India - Second Karnataka Power Project

Document of The World Bank FOR OFFICOAL USE ONLY Report No. P-4797-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 US$260 MILLION TO INDIA FOR THE SECOND KARNATAKA POWER PROJECT April 21, 1988 This documcnt has a restricted distsbution atrd may be used bi recipients only in the performance of their offilcial duties. Its contents -way not otherwise be disclosed without World Bank authorization.  CURR NCY EQUIVALENTS Currency Unit Rupees (Rs) Rs 1.00 = Paisa 100 US$1.00 Rs 13.0 MEASURES AND EQUIVALENTS 1 Kilometer (km) 1,000 meters (m) 0.6214 miles (mi) 1 Meter (m) = 39.37 inches (in) 1 Cubic Meter = 1.31 cubic yard (cu yd) - 35.35 cubic feet (cu ft) 1 Hectare (ha) = 10,000 square meters i 2.471 acres (ac) 1 Kilogram (kg) 5 2.2046 pounds >(lb) 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 ABBREVIATIONS AND ACRONYMS CIF - Cost Insurance Freight GOI - Government of India GOK - Government of Karnataka IBRD - International Bank for Reconstruction and Development iCB - International Competitive Bidding KEB - Karnataka Electricity Board KPC - Karnataka Power Corporation LCB - Local Competitive Bidding ,LIB - Limited International Bidding SCADA - System Control and Data Acquisition SOE - Statement of Expenditures STRS - Sharavathi Tailrace Scheme FISCAL YEAR (for KEB and KPC) April 1 to March 31  FOR OFFICIAL USE ONLY INDIA SECOND KARNATAKA POWER PROJECT Loan and Project Summary Borrower: India, actin, by its President Beneficiaries: Karnataka Power Corporation (KPC); and, Karnataka Electricity Board (KEB) Amount: US$260 million equivalent Terms: Twenty years, including a five-year grace period, at the Bank's standard variable interest rate. Onlending Terms: Government of-India (GOI) to Government of Karnataka (GOK): As part of Central &ssistance to Karnataka for development projects on terms and conditions applicable at the time. GOK to KPC: About US$130 million, repayment over twenty years, including a five-year grace period, at an -aterest rate of not less than 11.5X p.a. GOK to KEB: About US$130 million, repayment over twenty years, including a five-year grace period, at an interest rate of not less than 11.5% p.a. GOI bears the foreign exchbange and interest rate risks. Financing Plan: GOK US$196.0 million KPC US$ 39.6 million KEB US$ 74.5 million IBRD US$260.0 million TOTAL US$570.1 mill'ion Economic Rate of Return: 12Z Staff Appraisal Report: No. 6988-IN, dated April 19, 1988 Maps: IBRD Nos. 20892 and 20893 This document has a restricted distribution and may be used by recipients only in the pd-ormance of their official duties. Its contents may not otherwise be disclosed without World Ba-e. auul tization.  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 SECOND KARNATAKA POWFR PROJECT 1. I submit, for your approval, a proposal for a loan to India equivalent to US$260 million. The proposed loan, to be issued at the standard IBRD variable interest rate, will be repayable over 20 years, including a 5-year grace period. The loan will help to finatce a project designed to alleviate power shortages, reduce energy losses, and improve operational efficiency in the power system of Karnataka, a state in southern India. 2. Background. The supply of power in Karnataka depends primarily on the development of local hydroelectric resources. Potentially exploitable resources in the State are sizable and economically attractive. However, lengthy project preparation, primarily caused by the need to obtain environmental clearances, has left the State with chronic power shortages. The Karnataka Electricity Board (KEB) has tried to cope with the shortages by imposing restrictions on the use of electricity by its large consumers. The level of these restrictions has been increasing so that large consumers now are allowed to use only 40% of their contracted demand and 80% of their historical energy consumption. Industries have reacted to these restrictions by installing their own generatinj capacity, usually in the form of diesel generators. Although industries should be permitted to invest