India - Renewable Resources Development Project

A/' S s / Y - //A Dof, nm of The World Bank FOR OFFICIAL USE ONLY MI C Rt')FI CHE COPY Report No. :P- 5893 IN Type: (PM) Title: RENEWABLE RESOURCES DEVELOPMEN Author: MAGDALENA MANZO Rqe No. P-5893-IIN Ext.:81466 Roomr:G-2051 Dept.:AS2EG MEMORANDUM AND RECOMEAlDATION OF THE PRESIDENT OF THE INTERNATIONAL DEVELOPIENT ASSOCIATION AD IRNATIONAL BAN FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED IDA CREDIT OF SDR 81.6 MILLION (US$115 MILLION EQUIVALENT) TO INDIA AIND AN IBID LOAN IN AN AMOUNT EQUIVALENT TO US$75 MILLION TO TAML NADU NEWSPRINT AND PAPERS LIMITED (WITH THE GUARANEE OF INDIA) FOR RENEWABLE RESOURCES DEVOPMENT PROJECT NOVEMBER 30, 1992 ibis docameat bas a restricted distribution and may be used by recipients only in the performance of their offical duties. Its contents may not othewise be dislosed without World Bank authorization.  CURRENCY EQUIVALENTS (as of July, 1992) Currency Unit - Rupees (Rs) Rs 1.00 = Paise 100 Rs 1,000,000 - US$38,462 US$1.00 = Rs 26 MEASURES AND EQUIVALENTS 1 Meter (m) = 39.37 inches (in) 1 Cubic Meter (m) = 1.31 cubic yard (cu yd) = 35.35 cu. ft. 1 Ton (t) - 1,000 kilograms (kg) = 2,200 lbs 1 Kilovolt (kV) = 1,000 volts (V) 1 Kilovolt-ampere (kVA) - 1,000 volts-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 kilowatts-hours 1 Gigawatt-hour (GWh) 1,000,000 kilowatt-hours ABBREVIATIONS AND ACRONYMS DANIDA Danish International Development Agency ESMAP Energy Sector Management Assistance Program GE? Global Environment Facility GET Global Environment Trust Fund GOI Government of India GOTN Government of Tamil Nadu IBRD International Bank for Reconstruction and Development IDA International Development Association IDBI Industrial Development Bank of India ICB International Competitive Bidding IREDA Indian Renewable Energy Development Agency limited LCB Local Competitive Bidding MNES Ministry of Non-Conventional Energy Sources NCE Non-conventional energy NGOs Non-governmental organizations SEB State Electricity Board SDC Swiss Development Cooperation SGC State Generating Corporation SPV Solar photovoltaic The Act Electricity Supply Act of 1948 TNPL Tamil Nadu Newsprint and Papers Limited FISCAL YEAR April 1 - March 31  FOR OMCIAL USE ONLY INDIA RENEWABLE RESOURCES DEVELOPYENT PROJECT Credit/Loan sad Project Sumary Borrowers India, acting by its President; Tamil Nadu Newsprint and Papers Limited (TNPL) Beneficiarys Indian Renewable Energy Development Agency Limited (IREDA) Guarantor: IBRD Loans India, acting by its President. The Government of India (GOI) would charge TNPL a guarantee fee of 1 Z per annum on the principal amount of the IBRD loan withdrawn and outstanding. Credit Amount: SDR 81.6 million (US$115 million equivalent) Loan Amount: US$75 million Terms: The IDA credit would be on standard terms with a 35 year maturity. The IBRD loan would have a repayment period of twenty years, including five years' grace, at the Bank's standard variable interest rate. Onlending Terms: GOI will onlend the proceeds of the credit to IREDA at an interest currently set at 12.52 per annum, with a repayment period of 12 years, including a grace period of 3 years. The Government would bear the foreign exchange risk. IREDA will relend to its clients at interest rates now ranging from 10 to 15 and with repayment terms ranging from 5 to 10 years, according to the types of assets financed. IREDA's lending rates are adjusted from time to time to reflect variations in its cost of funds. Financing Plan: Local Foreign Total ------ US$ million ------ IDA 25 90 115 IBRD 75 75 GET 21 5 26 SDC 4 4 DANIDA 50 50 TNPL 67 67 IDBI 28 28 IREDA 17 17 Developers 68 68 TOTAL 226 224 450 Economic Rate of Return: Above 122 for sall hydros and TNPL project Staff Appraisal Reports No. 11240-IN Maps IBRD No. 24281 This document has a restricted distribudon and may be used by recipients only In the perfon, lance of their official duties. Its contents may not otherwise be disclosed without World Dank authoization.  MEMORANDUM AND RECOMMENDATION OF THE PEMSIDZNT OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION AND INTERNATIONAL BANRK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED CREDIT AND LOAN TO INDIA FOR A RENEwABLE RESOURCES DEVELOPMENT PROJECT 1. I submit for your approval the following memorandum and recommendation on a proposed development credit to India for SDR 81.6 million (US$115 million equivalent) and a proposed loan to Tamil Nadu Newsprint and Papers Ltd. (TNPL), with the guarantee of the Government of India, for the equivalent of US$75 million to help finance a Renewable Resources Development project. The credit would be on qtandard IDA terms, with a maturity of 35 years. The proceeds of the development credit would be onlent to the Indian Renewable Energy Development Agency Ltd. (IREDA) with a