377-IN and 604- IN) - March 1989.  -9- SCHEDULE D ___________ PAGE 1 of 4 THE STATUS OF BANK GROUP OPERATIONS IN INDIA A. STATEMENT OF BANK LOANS AND IDA CREDITS ------------------------------------------- (As of September 80, 1991) USS kiIlion (net of cancellations) Loon or Flucal Year ------------------------------- Credit No. oa k.proval Purpose IDRD IOA 1/ Undisburwod 2/ 76 Loans/ 548S.2 - 164 Credit. fully disbursed - 10703.2 1172-IN 1982 Korba Thermal Power II - 400.0 20.16 1177-IN 1982 Madhya Pradesh M Jor Irrigation - 220.0 47.88 0 1l78-IN 1982 West Bengal Sociai Forestry - 29.0 0.24 9 2076-IN 1982 Ramagundam Thermal Power II 280.0 - 9.61 1280-IN 1988 Oujarat Water Supply - 72.0 24.94 8 1319-IN 1983 Haryana Irrigation II 150.0 28.20 1856-IN 1983 Upper Indrovati Hydro Power - 170.0 3.669 2218-IN 1993 Upper Indrovati Hydro Power 156.4 - 168.01 1369-IN 1988 Calcutta Urban Development III - 147.0 79.64 2283-IN 1983 Central Power Transmission 260.7 - 129.78 2295-IN 1983 Himalayan Wat-ershed Mana2ement 31.2 - 8.48 1388-IN 1983 Maharashtra Water Utilization - 32.0 1.48 2329-IN 1983 Madhya Pradesh Urban 18.1 - 5.64 1424-IN 1984 Rainfed Areas Watershed Dev. - 1.0 26.9 1426-IN 1984 Populatlon III 70.0 2.06 1482-IN 1984 Karnataka Social Forestry - 27.0 7.25 2387-IN 1984 Nhava Shove Port 250.0 - 20.81 2393-IN 1984 Dudhichua Coal 109.0 - 18.96 2403-IN 1984 Cambsy Besin Petroleum 213.6 - 34.09 2415-IN 1984 Madhya Pradesh Fertilizer 172.6 6 44 1464-lN 1984 Tamil Nadu Water Supply - 36.6 20.44 '.;F-12-IN 1984 Tamil Nadu Water Supply - 36.5 82.50 SF-1X-IN 1984 Perlyar Vaigai II Irrigation - 17.5 11.89 1483-IN 1984 Upper Ganga Irrigation - 125.0 86.63 1496-IN 1984 Gujarat Medium Irrigation - 172.0 81.69 2416-IN 1984 Indira Sarovar Hydroelectric 17.4 - 12.40 SF-20-IN 1984 Indira Sarover Hydroelectric - 13.8 17.00 1813-IN 1985 Indira Sarovar Hydroelectric - 13.2 16.87 2417-IN 1984 Railways Electrification 279.2 - 24.73 2442-IN 1984 Farakka II Thermal Power 800.8 - 118.14 24S2-IN 1984 Fourth Trombay Thermal Power 138.4 - 10.70 1602-IN 1984 Natio7nal Cooperative Development Corporation III - 220.0 79.22 1614-IN 1985 Kerala Social Forestry 81.8 13.11 1623-IN 1986 National Agric. Extension I 39.1 26. 6 1544-IN 1986 Bombay Urban Development - 138.0 102.38 2497-IN 1985 Namardb (Gujarat) Dam and Power 200.0 - 200.00 1562-IN 1985 Narmada (Oujarat) Dam and Power - 100.0 4.081 1653-IN 198S Narmada (Gujarat) Canal - 150.0 76. 3 1U69-IN 1985 Second National Agricultural Ext. - 49.0 28.02 1811-IN 198S National Social Forestry - 166.0 68. S 2498-IN 1985 Jharia Coking Coal 57.7 - 5.28 2534-IN 198S Second Notional Highways 200.0 - 1368.64 2544-IN 1985 Chandrepur Thermal Power $00.0 - 125.5 255S-IN 1985 Rihand Power Transmission 250.0 - 59.15 2582-IN 198S Kerala Power 176.0 - 137.82 1819-IN 1986 West Bengal Minor Irrigation - 99.0 109.18  -10- SCHEDULE D PACE 2 of 4 US$ Million (not of cancellations) Loan or Flscal Year --------------_____________________----- Credit No. of Approval Purpose I8RO IDA 1/ Und;sbursed 2/ 1021-IN l98$ Maharashtra Composlte Irrigation - 160.0 179.03 1U22-IN 1988 Kerala Water Supply and Sanitation - 41.0 34.47 * 1623-IN 1988 West Bengal Population - 51.0 26.66 1 1631-IN t986 National Agricultural Resarch II - 72.1 68.82 2629-IN 198d Industrial Export D-v. Finance 90.0 - 12.65 2630-IN 1988 ICICI-Indus. Exp. D0v. Finance 160.0 - 26.80 1643-IN 1988 Gujarat Urban - 82.0 45.48 9 2B34-IN 1988 Cement Industry 165.0 - 69.94 2681-IN 1980 ICICI - Cement Industry 35.0 - 15.97 1368-IN 1986 Andhra Pradesh II Irrigation - 140.0 146.12 2662-IN 1980 Andhra Pradesh II Irrigation 131.0 - 131.00 1 2674-IN 1988 Combined Cycle Power 485.0 - 38.64 2730-IN l988 Cooperative Fertilizer 118.3 - 24.63 1787-IN 1987 Bihar Tubewelle - 88.0 87.16 t 2/69-IN 1987 Bombay Water Supply A Sewerage III 40.0 - 40.00 1750-IN 1987 Bombay Wator Supply A Sewerage III - 146.0 106.78 1754-IN 1987 National Agric. Extension III - 85.0 61.87 t 1767-IN 1987 Cujarat Rural Roads - 119.8 104.46 1770-IN 1987 National Water Management - 114.0 98.06 2786-IN 1987 Oil India Petroleum 140.0 - 80.48 2796-IN 1987 Coal Mining A Quality Improvement 340.0 - 122.87 2018-IN 1987 Telecommunications IX 193.0 - 35.41 2797-IN 1987 Uttar Pradosh Urban Development 20.0 - 20.00 9 1780-IN 1987 Uttar Pradesh Urban Development - 130.0 95.64 t 2827-IN 1987 Karnataka Power 830.0 - 289.85 t 2844-IN 1987 National Capital Power 425.0 - 238.22 2845-IN 1987 Talcher Therml 876.0 - 827.80 2848-IN 1987 Madras Water Supply 53.0 - 44.81 2093-IN 1988 National Dairy II 200.0 - 200.00 1859-IN 1988 National Dairy II - 180.0 61.07 2904-IN 198S Western Gas Development 288.2 - 19.27 2928-IN 1988 Indus. Fin. A Tech. Aest. 380.0 - 110.07 2935-IN 1988 Railway Modernization III 390.0 - 265.87 2938-IN 1988 Karnataka Power II 280.0 - 233.29 9 2967-IN 1988 Uttar Pradesh Power 3SO.0 - 302.95 1923-IN 1988 Tamil Nadu Urban Oev. 800.2 218.169 1931-IN 1988 Bombay & Mdraes Population - 57.0 18.00 2994-IN 1989 States Roads 170.0 - 170.00 1959-IN 1989 States Roads - 80.0 58.82 3024-IN 1989 Nathpa Jhakrl Power 485.0 - 448.29 19S2-IN 1989 National Seeds III - 160.0 102.49 3044-IN 1989 Petroleum Transport 840.0 - 305.00 2008-IN 1989 Vocational Training - 20.0 224.73 9 8046-IN 1989 Vocational Training 80.0 - 80.00 # 2010-IN 1989 Upper Krishna Irrigatlon II - 180.0 126.48 8050-IN 1989 Upper Krishna Irrigation II 165.0 - 165.00 # 3068-IN 1989 Export Development 120.0 - 89.44 8059-IN 1989 ICICI - Export Oevelopment 175.0 - 138.04 2022-IN 1989 National Sericulture - 147.0 126.83 8085-IN 1989 National S*riculture 80.0 - 30.00O 8098-IN 1989 Electronice Industry Dev. 8.0 - 7.50 3094-IN 1989 ICICI - Electronics Ind. De . 101.0 - 64.99 8095-IN 1989 IDBI - Electronics Ind. Dev. 101.0 - 79.19 8096-IN 1989 Maharashtra Power 400.0 - 876.5 2067-IN 1989 Ntl. Family Welfare Trng. - 113.3 98.71 8108-IN 1989 Nat'l. Family Welfare Trng. 11.8 - 11.80w 3119-IN 1990 Industrial Technology Development 146.0 - 121.00 2064-IN 1994i Industrial Technology Dovelopment - 56.0 58.89  -ll- SCHEDULE D ____________ PACE 3 of 4 US$ Million (net of cancellations) Loon or Fiscal Year ---------------------------------- Credit No. of Approval Purpose INR IDA 1/ Undisbursed 2/ 3144-IN 1990 Punjab Irrigation/Drainage 16.0 - 16.00 t 2076-IN 