in captive plants as a second best solution, the use of diesel -- a high value imported fuel - is An expensive way to meet the State's power requirements. It therefore is vital that the State's low cost hydroelectric resources be developed at an accelerated pace in order to meet the power demand. The Sharavathi Tailrace scheme (STRS) is particularly attractive since it benefits from the regulation provided by upstream reservoirs and involves no resettlement and minimal submergence of forest land. 3. Karnataka is a large state with an area of 191,800 square kilometers. Over 1,900 MW of its 2,300 NW of generating capacity is located in the southwest of the State, while its major demand centers such as Bangalore are located in the southeast, 400 km away. Underinvestment in both the transmission and distribution networks has led to two problems: poor quality electrical service, and high energy losses. Outages are frequent and large voltage fluctuations are widespread. The outages result in a loss of production, and the voltage fluctuations impose a substantial cost on consumers in the form of equipment damage and the expense of installing voltage stabilizers. Energy losses, which average about 22% of net generation, also represent a substantial cost to the economy. Although some of these losses are caused by non-technical problems involving metering and billing, others are clearly technical in nature. Technical losses could be reduced by at least 5%, saving the economy about US$27 million per year.  2- 4. The first Karnataka Power Proje:t, approved in June 1987, is making it possible for the State to develop the second stage of the Xalinadi hydroelectric complex (270 MW) and reinforce part of the transmission network. The project also includes: a study to determine an effective treatment for the leak in the Talakalale dam, upstream of the STRS; a reactive compensation study of the transmission system; and preparation of a 20-year distribution master plan for Bangalore, the largest city in the State. The proposed Second Karnataka Power Project is designed to complement the first one by assisting the State in developing an additional 240 MW of hydroelectric plant and repairing the Talakalale dam, while, in parallel, placing increased emphasis on needed investment in transmission and distribution. The transmission component is intended to improve reliability and reduce energy losses in the bulk power system; it is based on studies recently completed by KEB. The distribution component addresses needs in the Bangalore system that are so critical they are justified independently of the long-term master plan about to be prepared. Distribution improvements will help KEB avoid further deterioration in service, especially in the commercial and industrial areas of the city, and prevent damage to equipment. In addition, the proposed Supervisory Control and Data Acquisition (SCADA) system will allow KEB to respond more quickly to system disturbances, thereby reducing outage times. 5. In terms of institutional development, the first Karnataka Power Project focuses primarily on the financial performance of KEB and KPC. The proposed Second Karnataka Power Project complements this initiative by emphasizing improvement of KEB's operational efficiency. It includes financing for tools, equipment, and training to modernize KEB's methods of building and maintaining its transmission and distribution systems. 6. Rationale for Bank Involvement. The proposed project presents an opportunity for the Bank to support state and national efforts to alleviate power shortages in the Southern Region by exploiting indigenous hydroelectric resources. The project allows the Bank to participate in the augmentation of transmission and distribution capacity which will reduce system losses and improve service quality. Since it involves further association with the beneficiaries, Karnataka Power Corporation (KPC) and Karnataka Electricity Board (KEB), the project also permits the Bank to consolidate the financial and institutional improvements started under the first Karnataka Power Project. A new component of the project will be to improve KEB's operational efficiency by: introducing improved tools and work methods for building and maintaining its transmission and distribution systems; introducing new cost-effective technologies such as mobile transformers; and introducing a supervisory control and data acquisition system to improve operator responsiveness to power system disturbances. 