repayment period of 12 years, including three years of grace, with interest currently set at 12.5Z per annum. The Government will bear the foreign exchange risk. The loan would be at the Bank's standard variable interest rate, with & maturity of 20 years, including five years of grace. The Government of India would charge a guarantee fee of 1X per annum on the outstan4ing amount of the Bank loan. TNPL will bear the foreign exchange risk. 2. The non-conventional energy components of the project will be co- financed by the Global Environment Trust Fund (GET) in the amount of US$26 million, equivalent. The GET will be supplemented by SwF6 million, or US$ 4 million equivalent, from the Swiss Development Cooperation (SDC). The Danish Government through DANIDA would provide parallel co-financing of US$50 million equivalent in mixed credits for the windfarm component. 3. Background. Part of GOI's strategy for expanding energy supply is to promote the development of renewable sources and to encourage private Investments in this sub-sector. 60I0s renewable energy program is one of the largest among developing countries with the aim of supplementing conventional energy supplies and meeting decentralized energy needs of the rural sector. In more recent years, GOI has stepped up its efforts through public as well as private channels to commercialize the deployment and use of the more mature renewable energy systems particularly for power generation. Recognizing the limitation of the traditional lending approach of commercial banks and financial institutions in venturing into the emerging area of renewable energy, GOI created IREDA In 1987 as a technology promotions and financing arm of the Ministry of Non-Conventional Energy Sources (NNES) with the objective of encouraging private entrepreneurs to undertake investments in the sector. A major role of IREDA is to wean the technologies away from heavy government grant subsidies and supply interventions, by providing both energy consumers and producers affordable credit that initially feature concessional terms but which progressively approach commercial market rates as the technologies gain wider acceptance. By financing new ventures in alternate energy, IRNDA helps create performance track records for the technologies, facilitating their transition from novelty to mainstream status. Since its inception, IRNDA has managed a loan portfolio of about 200 small-scale alternative energy projects while at the same time maintaining a healthy balance sheet and generating modest profits. Demand for IREDA financing now exceeds IREDA's resources; to service this growing demand, IRNDA's financial, manpower and operational capacity would have to be further expanded and strengthened. A key component  -2- of the project is the Institutional development of IREDA aimed at enhancing the Agency's effectiveness in carrying out its dual role as a technology promotions and financing agency. 4. In 1988, a joint UNDPtWorld Bank ESMAP review of GOI's program on non-conventional energy sources concluded that near-term opportunities for commercialization existed, among others, in the area of grid-interfaced power generation from irrigation-based small hydro, windfarm systems and in selected solar photovoltaic (SPV) decentralized applications. Follow-up pre-investment studies undertaken with GOI in 1991 and 1992 concluded that irrigation-based small hydros are economically attrastive when compared with power generated from central stations. Wind farms can be competitive if the environmental costs of the fossil-based generation they displace are considered. Solar PV lighting and selected applications in non-electrified areas are economically viable. The proposed project would support commercialization of these tecbhologies. 5. Presently, a number of states have issued policies for attracting private developmc-tt and operation of alternate energy systems. Current operating arrangements allow developers of small hydros and windfarms to wheel and bank power through the state grid enabling the developers to o)perate the schemes on a 'captive plant' basis, augment system supply and reduce their reliance on diesel engines for standby power. Several on-going projects show that these arrangements provide a workable framework for such investments. Over time, the entry of mc.e privately-operated power facilities into the network is expected to result in more sophisticated power transferipurchase arrangements based on avoided cost and time-of-use principles. The project will provide technical assistance for the introduction of "best practices' in promoting private power production and co-generation In participating States. 