1990 Punjab Irrigatiton/Drainage - 150.0 147.91 * 2116-IN 1990 Hyderabad Water Supply - .9 77.23 8181-IN 1990 Hyderabad Water Supply 10.0 10.00 t 819s-IN 1990 Cemnt Industry Restructuring 300.0 - 283.73 3176-IN 1990 Watershd Development (Hills) 18.0 - 13.00 * 2100-IN 1990 Watershed Development (Hills) - 76.0 77.27 8196-IN 1990 Technician Education I 26.0 - 26.00 * 2130-IN 1990 Technician Education I - 236.0 226.98* 3197-IN 1990 Watershed Developoent (Plains) 7.0 - 7.00t 2131-IN 1990 Watershed Development (Plains) - 55.0 64.91 31"9-IN 1990 Population Training VII 10.0 - 10.00 * 2183-IN 1990 Population Training VII - 68.7 81.86 p 2168-IN 1990 Tamil Nadu Integrated Nutrition II - 96.8 98.95 9 8237-IN 1990 Northern Region Transmission 48S.0 - 482.76 3239-IN 1990 Private Power Utilliti s I (TEC)* 98.0 - 98.00 8268-IN 1991 ICDS I (Orissa A Andhra Pradesh) 10.0 - 10.00 9 2173-IN 1991 ICDS I (Orissa & Andhra Predesh) - 98.0 93.76 3268-IN 1991 Petrochemicals II 12.0 - 11.00 32S9-IN 1991 Petrochemicals II 233.0 - 199.57 3260-IN 1991 A.P. Cyclone Emergency Reconstruction 40.0 - 40.00 2179-IN 1991 A.P. Cyclone Emergency Reconstruction - 170.0 127.S5 3800-IN 1991 Tamil Nadu Agricultural Development 20.0 - 20.00 2216-IN 1991 Tamil Nadu Agricultural Dovelopment - 92.8 82.10 2223-IN 1991 Technician Education II- 307.1 290.43 2234-IN 1991 Maharashtra Rural Water Supply - 109.9 97.81 3325-IN 1991 Dam Safety 23.0 - 28.00 2241-IN 1991 Dam Safety - 130.0 122.68 3834-IN 1991 Industrial Pollution Control* 124.0 - 124.00 2262-IN 1991 Industrial Pollution Control* - 81.6 31.88 3344-IN 1991 Private Power Utilities II (USES) 200.0 - 167.46 8364-IN 1991 Gas Flaring Reduction 460.0 - 8o.o00 3391-IN 1992 Oil and Gas Sector Development 150.0 - 50.00 2300-IN 1992 Child Survival and Safe Motherhood* - 214.5 218.U8 Tot l 18313.0 18047.1 12836.99 of which has been repaid 3003.6 738.4 Total now outstanding 16309.4 17308.7 Amount Sold 188.8 of which has been repaid 133.8 Total now held by Bank and IDA 3/ 16309.4 17308.7 Total undisbursed (excluding s) 7597.3 4476.4 1/ IDA Credit amounts for SDR-donominated Credits are expressed In terms of their US dollar equivalents, as established at the time of Credit negotiations and as subsequently presented to the Board. 2/ Undlsbured amounts for SDR-denoiinated IDA Credits are derived as the undisbursed balance expressed in SDR equivalents (in turn derived as the difference between the original principal expressed in SDRs (based on th, exchange rate in effect aet negottations) and the cumulative disbursemnts converted to SDR equivalents at the exchange rates prevailing at the respective dates of disbursements l-e cancellations expressed In SOR equivalents at the exchange rates prevailing at the date(s) of cancellations) converted to US dollar equivalents at the SOR/US dollar exchange rate In effoct on September 30, 1991. 3/ Prior to exchange adjustment. s Not yet effective. Ooes not yet reflect cancellations made on December 5, 1991 (ref. Board Paper R91-241 [IDA/R91-149]). Cancellations will be reported In next update based on end-December 1991 status.  -12- SCHOEULE D PACE 4 OF 4 B. STATEENfT OF IFC INVESTUENTS (As of September 30, 1991) Amount (US* million) Fiscal Year Company Loan Equity Totsl 1969 Republic Forge Company Ltd. 1.60 - 1.60 1959 Kirloska Oil Engineo Ltd. 0.865 - 0.85 1960 A ss Sillimanlt. Ltd. 1.86 - 1.38 1961 K.S.8. Pumps Ltd. 0.21 - 0.21 196-Be Precieson Blearing Indie Ltd. 0.e5 0.98 1.03 1964 Fort Gloster Industries Ltd. 0.81 0.40 1.21 1964-75-79/90 lahindra Ug7ne Stecl Co. Ltd. 11.81 2.84 14.65 1964 Lakahmi Machine Works Ltd. 0.96 0.36 1.32 1967 Jayhbree Chemicals Ltd. 1.05 0.10 1.15 1967 Indian Exploivoes Ltd. 8.60 2.86 11.46 1969-70 Zuari Agro-Cheeicals Ltd. 15.15 8.76 18.91 1977-87 Escorts Limited 16.66 - 15.65 1978-87/91 Housing Development Finance Corp. 104.00 2.10 106.10 1980/82/87/89 Deepek Fertilizer and - Petrochem;cals Corporation Ltd. 7.60 4.23 11.73 1982 Coromndel Fertilizers Limited 15.88 - 15.88 1981-8d-89 Tats Iron and Steel Company Ltd. 72.03 21.46 983.49 1981-82 Nagarjuna Coated Tubes Ltd. 1.60 0.24 1.74 1982-86-87/91 Nagarjuna Signode Limited 2.99 0.41 3.40 1981-82 Nagarjuns Steel* Limited 2.88 0.24 8.12 1982 Ashok Leyland Limited 28.00 - 28.00 1982 The Bombay Dyeing end 0.00 Manufacturing Co. Ltd. 18.80 - 18.80 1983 Bharat Forge Company Ltd. 16.90 - 16.90 1982-87 The Indian Rayon Corp. .td. 14.67 - 14.67 1984-86 The Gwalior Rayon Silk Manu- facturing (Weaving) Co. Ltd. 16.95 - 16.96 1985/91 Bihar Sponge 15.24 0.68 15.92 1986 Bajaj Auto Ltd. 23.93 - 23,93 198S Modi Ce"ent 13.05 - 13.05 1985-86/90-91 India Lease Development Ltd. 8.50 0.78 9.28 1986 Larsen and Toubro Ltd. 18.67 - 18.67 1986 India Equipment Leaeing Ltd. 2.50 0.30 2.80 1986 Bajnj Tempo Limited 30.64 - 30.54 198f-87 The Great Eastern Shipping Company Ltd. 8.00 10.86 18.86 1987 Cujarat Narmada Valley Fertil7zer 38.07 - 38.07 19117 Hero Honda Motors Ltd. 7.74 - 7.74 1987 Wimco Limited 4.70 - 4.70 1987-89/90 Titan Watches Limited 22.02 0.56 22.58 1987 Export-Import Bank of India 14.65 - 14.56 1987 Oujarat Fusion Glass Ltd. 7.62 1.70 9.22 1987 The Gujarat Rural Housing 0.00 Finance Corp. - 0.19 0.19 1987 Hindustan Motors Ltd. 38.18 - 88.13 1988 Invel Transmission. Ltd. - 1.07 1.07 1989 WBI Advanced Technology 0.20 0.20 19*9-90 Keltron Telephone Instrument., Ltd. 0.40 0.40 1989 Oujarat State Fert I Izer 29.44 - 29.44 1989 Ahmedabad Electricity Company, Ltd. 20.93 - 20.93 1990-91 Tate E;ectric 108.18 - 108.18 1990 JSB Indi* Securities FirA - 0.87 0.87 1981-90 Mahindrs A Mahindra Ltd. 28.19 8.97 87.16 1990 UCAL Fuel Systems Ltd. 0.63 0.63 1991 Indust. Credit A Investment Corp. of India - 25.00 25.00 1991 CESC Ltd. 21.04 - 21.04 1991 Herdi7la Oxide. and Electronics Ltd. - 0.29 0.29 1991 Infrastructure Leaeing & Financial ServIe.s 15.00 1.81 18.81 1991 Triveni Pool Intairdril Ltd. (TPIL) 0.56 0.55 1991 Bombay Electric 68.00 - 68.00 1991 Verun Transport, Storage A Comunicatlons 2.04 1.71 8.75 1991 TDICI Development Finance Companies - 2.19 2.19 1991 Export Finance 0.43 - 0.48 1992 Block KG-CS-IV - 9.20 8.20 TOTAL GROSS COMMITMENTS 904.86 105.64 1010.50 Lesn: Cancellation, Terminations, Repayments and Sales 436.81 26.82 468.63 Now Held 468.05 78.82 546.87 Undisbursed 194.24 32.46 226.70 = l-i_