7. Project Objectives. The proposed project is designed to: alleviate the acute shortage of generating capacity in Karnataka and the Southern Region by developing the Sharavathi Tailrace Hydroelectric Scheme (STRS); reduce the risk to downstream structures and human settlements by repairing  3- the Talakalale dam; provide transmission capacity to evacuate power from the STRS; provide transmission and distribution capacity to reduce energy losses, and improve the quality of electric service; reduce capital and operat.ng costs of distribution by introducing new technologies; and improve KEB's capability to construct, maintain, and control its transmission and distribution systems. 8. Project Description. The components of the proposed project will be implemented by KPC and KEB. KPC will be responsible for: construction of the 240 MW STRS including a 60 m high 736 m long concrete gravity dam and an outdoor powerhouse with four 60 MW generating units; compensatory afforestation associated with the STRS; and repair of the Talakalale dam, a 60 m high masonry structure. KEB will be responsible for: construction of about 250 km of double circuit 400 kV transmission lines, 250 km of double and single circuit 220 kV transmission lines, and 225 km of single circuit transmission lines on existing towers, together with the associated substations; laying of about 6 km of 66 kV underground cable together with the construction of associated substations; reinforcement of the 11 kV primary distribution grid in Bangalore; installation of a computerized control center for the distribution system; the acquisition of tools and equipment, and consulting services to train KEB personnel in the use of tools and equipment for constructing and maintaining transmission and distribution facilities; and consulting services to assist with the design and construction of 400 kV lines and substations. 9. The proposed project will be implemented over a period of about seven years at an estimated cost of US$467.1 million. Interest during construction adds US$103 million. The foreign exchange component is estimated to be US$195.2 million (34% of the total). The cost estimates and financing plan are shown in Schedule A. Procurement and disbursement arrangements are shown in Schedule B. A timetable of key project processing events and the status of Bank Group operations in India are shown in Schedules C and D respectively. Two maps highlighting the project, are attached -- IBRD Nos. 20892 and 20893. A Staff Appraisal Report "Second Karnataka Power Project" dated April 19, 1988 is being distributed separately. 10. Agreed Actions. KPC agreed to: (a) present to the Bank a satisfactory plan for repairing the Talakalale dam and sign a contract with a qualified firm by October 31, 1989, to perform the necessary work; (b) present to the Bank no later than one year before the expected completion of the structures, its proposed arrangements for periodic inspection and maintenance of the dam and related structures; and (c) take all measures necessary for KPC to earn a rate of return after interest of 3%. 