6, In the pulp and paper sector, GOI's policy calls for the use of alternate raw materials in meeting the growing demand for newsprint in order to avoid further depletion of the country's scarce forest resources. India's search for alternatives to traditional fibrous materials (wood and bamboo) has established that sugar cane bagasse released from sugar mills is the single best resource of fiber to support the sustainable development of the paper industry in India. The proposed expansion of TNPL, a state-owned enterprise, involves a technology which has been tested and proven to be comercially viable under an earlier Bank loan (Loan 2050-IN). Major improvements in paper machine design will allow higher proportions of bagasse pulp to be used, improve production economies and thus help establish the technology into the mainstream of India's newsprint industry. 7. Previous Bank Operations. The Bank has made 34 IBRD loans (US$6.7 billion) and 18 IDA credits (US$2.3 billion) for power projects in India involving generation, transmission, distribution and rural electrification. The physical implementation of most projects has proceeded slowly but has broadly met expectations. Difficulties were experienced in effecting institutional improvements in the power sector due to lack of financial autonomy and poor financial discipline of the publicly owned utilities, as well as the absence of agreed mechanisms for project cost recovery. The lessons learned from these projects have had an important bearing on the preparation of the proposed project, particularly as regards to private sector participation. The proposed project would be the first Bank operation in  -3 India in the non-conventLonal energy sector. In the pulp and papsr industry, the Bank extended, in 1981, a loan of US$100 million to GOI to help finance the Tamil Nadu Newsprint Project. The Project Completion Report (No. 6517, dated December 1986) underscored the efficient implementation of the project by TNPL and its good operational results. 8. Rationale for Bank Involvement. The project fits the Bank's lending strategy in power because (a) it is directed towards encouraging private sector participation; (b) promotes environmentally sound investments; (c) fosters sound commercial practices in State Electricity Boards (SEDs) and encourages efficient grid operations necessary for attracting private investments; and (d) by virtue of their decentralized locations, the project investments would boost power supply, reduce energy losses and provide much- needed voltage support to the distribution systems. The project is in line with the Bank's lending strategy towards the industrial sector in India which promotes rationalization of public enterprises particularly through privatization. By enhancing the conmmercial viability of the bagasse-newsprint technology, the project would attract private sector investments and enable the State Government of Tamil Nadu to progressively divest its shares of stock in TNPL. The project involves an agreed reduction of government-owned shareholdings in TNPL to 26Z in favor of the private sector. The proposed project is in line with the country assistance strategy in India which calls for financing of investment activities. that help improve sectoral policy framework and that support progress in the Bank's areas of special operational emphasis on the environment, institutional development and private sector development. 9. The nan-conventional energy component of the project has been selected as the F demonstration project for grid-interfaced windfarms and for solar PV rural lighting and other village applications in the Asia region. The project supports GNP's objectives on net reduction of global warming emissions and was selected based on the project's demonstration value and potential for replicability and sustainability. The wind farm component is eatimated to yield a relatively low cost of displacing carbon estimated at less than $30 per ton of carbon displaced. The SPV component would initially involve a carbon displacement cost of $84 but which is expected to decline to $29 per ton as the program expands. 10. Prolect Obiectives. The main objectives of the project are to (a) promote commercialization of renewable resources technologies by (i) strengthening IREDA's capacity to promote and finance private investments in alternate energy, and (ii) expanding bagasse-newsprint operation to more commercially attractive levels of production; (b) create marketing and financing mechanisms for sale and delivery of alternate energy systems based on commercial principles; (c) strengthen the institutional framework for encouraging entry of private sector investments in small-scale power generation; and (d) promote environmentally sound investments to prevent depletion of India's limited forest resources and to reduce the energy sector's dependence on fossil fuels. 