Delhi ? the government today agreed to provide financial assistance to Reliance Infrastructure backed discom BSES is not successful on the payment of about Rs 3000 crore for various power and transmission companies.
The decision to provide assistance to the beleaguered company was decided at a Cabinet meeting chaired by Chief Minister Sheila Dikshit. But officials would not explain the details about financial aid, but they say that the government is expected to infuse fresh capital of about Rs 500 crore to the company on condition that the discom will also provide the same amount. Delhi government has a 49 percent stake in BSES.
Last week BSES has proposed to the government to provide assistance so that the fresh capital of about Rs 1000 crore can be obtained which can then be used to obtain a loan of Rs 5000 crore from IDBI bank. BSES has approached IDBI Bank and Power Finance Corporation to obtain a loan of Rs 5000 crore. But the company was ordered to manage 20 percent of the loan amount (Rs 1000 crore) alone to obtain a loan.
The DERC has refused to notice on November 25, the BSES asked why the license should not be delayed because of failure to eliminate a large contribution to the generation company and notify the Commission if it does not like the answer discom, it can suspend the license and choose an administrator to run the licensing function. Discom said fresh notice earlier this week and could not give satisfaction to the setting DERC following funds Delhi government regulators have been proposed to solve this problem.
Source: http://www.meta4forexbroker.com/2011/12/government-will-help-finance-for-bses/
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