11. GOK agreed to: (a) onlend the proceeds of the loan applicable to KPC and KEB respectively at an interest rate of not less than 11.5%; (b) cause KEB to complete the detailed route survey for the 220 kV Gersoppa-Talaguppa transmission line and, not later than December 31, 1988, make an application to OI for clearance under its Forest (Conservation) Act; (c) cause KEB to retain, by December 31, 1988, the services of a qualified firm to review its  -4- work planning procedures, introduce new tools and equipment and train KEB personnel in their use; (d) cause KEB to take all measures necessary for the Board to earn a rate of return after interest of 3%; (e) cause the Board by April 1, 1990 to collect its accounts receivable from its principal debtors as of March 31, 1987, and maintain accounts receivable, with respect to sales after March 31, 1987, at a level equivalent to two months' sales; and (f) cause the Board to clear sums owed to KPC, not covered by a letter of credit, within 30 days of billing. The conclusion of a subsidiary loan agreement between GOK and KPC is a condition of effectiveness of the proposed loan. 12. Justification. The economic benefits of the proposed project comprise: an increase in the amount of power available to consumers; an improvement in the quality of power supply; a reduction in system losses; and greater efficiency in the use of assets in the public power supply system. The least cost power development program for the Southern Region, of which the proposed project is an integral part, is expected to have a quantAfiable economic rate of return of at least 12%. 13. Risks. Except for those risks pertaining to the Talakalale dam, there are no unusual technical risks associated with the Project. The risks related to the Talakalale dam are being minimized by the use of specialized consultants to investigate and supervise the repairs needed. There is a risk that these consultants will find that more extensive repairs are required than those currently envisaged. However, if this occurs neither the rationale for nor the desirable timing of the STRS will be affected. The geological and geotechnical information is adequate and indicates good foundation conditions. KPC and KEB have sufficient staff available to carry out the work who are experienced in supervising and executing activities similar to those of the project. Consultants will be used in all areas in which their in-house expertise is lacking. 14. Recommendation. I am satisfied that the proposed loan complies with the Articles of Agreement of the Bank and recommend that the Executive Directors approve it. Barber B. Conable President Attachments Washington, D.C. April 21, 1988  -5- Schedule A INDIA SECOND KARNATAKA POWER PROJECT Estimated Costs and Financing Plan Estimated Cost: 1/ Item Local Foreign Total -----(US$ Million)-- Preparatory Works 6.0 0.1 6.1 Afforestation 0.5 - 0.5 Civil Works 43.7 8.6 52.3 Power House Equipment 36.3 53.4 89.7 Repair of Talakalale Dam 7.4 3.0 10.4 Transmission Lines 51.9 9.4 61.3 Substations 29.2 27.9 57.1 Distribution Equipment 31.9 20.5 52.4 Institutional Development 3.3 3.4 6.7 Engineering and Administration 33.3 1.0 34.3 Total Base Costs 243.5 127.3 370.8 Physical Contingencies 20.2 9.6 29.8 Price Contingencies 43.2 23.3 66.5 Total Project Cost 306.9 60-.2 467.1 Interest during Construction: 68.0 35.0 103.0 Total Financing Requirements: 374.9 195.2 570.1 1/ Including about US$82 million in taxes and duties. Financing Plan: (US$ Million) Source Local Foreign Total IBRD 101.0 159.0 260.0 00K 159.8 36.2 196.0 KPC 39.6 - 39.6 KEB 74.5 - 74.5 Total 374.9 195.2 570.1  -6- Schedule B Page 1 of 2 INDIA SECOND KARNATAKA POWER PROJECT Procurement Method and Disbursements (US$ Million) a/ Procurement Method ICB bl LCB Other c/ -Total STRS Dam and Powerhouse 68.6 7.1 75.7 (44.6) t-) (44.6) Afforestation 0.6 0.6 (0.4) (0.4) Turbo;enerators 90.3 90.3 (59.6) (59.6) Mechanical Equipment 14.7 14.7 (9.9) (9-9) Electrical Equipment 7.2 0.5 7.7 (6.3) (-) (6.3) Talakalale Dam 13.6 13.6 - ~ (8.0) (8.0) Transmission Live5-and 131.5 16.3 147.8 Substations - (90.4) t-) (90.4) Distriwition Equipment 68.2 68.2 (36.9) (36.9) SCADA 3.2 3.2 (2.1) (2.1) Field, Office, and Lab Equipment 0.2 1.2 1.4- (0.2) (-) (0.2) Training and Consulting 1.6 1.6 (1.6) (1.6) Engineering and Administration 42.3 42.3 C-) (. ) 397.5 25.1 44.5 467.1 (258.0) (2.0) (260.0) a/ Amounts include taxes and duties (US$82 million), and figures in brackets indicate the Bank-financed portion. b/ Including US$0.8 million procured by direct contracting. ci/ Others: Force account and administrative overheads.  -7- Schedule B Page 2 of 2 Disbursements Category Amount Percentage Financed (1) Civil works $ 40,000,000 65% (2) Equipment and 180,000,000 100% of foreign expendi- materials tures, and 100% otflocal expenditures (ex-factory cost) (3) Talakalale Dam - repair 8,000,000 70Z- (4) Afforestation 400,000 80% (5) ConsultantsW services ' . and training 1,600,00P 100io (6) Unallocated '- 30,000,000 'Total .260,000,000 Estimated Disbursements: (US$ Miliion) Bank FY FY89 FY90 FY91 FY92 PY93 FY94 FY95 FY96 FY97 Annual 26.4 28.8 48.2 52.0 62.4 30.6 7.8 3.0 0.8 Cumulative 26.4 55.2 103.4 155.4 217.8 248.4 256.2 259.2 260.0  -8- Schedule C INDIA SECOND KARNATAKA POWER PROJECT Timetable of Key Project Processing Events (a) Time taken to prepare: Two years (b) Prepared by: Karnataka Power Corporation; Karnataka Electricity Board-; Central Water Commission (c) First Bank mission: M&rch, 1987 (d) Appraisal mission departure; May, 1987 (e) Negotiations March, 1988 (f) Planned Date of Effectiveness: September 1, 1988 (g) Last relevant PCR and PPAR: No. 6307  9 sch~~~~~~~~eedule Page 1 R TUE STATU OF BANM GROUP OPERATIONS IN ID0IA A. HT&TEHENT QF UA-tK LOANS UD IDA CREDITS (As of March 31, 1988) US$ million Loan or Fiscal (get of Cancellations) Credit Year of- No.-- A221OV41 PUx,Dose la * ak DLl Udisbursz 61 Loaul/ 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 Pover 50.0 - 1.89 963-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 Cashew ut - - 22.0 7.15 1027-IN 1980 Singrauli Thermal II - 300.0 19.15 1034-IN 1980 Karnataka 8ericulture 54.0 5.71 1046-IN 1980 Rajasthan Water Supply 4 Sewerage - \ 80.0 22.8 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 Mfahanati Bargages - 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 1981 Lazira Fertilizer Project - 399.1 .24.56 1138-IN 1981 M.P. }picultural Ext. II 37.0 11.31 1146-IN 1981 Natiow'l Cooperative Development Corp. II - 125.0 8.40 1172-IN 1982 Kotba Thermal Power Project II - 400.0 109.17 1177-IN 1982 Madhya Pradesb Major Irrigation - 220.0 109.42 1178-IN 1982 West engsal Social Yorestry - 29.0\ 14.66 1185-IN 1982 Kanpur Urban Development - 25.0 4.55 2076-IN 1982 Rmagundam Thermal Power II 300.0 - 115.76 1219-IN 1982 Andbra Pradesh Agricultural Ext. - 6.0 2.59 2123-IN 1982 Refineries Rationslization 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 Kallada Irrigation -20.3 - 15.47 1280-IN 1983 Gujarat Water Supply - 72.0 58.12 1286-IN 1983 Jam_u/Kasbuir and 'Raryana 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  - 10 - Schedule D Page 2 of 4 US$ million Loan or Fiscal (Net of Cancellations) Credit Year of N Anroval Aurgl IDA 1/ Undisbursed VJ 2241-IN 1983 South Boasoein Gas Development 139.3 - 16.46 1319-IN 1983 laryana Irrigation II - 150.0 65.90 1332-IN 1983 U.P. Public Tubewells II - 101.0 56.02 1356-IN 1983 Upper Ildravati 8ydro Power - 170.0 120.38 2278-IN 1983 Upper Indrovati 8ydro 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 Rimalayan Watershed Management 46.2 - 39.03 1383-IN 1983 Xabaraobtra Water Utilization - 32.0 18.82 2308-IN 1983 Maharashtra Water Utilization 22.7 - 22.64 2329-IN 1983 Madhya Pradesb 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 Pradebh 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 Gujarat Mediu Irrigation - 172.0 144.88 2416-IN 1984 Indira Sarover Xydroelectric 157.4 - 152.58 SF-20-IN 1984 Indira Sarovar U$roelectric - 129.8 168.54 2417-IN 1984 Railways Electrification 280.7 - 207.50 2442-IN 1984 Farakka II Thermal Power 300.8 - 270.09 2452-IN 1984 Fourtb Trombay Thermal Power 135.4 - 71.08 1502-IN 1984 Rational Cooperative Development Corporation III - 220.0 231.70 1514-IN 1985 Kerala Social Forestry - 31.8 29.77 1523-IN 1985 National Agric. Extension I - 39.1 47.69 1544-IN 1985 Bombay Urban Developmuent - 138.0 156.61 2497-IN 1985 Narmada (Gujarat) Dam and Power 200.0 - 200.00 1552-IN 1985 Narmada (Gujarat) Dam and Power - 100.0 110.57 1553-IN 1985 Namada (Gujarat) Canal - 150.0 187.56 1569-IN 1985 Second National Agricultural Ext. - 49.0 51.88 1611-IN 1985 National Social Forestry - 165.0 183.58 1613-IN 1985 Indira