11. Proiect Description. The project includes: (a) a line of credit with the IREDA to finance private sector d .velopment of imall hydros, windfarms, and solar PV systems; (b) the expan3ion of TNPL's bagasse-based papermill; and (c) technical assistance. Over a period of six years, IRIDA  -4- would rolend to developers proceeds from the IDA/GET funds for (i) conatruction of 40 to 50 irrigation-based small hydro schemes with a total capacity of about 100 Mg, (ii) installation of some 85 MK of windfarms, and (iii) the re-financing, sale and delivery of about 2.5 to 3 MWp equivalent capacity of solar photovoltaic system for efficient lighting, water pumping and other selected applications. The Bank loan to TNPL would double the papermill's production capacity to 100,000 tona per annum (tpa) of newsprint and 80,000 tpa of writing paper. The technical assistance package would consist of three categories, namely; (i' institutional development of IRIDA; (ii) establishment of a comprehensive program evaluation system in IREDA; and (iii) studies and training on promoting sustainable interchange of power supply between the stste grids and small-scale private power producers/ co-generators. 12. Prolect ImRlementation. IREDA will manage the energy components of the project, with the assistance of qualified consultants. It will administer the lines of credit and manage the technical assistance activities. IRaDA's operations would be conducted based on the Operational Policy Statement (OPS) agreed with the Bank. The OPS embodies financial management policies consistent with those required by the Bank for financial intermediary lending and will serve as the key element in the Bank's agreement with IREDA. TNPL will be responsible for lmplementing the papermill expansion component and wmil be assisted by its engineering consultants. 1S. The total project cost is estimated at US$422 million equivalent, with a foreign eachange component of US$217 million equivalent (representing 512 of project cost) and taxes and duties estimated at about US$50 million equivalent. The total financing required, including interest during construction, is US$450 million, of which IBRD would finance US$75 million and IDA US$115 million, equivalent (or 422). A breakdown of costs and the financing plan are showA in Schedule A. Amounts and methods of procurement and of disbursements, and the disbursement schedule are shown in Schedule B. To enable timely implementation of the project, US$7.5 million of project expenditures associated with the TNPL papermill expansion would be retroactively financed, which is equivalent to 10 of the loan amount to TNPL. These would finance initial payments for the main paper machine and some ancillary equipment for which tenders have already been issued and opened based on Bank-approved procurement procedures. A timetable of key project processing events and the status of Bank Group operations in India are given in Schedules C and D, respectively. A map is also attached. The Staff Appraisal Report, No. 11240-IN, dated November 30, 1992, is being distributed separately. 14. Agreed Actions. During negotiations, IREDA agreedt (a) to implement a satisfactory organizational structure and increase its staffing based on an agreed timetable; (b) conduct their business in accordance with the agreed Operational Policy Statement (OPS), and not to modify it in a material manner without prior consultation with the Bank; (c) retain project manAgement consultants; (d) finance sub-projects from proceeds from the Credit and Trust Fund based on the agreed criteria; (e) conduct a mid-term review of the project and to submit findings to the Bank on or before March 31, 1995. In addition, IREDA agreed to review with the Bank (i) on or before July 1, 1993,-the interest rate for its PV loans based on the findings of the PV market survey, and (ii) on or before May 1, 1995 the interest rates for small  hydro aud windfarms based on the findings of the mid-term review of the , project and adjust them clqser to commercial rates as appropriate. 15. TNPL agreed to: (a) take steps to bring the Government of Tamil Nadu's shareholding in T?PL to a level of not more than 262 by one year after commissioning of the plant expansions (b) implement tt-e Environmental Management Plan (EMO) agreed with the Bank; (c) complete the relocation and resettlement of the 86 affected families from the village of Kurukkapalayam by June 30, 1993, and implement the benefit packages designed for these families as well as the host community; (d) undertake to review TNPL's financial performance with the Bank before declaring or paying dividends during the project implementation period; and (f) maintain a debt service coverage ratio of not less than 1.3. 16. The following conditions of effectiveness were agreed upon for the (a) Development Credit and GET Fund Agreements: Execution of a Subsidiary Loan Agreement between GOI and IREn for relanding of the proceeds of the Credit; and (b) IBRD Loan to TNPL: (i) Creation of an equitable mortgage in a form satisfactory to IBRD; and (ii) Execution of a Power of Attorney in favor of IBRD to enable IBRD at its discretion to convert the mortgage to an English form. 17. Environmental and Resettlement Aspects. The project's energy components do not present any significant adverse effects on the environment and are instead expected to result in improved air quality by reducing reliance on fossil-based energy systems such as coal thermal plants, diesel engines and kerosene lanterns. Under !ts existing procedure, IREDA requires that projects to be financed have the necessary environmental clearances. IRNDA's technical staff vold review environmental issues related to projects to be financed by IDAIGET and advise borrowers on the preparation of the requisite environmental assessments. With respect to the papermill expansion component, an environmental Impact assessment study (EIAS) as well as a safety audit of the chemical storage and handling have been completed. Mitigatory actions agreed to be taken by TNPL would allow the plant to meet Indian standards and Bank guidelines for the pulp and paper industry. The mill expansion does not involve any new displacement of population as adequate space is already available in the exisiing plant site for installation of the new machinery and equipment. However, operation of TNPL's existiuZ plant has adversely affected 86 families living in the adjacent village of Kurukkapalayam due to seepage from the plant's effluent lagoon and settling of coal dust from the plant. Under its agreed action plan, TNPL would complete the relocation and resettlement of the affected families by June 30, 1993 and corrective actions would be taken to eliminate the seepage, coal dust pollution, odor nuisance from organic sulfur compounds and to reduce noise. 18. Prolect Benefits. Main benefits of the project ares (a) demonstration on a commercial scale of renewable resource systems that could lead to their replication in other parts of India and the world; (b) mobilization of private investment in the energy sector and newsprint industry; (c) reduced reliance on fossil fuels and forest resources and thus help improve the environment; (d) increased availability and improved reliability of power supply to help meet industrial and decentralized rural energy needs; and (e) foreign exchange savings through efficient domestic newsprint production in India.  - 6 - 19. Risks. There are several project risks. First, there are the risks associated with monitoring numerous work sites; these are being countered by involving the private sector as investors and by setting up c monitoring and evaluation team at IREDA with back-up consultancy support to monitor progress of the works. Second, there are r!sks that the institutional and energy-pricing environment may prevent the solar PV systems from becoming affordable. These risks will bs managed by requliring that adequate commercial %rrangements for supply and after-sales service are in place prior to loan approval by IRUDA and by firmly establishing, through market surveys, the viability of product demand and acceptability within the context of the users' environment. Third, operation of the new energy systems may not be sustainable if the deployed systems perform poorly and capital and operating costs are higher than expected. These risks will be minimise: by limiting financing to those technologies for which performance reliability and costs have been sufficiently established through actual operating experience in India and in other countries. On TNPL's papermill expansion, thete are no significant technical risks anticipated since the basic technology has already been tested and prcven during the past six years under TNPL's first project. Potential market risk due to import competition would be managed by TNPL by maintaining a competitive cost structure, quality control and effective marketing. 20. Recomendation. I am satisfied that the proposed credit and loan cowply with the Articles of Agreement of the Association and the Bank and recommend that the Executive Directors approve them. Lewis T. Preston President Attachments Washington, D.C. November 30, 1992  Schedule A INDIA RENEWABLE RESOURCES DEVMLOPMENT PROJECT Estimated Costs and Financina Plan (US$ million) Estimated Cost: Local Foreign Total ---------(US$ million)------- A. Small Hydro Schemes 16 51 67 B. Ron-conventional Energy Systems Component 77 63 140 Wind Farms 50 52 102 Solar PV Systems 27 12 39 C. TNPL Bagasse-based Papermill Expansion 66 66 132 Plant Cost 64 66 130 Pre-operating Costs 2 0 2 D. Technical Assistaace 1 3 4 TOTAL BASELINE COSTS 160 184 344 Physical Contingencies 16 18 34 Price Contingencies 29 15 44 TOTAL PROJECT COSTS 205 217 422 TNPL Working Capital 