Sarovar Hydroelectric - 13.2 17.20 2498-IN 1985 Jharia Coking Coal 248.0 - 215.45 2505-IN 1985 Maharashtra Petrochemical 300.0 - 184.82 2534-IN 1985 Second National Highway 200.0 - 176.38 2544-IN 1985 Chandrapur Thermal Power 300.0 - 254.75 2555-IN 1985 Rihand Power Transmission 250.0 - 164.64 2582-IN 1985 Kerala Power 176.0 - 174.19 1619-IN 1986 West Bengal Minor Irrigation - 99.0 139.97 1621-IN 1986 Maharashtra Composite Irrigation - 160.0 219.19 1622-IN 1986 Kerala Water Supply and Sanitation - 41.0 52.53 1623-IN 1986 West Bengal Population - 51.0 64.28 1631-IN 1986 National Agricultural Research II - 72.1 86.09 2629-IN 1986 Industrial Export Dev. Finance 90.0 - 78.44  - ll - ~~~~~~~Scbedule D Page 3 of 4 Us$ million Loan or Fiscal (Net of Cancellations) Credit Year of go. " M Anol Pursose ink IRA 11 Uadisb.rkAz I/ 2630-IN 1986 ICICI-Indus. t p. Dev. Finance 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 Andhbr Pradesh II Irrigation - 140.0 176.88 2662-IN 1986 Andhra Pradesh II Irrigation 131.0 - 131.00 2674-IN 1986 Combined Cycle Pover 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 Tubevells - 68.0 76.43 2769-IN 1987 Bombay Water Supply 6 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 goads - 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 S 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-IN 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 bas been repat 1.855.9 377L1 Total now outstanding 10,829.6 14,628.1 Amount Sold 133.8 of which has been repaid 133.8 - - Total now beld by Bank and IDA 11 10,829.6 14,628.1 Total undisbursed (excluding *) 6,522.31 4,350.01 / IDA Credit amounts for SDR-denominated 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. 3 Undisbursed amounts for SDR-dencminated IDA Credits are derived from cumulative diab,irsements 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 bigher than the original principal. J Prior to exchange Adjustment. * Not yet effective.  SCHEDULE D - 12 - Page 4 of 4 B. STATEMENT OF IFC INVESMENTS (As of September 30, 1987) Fiscal Amount (U8$ million) 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 0.4 1.0 1964 Fort Gloster Industries Ltd. 0.8 0.4 1.2 1964-75-79 Mahindra Ugine Steel Co. Ltd. 11.8 1.3 13.1 1964 Lakabmi Machine Works Ltd. 1.0 0.3 1.3 1967 Jayybree 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 15.6 - 15.6 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. 51.4 - 51.4 1981 Nahindra, 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 2.9 0.2 3.1 1982 Asbok Leyland Limited 28.0 - 28.0 1982 The Bombay Dyeing and Manufacturing Co. Ltd. 18.8 - 18.8 1982 Ubarat Forge Company Ltd. 15.9 - 15.9 1982 The Indian Rayon Corp. Ltd. 14.6 - 14.6 1984-86 The Gvalior Rayon Silk Manu- facturing (Weaving) Co. Ltd. 16.0 - 16.0 1985 Bibar Sponge 15.1 0.7 15.8 1985 Bajaj Auto Ltd. 23.9 - 23.9 1985 Modi Cement 13.0 - 13.0 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 35.6 - 35.6 1987 Hero Honda Motors Ltd. 7.7 - 7.7 1987 Wimco Limited 4.7 - 4.7 1987 Titan Watches Limited 15.2 0.4 15.6 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 Rousing Finance Corp. - 0.2 0.2 1987 Hindustan Motors Ltd. 37.6 37.6 TOTAL GROSS COMMITMENTS 495.5 18.5 514.0 Less: Cancellations, Terminations, Repayments and Sales 276.4 8.0 284.4 tov Held 219.1 10.5 229.6 # "_ mm... Undisbursed 149.8 2.9 152.7 .==== can ..  IBRD 20893 99t 1 \ ~~~~~~~~~~~~~~~~I N D I A tl 7 SECOND KARNATAKA POWER PROJECT D.- &d t-\ L -1<1/I Sharavothi Tailrace Project APRIL 19C f C-,,.pp Dom~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~.  INDIA SECOND KARNATAKA POWER PROJECT ; GENERATION, TRANSMISSION AND DISTRIBUTION COMPONENTS P Stdi0 WS NA7~~ ~ ~~~~~AWS -. uco#lRI. . 'UT z -y 7 , ## >"*i~~U hg.altUt Ja '5.S PUKS Nudw Paw s 7.f_ n 0 0 0 Sustaflaw - ' 4'\, ,7- ''E00W - It - -S t 0wd t. .~~~~~~" '' DON "-/1' t Lw . - . u .~~ ~ ~ ~ ~~~ ~ ~ ~~~ ~~~~~~~~ - *f.aff - ,, *m;t.tr ~~~~~~~~~~~~~W n n 9 0 '' ' no MAHARA'SHTRA s o N U0~~~~~~~~~~~~~~~b ,1. . > 'T v 'A ' . ^ ' : KERALA, tANDHRA P RA DESH1 %~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ i w|