2 0 2 Interest During Construction (IDC) 19 7 26 TOTAL FIMANCINA REQUIRED 226 224 450 Pinanctnr Plant Source IBRD 75 75 16.6 TNPL 67 67 14.9 IDBI 28 28 6.2 IDA 25 90 115 25.6 GE? 21 5 26 5.8 SDC 4 4 0.9 DANIDA SO 50 11.1 IREDA 17 17 3.8 Developers 68 68 15.1 Total 226 224 450 100.0  Schedule B Page 1 of 2 INDIA RENEWABLE RESOURCES DEVELOPMENT PROJECT Summary of Proposed Procurement Arrangements (US$ million) Commercial Component ICB LCB Practices Others Total Small-hydro Equipment 25 20 23 68 (25) (20) (23) (68) Civil works 15 15 (2) (2) Services 2 2 Sub-total 25 20 40 85 (25) (20) (25) (70) Windfarms Equipment 15 10 28 50 103 (15) (3) (10) (28) Civil vorks 10 10 Services 4 4 Land 4 4 Sub-total 15 10 38 58 121 (15) (3) (10) (28) Solar PW 7 35 10 52 (7) (26) (7) (40) TNPL Papermill Equipment 75 68 143 (75) (75) Civil works 7 7 Erection 4 4 Engineeri"Ag 2 2 Others 2 2 Sub-total 75 81 2 158 (75) (75) Technical Assistance IREDA 1 3 2 6 (1) (2) (3) TOTAL 123 111 116 72 422 (123) (23) (63) (7) (216) a/ Contract values include contiugencies, taxes, and duties. Brackets reflect IDA, Bank and GET financed portions.  -9- Schedule B Page 2 of 2 Disbursements Category Amount Percentage Financing (US$) (1) Equipment, materials 208,000,000 100? of foreign exchange and supervisory services expenditures and 1002 of local expenditures (ex- factory cost of manufactured in India) for equipment and materials; 802 of local expenditures for other items procured locally (2) Consultants' service 3,000,000 1002 of expenditures and training (3) Unalloc3ted 5,000,000 TOTAL 216,000,000 Estimated Disbursements (in USS Million) Rank Group Fiscal Year 93 94 95 96 97 98 99 Annual 23 55 51 47 24 10 6 Cumulative 23 78 129 176 200 210 216 Cumulativel 11 36 60 81 93 97 100  - 10 - Schedule C INDIA RNEWABLE RESOURCES DEVELOPMENT PROJECT Timetable of Key Proiect Processing Events (a) Time taken to prepare the project: 16 months (b) Prepared bys MNES, IREDA, TNPL and Bank (c) First Bank mission: June 1991 (d) Appraisal mission departure: June 1992 (e) Negotiations: November 1992 (f) Planned date of effectiveness: February 1993 (g) List of relevant PCRs and PPARs: CreditlLoan No. Proiect PCR Date PCR No. Ln. 2050-IN Tamil Nadu Newsprint Project December 1986 6517  - 11 - S~4EOME P PAGE 1 of S THE STATUS OF SANK CROUP OPERATIONS IN INDSA A. STATEMENT OF BANK LOANS AND IDA CREDIT (As of September 30, 1M) US, million (net of cancellations) Loan or Flscal Year * Credit No. of Approval Purpose 3RD SO I/ Undtburaed 2/ 90 Loons/ 6367.0 169 re dits fully dlsbursed/cancolled - 11899.2 - 1850-IN 193 Upper Indravati Hydr6 Power - 170.00 20.48 1369-TN 1988 Calcutta Urban Developmnt III - 91.46 3^.23 2296-IN 1908 Himalayan Watershed Management 10.20 - 8.89 1424-IN 1984 Ralnfed Areas Watershed Dow. - 25.12 17.96 1428-IN 1964 Population III - 70.00 1.11 1454-IN 1984 Tamil Nadu Water Supply - 30.50 20.76 14U3-IN 1984 Upper Cangs Irrigation - 106.43 47.67 1496-IN 1904 Gujarat Medium Srrlgation - 16.30. 45.04 1502-IN 1984 National Cooperative Oevelopment Corpora - 186.60 0.01 2807-ZN 1984 Nhava Shove Port 150.00 - 19.26 2393-IN 1984 Dudhtchua Coal 109.00 16.96 2403-IN 1984 Canbay Basin Petroleum 213.50 - 26.07 2416-IN 1984 Madhya Pradesh Fertilizer 167.10 - 0.94 2416-IN 10s4 Indira Sarovar Hydroelectric 17.43 - 9.56 2417-IN 1084 Railways Electrifteatton 2?9.20 - 19.85 2442-IN 1904 Fsrskks II Thermal Power 276.80 - 56.80 2452-SN 1084 Fourth Trombay Thermal Power 135.40 - S.9" SF-12-IN 1984 Tanil Nadu Water Supply - $8.60 26.23 SF-16-IN 1984 Perlyar Valgal 11 Irrigation - 17.60 10.84 SF-20-IN 1984 Indira Sarovar Hydroelectere - 13.84 18.14 1514-IN 10S Kerala Social Forestry - 27.12 4.14 1623-IN 1986 National Agric. Extension I 32.30 6.50 1644-IN 10S Bombay Urban Development - 100.02 89.24 1553-IN 1985 Nrmada (Gujarat) Canal - 145.18 0.09 15609-IN 1985 Second National Agricultural Ext. - 45.89 19.67 1611-IN 1985 National Social Forestry - 154.00 21.37 1613-IN 1086 Indira Sarover Hydroelectric - 13.20 17.00 2497-IN 1985 Namards (Gujarat) Dam and Power 200.00 - 200.00 2498-DN 18S dharla Coking Coal 57.70 - 5.08 2534-TN 1985 National Highways 163.00 - 80.99 2644-ZN 1985 Chandrapur Therm l Power 280.00 - 94.06 265U-IN 1065 Rihand Power Transmission 202.00 - 8.81 2682-IN 1986 Kerlas Power 1?6.00 - 130.78 1619-IN 1906 West Bengal Minor Irrigation - 09.17 67.87 1B21-ZN 10s8 Maharashtra Composite Irrigation - 160.00 182.70 1622-IN 1986 Kerala Water Supply and Sanitation - 21.80 8.07 1823-IN 1986 West Bengal Population - 46.06 16.13 1831-2N 186 National Agricultural Research II - 59.88 87.13 1643-IN 1086 GuJarat Urban - 50.34 30.16 1665-IN 1086 Andhra Pradesh II Irrigation - 140.00 127.00 2629-IN 1086 Industrial Export Dev. Finance 90.00 - 0.20 26830-IN 1986 ICICI-Indus. Exp. Dev. Finance 160.00 - 5.18 2660-IN 1986 Cement Industry 165.00 - 68.76 2061-IN 1986 ICICI - Cement Industry 85.00 - 13.44 2662-IN 1986 Andhra Pradesh II Irrigation 41.00 - 41.00 2674-IN 1086 Combined Cycle Power 486.00 - 28.49  - 12 - SCHEDULE D PACE 2 of 6 US8 Million (not of cancellations) Loan or Flca 10 ID 1/-------- -nlbra --2-/~~---- Credit No. of Approval Purpose l8R IDA I/ Undtsbursed 2 2730-IN 1988 Cooperativ. Fertilizer 118.26 - 20.70 1737-IN 1987 Blhar Tubewells - 22.29 12.60 1760WZN 1987 Somby Water Supply a Sewrg III - 14S.00 96.43 1764-IN 1987 National Agric. Extension III - 70.10 41.73 1757-IN 1907 Oujarat Rurnl Roads 119.60 97.31 1770-IN 1987 National Water Management - 114.00 94.70 1780-ZN 1987 Utter Pradosh Urban Development - 120.95 77.81 2769-ZN 1987 Bombay Water Supply A Sewerago III 40.00 - 40.00 278S-IN 1987 Oil India Petroleum 140.00 - 88.86 2798-IN 1987 Coal Mining A Quality Improvement 840.00 - 117.60 2813-IN 1907 Telocommunications IX 184.50 - 25.83 2827-IN 1907 Karnataka Power 260.00 - 192.03 2844-IN 1987 National Capital Power 425.00 - 179.68 2845-ZN 1907 Talcher Thermal 875.00 - 274.28 2848-SN 1987 madras Water Supply 5t.00 - 86.72 1859-IN 1988 National Dairy I - 160.00 39.65 1923-IN 1988 Tamil Nadu Urban DOv. - 269.69 182.09 1931-IN 1988 Bombay & Madras Population - 57.00 18.30 2893-IN 1908 National Dairy II 200.00 - 200.00 2928-IN 1988 Indus. Fin. A Tech. Asst. 380.00 - 61.09 2936-IN 1908 Railway Modernization III 890.00 - 209.4U 2938-ZN 1988 Karnataka Power TT 220.00 - 183.26 1962-IN 1989 National Seeds III - 150.00 108.44 1959-TN 1909 States Roads - 80.00 48.91 2008-SN 1989 Vocatlonal Training - 211.02 181.88 2010-IN 190 Upper Krishna Irrigation IT - 160.00 124.78 2022-IN 1989 National Sericulture - 147.00 122.71 2057-IN 1909 Nat'l. FamIly Welfare Trog. - 113.30 98.93 2994-IN 1909 States Roads 170.00 - 170.00 3024-IN 1909 Nathp Jhakri Power 485.00 - 448.29 3044-ZN 1989 Petroleum Transport 340.00 - 805.00 3050-ZN 1989 Upper Krishna Irigation ST 85.00 - 85.00 80S8-IN 1989 Export Development 120.00 - 64.24 8059-ZN 1989 ICICI - Export Development 175.00 - 92.65 8093-ZN 1909 Electronics Industry Dov. 8.00 - 7.50 3094-ZN 1989 ICICI - Electronics Ind. Dov. 101.00 - 45.02 3095-IN 1989 1DBT - Electronics Ind. O.v. 101.00 - 76.06 3096-IN 1989 Maharashtra Power 384.00 - 828.96 2004-IN 1990 Industrlal Technology Development - 55.00 SS.00 2076-ZN 1990 Punjab Irrigation/Drainag - 145.28 142.48 2100-ZN 1990 Watershed Development (Hills) - 75.00 76.95 2115-ZN 1990 Hydorabad Water Supply 79.90 71.29 2130-ZN 1990 Technician Education I - 210.74 198.04 2131-IN 1990 Watershed Development (Ptlans) - 65.00 68.27 2133-ZN 1990 Population Training VII 81.92 79.62 21S8-DN 199O TamlI Nadu Integrated Nutritton It - 88.15 87.11 8119-ZN 1990 Industrial Technology Development 145.00 - 100.29 8196-IN 1990 Cemnt Industry Retructurlng 800.00 - *68.08 8237-IN 1990 Northern Region Transmission 485.00 - 4S8.89 8289-ZN 1990 Private Power Utilittos I (TEC) 98.00 - 84.09 2178-lN 1691 iCDS I (Orlesa A Andhra Pradesb) - 90.00 90.58 2170-IN 1901 A.P. Cyclone Emergency Reconstruction - 170.00 8".08 2215-ZN 1991 Tamil Nadu Agriecultural Doevlopment - 92.80 85.68 2223-IN 1991 Technician Education tI - 307.10 291.78 2234-IN 1991 Maharashtra Rural Water Supply - 109.90 103.27 2241-DN 1991 Dam Safety - 1l0.00 129.48 2262-IN 1991 Industrial Pollution Control - 31.60 81.88 3258-IN 1991 Petrochemicals It 12.00 - 11.00 3269-ZN 191 Petrochemicals U1 238.00 - 159.68 8260-IN 1991 A.P. Cyclone Emergency Reconstruction 40.00 - 40.00 8300-IN 1991 Tamil Nadu Agricultural Devolopment 20.00 - 20.00 3325-ZN 1991 Dam Safety 23.00 - 28.00 3334-IN 1991 Industrial Pollution Control 124.00 - 117.98  - 13 - SCHEDULE D PACE 3 of S USS MliTon Leon or Fiscal Year (net of coneilations) Credit No. of Approval Purpose 19RD IDA 1/ Undlsbursed 2/ SW44-IN 1991 Private Powor Utlitiels it (6515) 200.00 - 162.06 $334-1N 1991 Gas Flaring Reduction 460.00 - 343.64 2300-IN 1992 Child Survival and Stfe Motherhood - 214.60 202.27 2328-IN 19m Maharshtra Forestry - 124.00 122.80 2329-1N 1992 Shrlip and Fith Culture - 36.00 67.16 2341-IN 19m West Bengal Forestry - 4.00 J3.40 23U0-N 1992 National AIDS Control - 64.00 80.6J gm08-IN 1m Scond National Highway - 153.00 157.62 2394-IN 192 Family Wielfare (Urban Slums) * - 79.00 68.73 3421-IN 19m Structural Adjustment 260.00 - 5.19 3436-IN 1m Power Utilities Efficiency 266.00 - 250.9 8470-ZN 19m Second Natitonal Htghrwy - 153.00 163.00 4496-IN 192m Second Maharashtra Power * 360.00 - 360.00 2409-IN 1993 Rubber a - 92.00 96.30 Tota l 16095.1 18408.7 11160.75 of which has been repald 133.6 886.6 Total now outatanding 17961.3 17522.1 Amount Sold 133.6 of which has been repald 133.8 Total now held by Bank and IDA S/ 17961.34 17522.12 Total undisbursod (excluding *) 6066.6 4576.2 1/ IDA Credit amounts for SDR-denominated Credits are expressed In terms of their US dollar equivalents, as established at the time of Credit negotiations and as subsquontly presented to the Board. 2/ Undisbured amounts for SOR-donominated IDA Credits are derived *o the undiebursed balance expressed In SCR equlvlents (in turn derived as tho difference between the original principal expreed in SDRs (based on the exchange rate as established at tho time of Credit negotiations) and the cumulative disbursements converted to 5 equivnts at the ochange rates prevailing at the respective dates of disbursments los cancel lai8on oxpressed In SOR equivalents converted to US dollar equivalents et the SDR/US dollar exchange rate In effect on June 30, 1992. 3/ Prior teO xchange adjustment. e Not yet effective.  - 14 - SCHEDULE 0 PAGE 4 OF 6 D. STATEMENT OF IFC INVESTMENTS (As of September 0, 1992) Amount (US$ millon) Fiscal Year Company Loon Equity Total 1959 Republic Forgo Company Ltd. 1.50 -- 1.60 1969-92 Kirloskar Oil Engines Ltd. 0.86 -- 0.85 1960 Assam Sillimanite Ltd. 1.36 1.36 1961 K.S.8. Pumps Ltd. 0.21 - 0.21 1983-68 Precision Bearings India Ltd. 0.65 0.38 1.03 1964 Fort Gloster Industries Ltd. 0.81 0.40 1.21 1964 Lakshmi Machin Works Ltd. 0.96 0.88 1.32 1964-75-79/90 Mahindra Ugine Steel Co. Ltd. 11.81 2.84 14.66 1967 Indian Explosives Ltd. 8.60 2.86 11.46 1967 Jayshree Chemicals Ltd. 1.05 0.10 1.15 1969-70 Zuarl Agro-Chemicals Ltd. 16.15 8.76 18.91 1977-87 Escorts Limited 16.66 -- 16.55 1978-67/91 Housing Development Finance Corp. 104.00 2.10 106.10 1980/82/87/89 Deepak Fertilizer and Petrochemicals Corporation Ltd. 7.60 4.23 11.73 1981-82 Nagar3una Coated Tubes Ltd. 1.50 0.24 1.74 1981-82 Nagarjuna Steols Limited 2.88 0.24 8.12 1981-86-89 Tats Iron and Steel Company Ltd. 72.84 24.81 97.15 1981-90 Mahindra A Mahindra Ltd. 28.19 8.97 87.16 1982 Ashok Leyland L'mited 28.00 -- 28.00 1982 Coromandel Fertilizers Limited 16.88 -- 15.88 1982 The Bombay Dyeing and Manufacturing Co. Ltd. 18.80 -- 18.80 1982-86-87/91 NagarJuna Signod. Limited -- 0.41 0.41 1982-87 ITW Signode 2.99 -- 2.99 1982-87 The Indian Rayon Corp. Ltd. 14.57 -- 14.57 1983 Bharat Forge Company Ltd. 16.90 - 15.90 1984-88 The Owallor Rayon Silk Manufacturing (Weaving) Co. Ltd. 16.95 - 15.95 1985 Bajaj Auto Ltd. 23.98 -- 28.98 1985 Modl Cement 13.06 -- 18.06 1985-88/90-91 India Lease Development Ltd. 8.50 0.78 9.28 1985/91 Bihar Sponge 16.24 0.88 16.92 1986 8ajaJ Tempo Limited 80.54 -- 80.54 1988 India Equipment Leasing Ltd. 2.50 0.30 2.80 1986 Larsen and Tosibro Ltd. 21.78 -- 21.78 1988-87 The Great Eastern Shlpping Company Ltd. 8.00 10.68 18.66 1987 Export-Import Bank of India 14.34 -- 14.34 1987 Gu3arat Fuslon Class Ltd. 7.62 1.70 9.22 1987 Gujarat Narmada Valley Fertilizer 8S.07 - 88.07 1987 Hero Honda Motors Ltd. 7.74 -- 7.74 1987 Hindustan Motors Ltd. 89.26 - 89.26 1987 The Gujarat Rural Housing Finance Corp. - 0.19 0.19 1987 Wimco Limited 4.70 - 4.70 1987-89/90 Titan Watches Limited 22.02 0.56 22.58 1988 Invel Transmissions Ltd. - 1.07 1.07 1989 Ahmedabad Electricity Company, Ltd. 20.883 20.83 1989 WTI Advanced Technology -- 0.20 0.20 1989-90 Keltron Telephone Instruments, Ltd. -- 0.58 0.58 1989-92 Gujarat State Fertilizer 41.20 - 41.20 1990 JS8 India Securities Firms -- 0.37 0.37 1990 UCAL Fuel Systems Ltd. -- 0.63 0.83 1990-91 Tate Electric 111.88 -- 111.88 1991 ATIC Industries Export Finance 0.28 - 0.28 1991 Bombay Electric 68.00 c 88.00 1991 CESC Ltd. 22.85 - 22.85 1991 Export Finance - AFDC 0.35 - 0.35 1991 Herdille Oxides and Electronics Ltd. -- 0.29 0.29 1991 Indust. Credit A Investment Corp. of India -- 26.80 28.60 1991 Infrastructure Leasing A Financial Services 15.00 1.81 16.81 1991 TDICI Development Finance Companies -- 2.19 2.19 1991 Triveni Pool Intairdril Ltd. (TPIL) -- 0.93 0.93 1991 Varun Transport, Storage & Communteations 17.04 2.88 19.42  - 15 - SCHEDULE D PACE 6 OF 6 Amount (USS mitllon) Fiscal Year Compony Loan Equity Total 1992 Arvind Mills 9.00 7.81 16.81 1992 Block Ka-OS-IV - 8.20 8.20 1992 INDUS VCF - 1.17 1.17 1992 Kotak Mahindra 0.80 - 0.80 1992 Nlpon Denro 40.00 5.77 46.77 1992 SKF Bearings 11.60 - 11.50 TOTAL GROSS COMMITMENTS 1002.92 126.65 1129.47 LJSes Cancellation, Terminations, Exchange Adjustments, Repayments, Writooff and Sales 441.31 28.81 470.12 Now Hold by lFC 561.61 97.74 659.36 Un<dlebursed 209.07 31.84 240.91 _ m  IBRD 2428 I N D I A RENEWABLE RESOURCES D R A DEVELOPMENT PROJECT TAMIL NADU NEWSPRINT AND PAPERS LTD. ( ,\/\ .*~~ - . > - -CH INGLE UT It. -'- HARMAPURI / ', ,D A M P R K A R N A < . .... S $ I LG I R I C WERIYAR SALE tr _ tA z~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~KAL . 'Z 0C BATORE \ ,,, * r' ....../ -t MADU RA Ig ,O, -tX X U K T llED UP SGAR MU - EtS \@ UNA1IGE L I W- *SWuE OR UNON CERMWCAMUS o-11 8t o T/JTH,ADQUARM' SRI - sumckwroJ c . LfA LANKA -------- DNcrs4OUNDABY 925 1 49 Op IU5 If-AUW is 2 s io Mon KA- > \5 Wd A. OLT(ER 199: