https://www.business-standard.

com/article/companies/adani-power-acquisition-seen-to-be-strategy-
paying-off-115081000878_1.html

Adani Power’s acquisition strategy seems to be playing out well. Though its balance sheet
is stretched, the Street believes the company has acquired assets that will help improve its
return on equity, as these plants are not rate-constrained.

3,600 MW KSK Mahanadi Power Company Limited: l The third 600 MW unit has been commissioned
during the year with aggregate generation achieved of 5876 GWh. l Arrangements to ensure power
requirement of various State Distribution Companies (Discoms) continue to be fulfilled to the extent
possible through plant generation as well as alternate sources, pending remaining units being fully
commissioned and made operational. l Debt resolution at the power plant (post the new resolution
framework notified by RBI in February 2018) and merger of Raigarh Champa Rail Infrastructure SPV and
KSK Water Infrastructure SPV into KSK Mahanadi continue to be pursued. l The Lenders Consortium at
KSK Mahanadi Power Company Limited (KSK Mahanadi) along with Lenders consortium at the Water
and Railway infrastructure SPVs have invoked the shares pledged with them as security for the financial
facilities. Consequent to the invocation of pledge all three Companies ceased to be Subsidiaries and
Associate Company respectively and the same will substantially impact the financial position of the
Company moving forward.

From the very beginning, our goal has been to generate 20,000MW by 2020. Indian
power sector has witnessed rapid advancement over the past few years with installed
capacity surpassing 300GW and electricity demand reaching 1,100 billion units.
India’s current per capita power consumption is over 1,000kWh (kilowatt hour) per
capita per annum and aspires to reach 2,000kWh per capita per annum by 2024. With
current power-generation capacity of around 11,000MW, Adani Power is already the
largest private power producer in India. We have always ensured fast-paced execution
of projects and implemented the best available technologies and practices that can
serve as benchmarks for the power industry.
The company has already got relief from Appellate Tribunal for Electricity, which
held in its judgment that changes in Indonesian regulations affecting discounted coal
prices under contract is a force majeure event under the PPAs (power-purchase
agreements) and asked the central regulator to grant appropriate relief. The matter has
been sub judice from last four years and therefore, though coal price is falling, the
company has been under severe financial stress due to delay in grant of appropriate
relief. Despite a long legal battle, we are honouring our commitments to supply
power. Similarly, grant of relief is also pending for the tariff of power supply from
Kawai (Rajasthan) and Tiroda (Maharashtra) power plants.
Are you looking for further expansions or acquisitions in the power sector?
Yes, we are looking to continue our expansion and I expect some of it will be
inorganic. The Indian power sector is witnessing consolidation among the private
sector developers. We are looking at all opportunities, brownfield and greenfield
projects. A lot of the power projects up for acquisition come with multiple challenges
x such as transmission evacuation, rail connectivity, no PPA, no domestic coal
supply and many more.
How have things changed in the power sector under the new leadership at the
centre?
The proof of success lies in metrics and I think the numbers speak for themselves. I
have already spoken about how solar power has been catalysed by the policy
initiatives taken by the government. Average solar tariffs are now at Rs4 per unit and
this is a tremendous achievement by any yardstick or measure and the long-term
cascading benefits of this in helping industries, getting power to rural areas as well as
galvanizing the solar value chain in India will be significant.
From providing a lifeline to the ailing state-owned power distribution utilities
(discoms) in the form of UDAY (Ujwal Discom Assurance Yojana) scheme,
introducing amendments in the National Tariff Policy, ramping up the country’s
traditionally neglected transmission network and boosting domestic coal supply, many
initiatives have been introduced by the centre to facilitate sustainable growth in the
power sector.
In our view, the centre has set the reform process in motion, which has already made a
difference, but the full impact will be felt only in the long run.
For the group’s most successful business, ports, has there been any change in
strategy for attaining your previously articulated goal of reaching 200 mtpa by
2020? Also, you have built a huge network of ports across the country, making
acquisitions in the east and south. What is the overall strategy?
With a strategy to serve large Indian hinterland, APSEZ (Adani Ports and SEZ Ltd)
has developed and operates 10 ports/terminals across the coastline of India. All our
ports and terminals are strategically located, making a string of ports or the Adani
Sagar Mala. This network of multi-cargo ports enables us to cater to major
consumption and resource-rich regions of India. The addition of the Kattupalli port (in
Tamil Nadu) earlier this year to augment our flanking strategy along with its sister
Ennore port in Chennai has been yet another success with volumes at the Kattupalli
port already doubling since we have taken over operations. Kattupalli has a
tremendous location and we plan to convert it to a multi-cargo port to further
capitalize on this advantage. In Kerala, our plan to build out the Vizhinjam
transhipment port at the southern-most tip of India is on track and this will be yet
another strategic port that will draw traffic from the world’s busiest shipping routes as
well as allow our own country’s traffic to be transhipped within our country.
In FY16, we handled a cargo volume of 151 MMT and we are expecting 10-15%
cargo growth in FY17. While we are seeing growth in cargo handling at our existing
ports, we are also expanding our presence

Power Sector:
Performance Highlights:
The overall Generation (including generation from grid connected renewable sources) in the country has increased
from
1241.689 BU during 2016-17 to 1306.614 BU during 2017-18, with growth rate of 5.23%.
The Power Supply position in the country has marginally declined, since during the FY 2017-18, the supply gap in
terms of energy
has increased to 8567 MUs as against shortfall of energy of 7595 MUs in FY 2016-17. The shortfall in peak demand
has also
marginally increased to 3314 MW in FY 2017-18 from 2608 MW in FY 2016-17.

Generation
The total electricity generation for the FY 2017 - 18 was 1201.543 BU as compared to 1155.085 BU for the previous
year. The
aggregate Plant Load Factor for the FY 2017-18 stood at 60.67% compared to 59.88% during the previous year.
Year PLF Sector-wise PLF (%)
% Central State Private
2009-10 77.5 85.5 70.9 83.9
2010-11 75.1 85.1 66.7 80.7
2011-12 73.3 82.1 68 69.5
2012-13 69.9 79.2 65.6 64.1
2013-14 65.6 76.1 59.1 62.1
2014-15 64.46 73.96 59.83 60.58
2015-16 62.29 72.52 55.41 60.49
2016-17 59.88 71.98 54.35 55.73
2017-18 60.67 72.35 56.83 55.32
The Plant Load Factor of Thermal Power Stations is an index of utilization of the installed capacity. Therefore, even
though
there was increase in generation compared to the previous year, lot of thermal power plants were left stranded due to
various
reasons like lack of demand, availability of fuel etc.
The fall in Plant Load Factors of Independent Power Producers (IPPs) from 83.9% to 55.32% between 2010 to 2018
also reflects
the inherent challenges and contrasts in the policy paradigms of new power generation capacities that have resulted
in
prolonged period of challenges and uncertainty across the Indian power sector.

OPPORTUNITIES AND OUTLOOK

The Indian power sector itself has an investment potential of US $ 250 billion in the next 4-5 years, providing
immense
opportunities in power generation, distribution, transmission and equipment, according to Union Minister of Coal,
Power and
Renewable Energy. The Government's immediate goal is to generate two trillion units (kilowatt hours) of energy by
2019. This
means doubling the current production capacity to provide 24x7 electricity for residential, industrial, commercial and
agriculture use. Capital intensive nature of the industry and strenuous process of regulatory approval and land
acquisition
makes it difficult for new entrants there by existing players reaching their highest potential. In April, 2018, the
Government of
India approved a pilot scheme for procurement of power of 2.5 GW aggregate power for three years on competitive
basis under
medium term with commissioned projects but without Power Purchase Agreement. It aims to revive commissioned
power plant
which were unable to sell electricity in the absence of valid PPAs.
Therefore, the current metamorphosis at the Indian power sector carries both an opportunity and threat. If handled
appropriately, through reconsidered business approach and collaborations, long term economic value could be
preserved as
well as realised and if not properly handled, the same could lead to challenges to private power generation,
distressed projects
adding to the growing bad loan portfolios of project lenders.

lenders.
Management Discussion and Analysis
Annual Report 2017-18 9
RISKS AND CONCERNS
While the company attempts to address various risks, the key risks and uncertainties continued to be faced by the
group are as
follows:
l The actions of lending banks and other financial institutions at subsidiaries' level under RBI's revised framework for
resolution of stressed assets have resulted in a significant number of the wider group's power plants and subsidiaries
ceasing to be subsidiaries of the Group with material impact on the Group's business going forward.
l Uncertainty on Company's investment and receivables in some of the subsidiaries whose lenders have invoked the
pledge
of majority shares of subsidiaries.
l Liquidity risk, project financing and sustainable debt levels against invested equity at projects
l Delay in Government decisions or implementation of earlier Government decisions along with continual
inconsistencies in
Government policies across departments and retrospective amendments to the existing policies or introduction of
new
policies
l Delay in providing necessary regulatory support and / or dispensation as may be required for timely implementation
of
the financing plans or regulatory constraints on financing arrangements resulting in alternate financing arrangements,
which may take more time than anticipated to fructify
l Deviation from approved Government policies and abuse of market dominance position by certain contractual
counterparties
l Shortage of fuel and dependence on market based or imported fuel which is subject to market vagaries and other
uncertainties
l Economic slowdown and negative sectoral outlook with resultant impact on banking sector delays in agreed project
disbursements and timely availability of credit
l Delays in enforcement of contractual rights or legal remedies with Government counter parties undertaking fuel
supplies,
power offtake, transmission and open access amongst others
l PPA Counter parties going contrary to pre-agreed understanding and seeking benefits from the power generators
that are
often in conflict with shareholder obligations to further the business
l Unusual currency depreciation that adversely affects the cost of project imports, project implementation and
repayment
obligations
l Logistics bottlenecks and other infrastructure constraints of various agencies
l Challenges in the development of support infrastructure for the power projects including physical hindrances and
delay in
the issue of permits and clearances associated with land acquisitions
l Political and economic instability, global financial turmoil and the resultant fiscal and monetary policies as well as
currency depreciation resulting in increasing cost structures

3,600 MW KSK Mahanadi Power Company Limited:

l The third 600 MW unit has been commissioned during the year with aggregate generation achieved of 5876 GWh.
l Arrangements to ensure power requirement of various State Distribution Companies (Discoms) continue to be
fulfilled to
the extent possible through plant generation as well as alternate sources, pending remaining units being fully
commissioned and made operational.
l Debt resolution at the power plant (post the new resolution framework notified by RBI in February 2018) and merger
of
Raigarh Champa Rail Infrastructure SPV and KSK Water Infrastructure SPV into KSK Mahanadi continue to be
pursued.
l The Lenders Consortium at KSK Mahanadi Power Company Limited (KSK Mahanadi) along with Lenders
consortium at the
Water and Railway infrastructure SPVs have invoked the shares pledged with them as security for the financial
facilities.
Consequent to the invocation of pledge all three Companies ceased to be Subsidiaries and Associate Company
respectively
and the same will substantially impact the financial position of the Company moving forward.

In Section 1, we describe how India currently relies on thermal power generation for 80% of its
electricity, while hydro supplies a significant 10% and renewables currently just 7%. However, India
has a national target of having 275 GW of renewable capacity installed by 2027 so changes are
coming. Indeed, the tipping point may have been 2016/17, when net thermal capacity installs
plummeted and renewable installs more than doubled. These developments have continued into
2017, with costs of both falling by an unprecedented 50%, with recent tenders now pricing
renewables at 20% below the average price on existing Indian thermal power generation.

tion company (Discom) reform initiatives have made significant progress, but much more is needed for
transformation to be locked in. India’s electricity demand is forecast to double over the coming decade.
This is a significant challenge in any terms, but less than most forecast. Net of energy efficiency savings,
IEEFA models an electricity elasticity of GDP growth of 1.0 times, materially lower than some emerging
markets (China, Philippines) but consistent with India’s trend of the last decade. Energy efficiency and
construction of a more efficient smart grid will each play key roles in a cost effective sustainable
electricity transformation

National Energy Policy: NITY Aayog India’s draft national energy policy looks at the country’s energy
needs through 2040, based on a report and road map released in July 2017 by NITI Aayog, the Indian
government’s in-house think tank. That report focuses on renewable energy; drastic reductions in emery
intensity; a doubling of per capita energy consumption and a tripling of per capita electricity
consumption; 100% electrification; clean-cooking coverage by 2022; and reduced fossil fuel imports. The
draft policy stresses efficiency, technology, regulatory oversight, effective engagements with overseas
investors, air quality considerations, and human resource development across the energy domain. This
policy incorporates the 2022 targets with India’s NDC (nationally determined contribution) for which the
target year is 2030.7 The draft policy concludes that India will be largely self-sufficient in thermal coal
supply through 2037, with domestic production forecast to peak at 1,200-1,300 million tonnes per
annum, a forecast that IEEFA sees as flawed, given how wind and solar are already the low-cost source
of new generation supply

https://www.londonstockexchange.com/exchange/news/market-news/market-news-
detail/KSK/13592284.html

Regulatory Story
Go to market news section
 KSK Power Ventur PLC - KSK

Business Update
Released 07:00 05-Apr-2018

RNS Number : 8473J

KSK Power Ventur PLC
05 April 2018

5th April 2018

KSK Power Ventur plc

("KSK", the "Company" or the "Group")

Business Update

KSK Power Venture plc (KSK.L), the power project company listed on the London
Stock Exchange, with interests in multiple power plants across India through its
subsidiary KSK Energy Ventures Limited, the equity shares of which are listed and
traded on the National Stock Exchange of India Limited ("NSE") and the BSE
Limited ("BSE") provides the following business update:

KSK Mahanadi has now executed the Fuel Supply Agreements under the
"SHAKTI" (Scheme for Harnessing and Allocating Koyala (Coal) Transparently in
India). Coal auction and coal supplies have recently commenced from the
Mahanadi Coal Fields area. Supplies from the South Eastern Coal Fields are
expected shortly, providing the much required support on long term coal linkage
supplies. The Group continues its efforts to secure necessary reliefs for revival and
realisation of intrinsic value of the Sai Wardha and VS Lignite projects

During February 2018 the Indian central Bank (Reserve Bank of India), notified a
revised framework for resolution of distressed assets, harmonised with other
regulations and this stipulates a strict time bound resolution of assets with large
debt exposure. The action plan includes, exploring options such as the sale of debt
exposure by banks to other investors, change in ownership or restructuring.

This undermines the historical efforts of the Group to achieve / conclude further
strategic funding and equity collaboration at each of the asset levels as well as
anticipated reduction of debt leverage at various asset holding companies of the
Group, based upon fund realisations from such equity stake divestment at the
project companies. Resultantly, the balance has tilted in favour of the project
lenders for appropriate resolution plan approvals, at each of the project companies,
impacting the existing sponsor's continuation alongside the new investors in
resolving the stress as well as the business challenges and participation in the
value creation ahead.

For instance, at KSK Mahanadi, where approx $ 0.5 billion of equity and $ 3 billion
of debt has been invested over the years, operational output currently is only 1800
MW; value creation is therefore contingent upon the lenders agreeing to debt
restructuring, in terms of principal, coupon and tenor, to a position where a RP4
rating of the residual debt through independent credit evaluations can be achieved,
in accordance with the revised framework notified by Reserve Bank of India.

KSK Mahanadi

At a stabilised 85% PLF and linkage coal supplies secured for entire capacity, the
potential of substantial revenue and EBITDA for the 2400 MW of KSK Mahanadi
project subsists making it attractive. However, the new regulations and resolution
framework expose the equity of the Group to any decision of the Project lenders
at KSK Mahanadi to reorganise their $ 3 billion of debt that includes over $ 1+
billion of accumulated interest during construction over the years. Resultantly, KSK
Mahanadi has unpaid EPC creditors and until further funding for capital
expenditure is resolved there are likely to be delays associated with developing
the fourth 600 MW unit.

Further, it is estimated that, while the Central Electricity Regulatory Commission

has been hearing the petitions concerning KSK Mahanadi's claim under change in
law provisions under PPA as well as central Government directives on coal
supplies, the delay being experienced in their realisation coupled with the
challenges of providing extended credit to the Discoms for the power sales, has
led to much higher working capital and funding requirements.

Therefore, the Group expects to have to engage actively with Private Equity and
India focussed Infrastructure / Special Situation Funds who could partner with the
Group to address the emerging situation and financing requirements. Further, such
discussions require evaluating a number of potential alternative solutions to
address the current situation at KMPCL with its lenders.

New Business Strategy

These developments require a different approach to be pursued at the Group to

address the challenges and to continue to seek the restoration of economic value
for the Group and its shareholders. The Directors are focussed on convincing
various Indian banks and institutions that have funded the Group's holding
companies to continue supporting the group in these efforts to turnaround the
various assets, failing which the revised framework could impair the continued
ability of such holding companies.

This effort could result in shareholder dilution through the capitalisation of debt as
a result of a business restructuring as well as include a change of management
driven by the lenders at the respective operating projects. In the process of such
reorganisation driven forward by the lenders, substantial risk of loss of equity value
exists.

Board Reorganisation

Given the various significant developments within the Indian environment, the
Company's Board is being reorganised to address these new business
challenges. This includes the stepping down of three of the existing Non-executive
Directors and the appointment of new Non-executive Directors with experience
and expertise in Indian government and banking matters as well as international
investors, and additionally to assist with the pursuit of requisite collaborations as
may be required.

In this regard, the Board wishes to express its thanks and appreciation to Mr. S.R.
Iyer, Mr. Vladimir Dlouhy and Mr. Keith Henry for their valuable association and
contribution to the Company over the years. The Board is also pleased to
announce that Mr. Jonathan Blanshard Keeling and Mr. Kambala Bapi Raju have
agreed to join the Company's Board as Non-Executive Directors subject to usual
regulatory searches and is looking forward to their valued experience and
expertise in assisting the company to navigate through these challenging times.
Additionally, the company is currently in advanced discussions with, another
potential Non-Executive Director, with extensive background and experience at
senior management level of Indian banking regulator and / or government level, to
assist the company and the board in its stakeholder representation and obtaining
any possible regulatory forbearance / dispensation as may be required to address
these various new developments.

Outlook

Therefore, a continued engagement with project stakeholders is envisaged to

pursue all reasonable efforts to address the situation, with the ultimate objective to
produce sustainable power generation on the best possible commercial terms.
Majority of these are external issues and not directly within the Company's control
to resolve.

Against this current difficult Indian policy environment, the Company continues to
work tirelessly with the Government, the authorities at all levels and other project
stakeholders seeking their support to address these issues in the best manner
possible. However, actual achievement in these situations is contingent upon a
number of factors, many of them outside the control of the Company.

Finally, this performance would not have been possible without the continued
support of our shareholders, who have enabled us to pursue business
opportunities against a background of challenging market conditions across the
Indian power sector.

For further information, please contact:

KSK Power Ventur plc

Mr. S. Kishore, Executive Director, +91 40 23559922

Arden Partners plc

Steve Douglas / Paul Shackleton +44 (0)20 7614 5900

This information is provided by RNS

The company news service from the London Stock Exchange
END

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Business Update - RNS

https://indianexpress.com/article/business/business-others/ksk-mahanadi-power-lenders-led-by-pfc-
seek-strategic-buyer-5157792/

KSK Mahanadi Power: Lenders

led by PFC seek strategic buyer
Attempts by the management of the company to sell the project to
possible buyers over a year ago failed to attract any interest.
Led by Power Finance Corporation (PFC), lenders to KSK Mahanadi Power
— a thermal power project of KSK Energy Ventures in Chhattisgarh with debt
of Rs 18,551 crore — are seeking a buyer for the project, a document inviting
bids showed.
Advertising

“SBI Capital Markets Limited has been mandated by Power Finance

Corporation (on behalf of the consortium of lenders of the company) to identify
a strategic investor to effect change in ownership and management control of
a 3,600 MW (6×600 MW) coal based thermal power project using sub-critical
technology in the state of Chhattisgarh,” the document said.
According to it, of the total capacity, 1,800 MW (3×600 MW) has been
commissioned and is currently operational while another 1,800 MW (3×600
MW) of capacity is under implementation. Attempts by the management of the
company to sell the project to possible buyers over a year ago failed to attract
any interest. This time around, though, the response may be different as the
lenders may be more open to making certain concessions to attract the right
suitors.
The company is promoted by KSK Energy Company (4.55 per cent stake),
KSK Energy (26.31 per cent) and KSK Power Holdings (4.63 per cent). The
company reported a net loss of Rs 88 crore on the back of Rs 20 crore in total
income in FY17, primarily owing to an interest outgo of Rs 133 crore. In the
three months to December 2017, it reported a net loss of Rs 32 crore on a
total income of Rs 5 crore.
Apart from seeking investors for the project, lenders also plan to change the
management of a subsidiary which is implementing the raw water intake
system for the project, and that of an associate developing the railway siding
outside the plant boundary. In April, KSK Energy Ventures had said in a
regulatory filing that the group expects to engage actively with private equity
and India-focused infrastructure and special situation funds to partner with
them to address the emerging situation and financing requirements.
It had said that following the circular of Reserve Bank of India (RBI) on
stressed assets “the balance has tilted in favour of the project lenders for
appropriate resolution plan approvals, at each of the project companies,
impacting the existing sponsors continuing alongside the new investors in
resolving the stress as well as the business challenges and participation in the
value creation ahead”.

The company had said that KSK Mahanadi, where approximately $0.5 billion
of equity and $3 billion of debt has been invested over the years, operational
output currently is only 1,800 MW.

https://www.indiatoday.in/pti-feed/story/ksk-mahanadi-no-longer-subsidiary-of-ksk-energy-ventures-
1234425-2018-05-16

KSK Mahanadi no longer subsidiary of

KSK Energy Ventures
New Delhi, May 16 (PTI) KSK Energy Ventures today said its arm KSK Mahanadi
Power Company is ceased to be its subsidiary following invocation of pledged shares by
a consortium of lenders upon default on repayment.
"...consequent to the invocation of pledge at KSK Mahanadi, it ceased to be subsidiary of
the Company and will substantially impact the Groups business moving forward," KSK
Energy Venture said in a BSE filing.
According to the statement, the lenders consortium at KSK Mahanadi Power Company
(KSK Mahanadi) along with lenders consortium at the water and railway infrastructure
SPVs (special purpose vehicle) had issued notices of default with respect to credit
facilities availed under the respective facility agreements.
The lenders had also informed about various actions required to address the default,
including the invocation of equity shares of the companies pledged in favour of the
lenders consortium. The company had represented their case before lenders.
Talking about the impact of this action on the company, KSK Energy Ventures said that
KSK Mahanadi constituted over 80 per cent of the total power generation capacity of the
group in the last 10 years (3,600 MW of the 4,472 MWs being operated/ developed under
the company).
It said that lenders action would have adverse impact on the KSK Energy Ventures and
its various stakeholders.
The aggregate equity investment in KSK Mahanadi is over Rs 3,600 crores, with 82.8 per
cent held by the company and its subsidiaries and balance 17.2 per cent held by KSK
Energy Company.
These shareholding in KSK Mahanadi were pledged with lenders at KSK Mahanadi as
well as lenders at the holding companies and lenders action in this regard would seriously
jeopardize its value, KSK Energy Ventures added. PTI KKS KKS BAL BAL

https://www.valueresearchonline.com/story/newsannouncementstock.asp?code=19058&p=17

http://www.morningstar.co.uk/uk/news/AN_1527614460514954400/ksk-power-ventur-suspends-new-
strategy-as-it-awaits-further-clarity.aspx\\

KSK Power Ventur Suspends New Strategy As

It Awaits Further Clarity
LONDON (Alliance News) - KSK Power Ventur PLC said Tuesday its
new business strategy is being ...
Alliance News29 May, 2018 | 6:21PM

LONDON (Alliance News) - KSK Power Ventur PLC said Tuesday its new business strategy is
being put on hold "until further clarity" is achieved on a number of its developments.
The Indian-focused power project company said the "current external environment" in the
power sector in India is causing a "contagion effect" of "stress" where other power plant
assets in the company have also "started experiencing difficulties requiring appropriate
resolution plans".
In a release to the National Stock Exchange of India, KSK's subsidiary, KSK Energy
Ventures Ltd, said a lender consortium at its KSK Mahanadi Power Company Ltd - which
produced over 80% of the company's total capacity over the last 10 years - has issued
notices of defaults with respect to credit facilities.
KSK said the lender process of inviting interest and bids from various investors would have
an "adverse impact" on KSK Energy Ventures.
The shareholding at KSK Mahanadi "has been pledged with lenders" and, according to KSK,
the "lenders" action in this regard would seriously jeopardize its value".
KSK said the continuing "uncertainty" about the new regulatory framework for debt
resolution in India is another reason for the suspension of activities.
At the beginning of April, the Reserve Bank of India revised a framework for the resolution
of distressing assets, including the possibility of sale of debt exposure by banks to other
investors, or restructuring.
KSK said the plan undermines its efforts to secure further strategic funding at each asset
level as well as reducing debt leverage in the various asset holding companies within the
group, based on fund realisations from equity stake divestments in the subsidiaries.
As a result, KSK Power Ventur said it would adopt a new business strategy, to convince
Indian banks and financial institutions to continue supporting the group, during which it can
turnaround the various assets.
In addition, the group has also reorganised its board, with three non-executive directors
stepping down, to be replaced by those with more political and banking experience.
Shares in KSK were untraded Tuesday but were last quoted at 9.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
Copyright 2018 Alliance News Limited. All Rights Reserved.

https://www.sourcewatch.org/index.php/KSK_Mahanadi_Power_Project

https://www.bloombergquint.com/business/pfc-hopes-to-resolve-seven-stressed-power-
projects#gs.0GaRkRpT

PFC Hopes To Resolve Seven Stressed Power Projects Bhanvi Arora

@bhanvi_1 September 12 2018, 11:03 PM September 12 2018, 11:03 PM
The Power Finance Corporation Ltd. is hopeful of resolving seven stressed
power projects funded by it in a month as the Supreme Court granted status
quo till mid-November. “I'm sure we will be able to resolve the projects in
which bids have already been received,” Ra

Read more at: https://www.bloombergquint.com/business/pfc-hopes-to-

resolve-seven-stressed-power-projects#gs.0GaRkRpT
Copyright © BloombergQuint
https://m.dailyhunt.in/news/bangladesh/english/financial+chronicle-epaper-
finance/bank+backed+amc+to+bid+for+stressed+assets+headed+to+nclt-newsid-97342391

Bank-backed AMC to bid for stressed assets

headed to NCLT
City: New Delhi
Idea is to avoid huge haircut under bankruptcy process
The asset management companies proposed by public sector banks and infrastructure
finance companies, including SBI, PNB and REC, will actively participate as bidders in
the resolution process of large stressed assets being undertaken by the National
Company Law Tribunal (NCLT).
Sources in State Bank of India (SBI) confirmed that the AMC/Alternate Investment Fund
(AIF) model proposed by the bank and other institutions were NCLT-compliant and they
intended to use this corporate entity to take up resolution of cases outside the
Insolvency and Bankruptcy Code (IBC). They will also bid for a few stressed assets that
are already in NCLT or would be referred to the bankruptcy court after the next hearing
of the Supreme Court in November.
The AMCs (asset management companies) created under a SPV model by bankers
with multitude of investors are NCLT-complaint in terms of placing bids for stressed
assets. The lenders would only need to keep existing promoters of assets outside any
combination finalised for AMCs/AIFs.
Lenders with high exposure to stressed assets were working on various plans to resolve
stress in a few large assets outside the NCLT process. These included Scheme of
Asset Management and Debt Change Structure, or Samadhan; the AMC model under
Sashakt scheme for loans above Rs 500 crore and Power Asset Revival through
Warehousing and Rehabilitation or Pariwartan scheme that looked to warehouse and
nurse around 25,000 MW stressed power projects before selling it.
With the deadline to refer around 70 identified stressed assets with total outstanding
loan in excess of Rs 3.5 lakh crore to NCLT nearing, it is felt that lender-sponsored
asset management companies should bid for bankrupt firms, nurse them to health and
then again sell the assets, primarily power plants, getting much higher valuation.
Some of the bankers and power sector experts feared that stressed power assets, that
are not wilful defaulters, would not get good valuation in the IBC process. This would
have meant huge haircut for lenders in NCLT monitored resolution than what they could
have achieved if the assets were sold or auctioned outside IBC.
"This is a good development as 18 stressed power assets, including some of the prized
projects of Essar Power, GMR, Jindals, KSK Mahanadi, Lanco, Visa Power and Coastal
Energen, now may land in NCLT once the Supreme Court vacates its order on status
quo for stressed projects in its next hearing. The participation of AMCs, sponsored by
PSBs and public and private sector funds, as bidders for stressed assets would help
lenders to get better valuation," said a banking industry expert not willing to be named.
Though lenders are working on completing resolution process for about 7 out of 34
stressed assets before the SC opened window ends, they also realise that many power
assets may ultimately land in NCLT. So, they are working on both fronts to resolve the
cases where resolution can be completed on a fast track basis and complete formation
of AMCs at the earliest to give resolution a chance even in the IBC process.
The Supreme Court on September 11 granted interim relief to stressed power firms,
directing lenders to maintain a status quo on the Reserve Bank of India's circular for
banks to resolve these cases within 180 days. The RBI deadline for stressed assets
ended on August 27, meaning that all defaulting entities with over Rs 500 crore
outstanding loan will now face NCLT.
Under the directions of the Centre, public sector banks have initiated their plan to set up
AMCs with first such entity, probably sponsored by SBI, likely to become operational in
a months time. Banks are in talks with asset management and investment funds
Brookfield, KKR, BlackRock and Edelweiss to join their AMCs that would turn around
stressed assets.
The AMC model for resolution of large bad debt would not be restricted to just one entity
but other bankers such as Punjab National Bank (PNB) and Bank of Baroda (BoB) are
also exploring similar ventures where effort is being made to also rope in domestic
financial institutions (DFIs) and asset reconstruction companies (ARCs) into the
Sashakt AMCs.
It is expected that investment funds would be brought in as equity partners in the
AMC/AIF model to bring in their interest in asset management. The AMCs would also
appoint industry experts and turn around specialists to help resolve the stressed asset.
A senior official of public sector bank said that they were also talking to power sector
financial institutions such as Power FinanceCorporation (PFC) and Rural Electrification
Corporation (REC) who are looking to set up their own sector specific AMCs under
Pariwartan scheme. In fact, REC has proposed its own AMC model where stressed
asset would be nursed under a warehousing scheme before being auctioned.
Columnist: Subhash Narayan

https://www.businesstoday.in/current/economy-politics/supreme-court-and-government-
interventions-may-help-to-salvage-only-13-gw-of-stressed-power-plants/story/282344.html

Supreme Court and government

interventions may help to salvage
only 13 GW of stressed power plants
Apart from the stay, the stressed power plants were also given another breather
recently, when the high-level empowered committee constituted by the Prime Minister's
Office allowed retaining fuel supply agreements (FSAs), Power Purchase Agreements
(PPA) and long-term transmission network access rights.
The Supreme Court's stay on Reserve Bank of India's initiative on
insolvency proceedings against stressed power assets may give a
lifeline to about 13,000 MW of stressed power assets heading for
insolvency, but it will be a herculean task to save majority of the
estimated 60,000 MW of troubled power plants.
Apart from the stay, the stressed power plants were also given
another breather recently, when the high-level empowered
committee constituted by the Prime Minister's Office allowed
retaining fuel supply agreements (FSAs), Power Purchase
Agreements (PPA) and long-term transmission network access
rights. When a company is referred to the National Company Law
Tribunal (NCLT) for insolvency, these agreements stand suspended
or cancelled. The high power committee's decision to waive this
clause was to allow these projects get a fair valuation.

"The current decision of the Supreme Court may give a few months
more time, at least till November, for bankers and stakeholders to
salvage about 13 GW of projects, as the government is taking many
favourable policy decisions and bankers will get time to resolve
issues of many of these projects under stress," says Ashok
Khurana, Director General, Association of Power Producers (APP).
Industry sources point out that of the 34 stressed projects with
loans of about Rs 1.77 lakh crore, less than 20 have proper PPAs
and fuel supply agreements in place. In most cases, the PPAs or
FSAs are for less than half the planned capacity.
Bankers had earlier tried to resolve issues of about 12 power plants
under a 'Samadhan Scheme' but could not conclude deals due to
various issues with different stake holders and large debt baggage
with these projects. These were Lanco Anpara Power, Jaypee
Power Ventures (Nigrie), KSK Mahanadi Power, Coastal Energen,
Avantha Power, Jindal India Thermal Power, SKS Power
Generation, Prayagraj Power Gen, RKM Power Gen, IND Bharat
Utkal and Ideal Energy. These have projects worth a cumulative
12,640 MW and are likely to be the immediate beneficiaries from
the stay and the empowered committee decisions.
Industry sources say many of these 12 projects having proper PPAs
and FSAs can be saved without much effort with ownership
changes, one time settlements and hair-cuts by banks. Those with
partial FSAs and PPAs can be an attraction for buyers with deep
pockets and are ready to wait for 3-4 year period, to recover and
stabilise these power plants, as thermal energy is still one of the
cheapest and abundant form of energy in Indian conditions.
They point out that the courts, government, banks and other
stakeholders understand the current mess with the power sector is
an outcome of systemic failures and wrong policy decisions over
the years and the entire blame should not be on the project
developers.
It is estimated that the discoms owe power producers more than Rs
35,000 crore for the power sold, Rs 3000 crore given as advance
for coal and rail, Rs 14000 crore is mired in regulatory issues etc,
they note.
Industry sources say the whole issue started in the 2004-09 period,
when power plants were given coal linkages for over 1,30,000 MW
of power, when actual delivery position was not even 30,000 MW.
Similarly, the Central Electricity Authority's (CEA) demand
projections went off target by over 42 per cent. While power plants
came up, setting up of adequate transmission and distribution lines
remained neglected, which led many plants to limit production or
idle capacities.
When coal shortages, mine cancellations and less demand gripped
the sector and financial health of discoms went from bad to worse
post 2009, many of the power producers who did not order boiler,
turbine, generator (BTGs) stalled their projects. Those who gave
advances and made investments were forced to continue with the
projects, which finally went into a stage beyond redemption.
Industry sources claims except for 2-3 plants that may have
abnormal costs, almost all projects were done with quality
equipment and maintaining global standards.

https://www.dnaindia.com/business/report-dna-money-exclusive-centre-
plans-warehouse-to-save-stressed-40-gw-power-projects-2621770

DNA MONEY EXCLUSIVE: Centre

plans 'Warehouse' to save stressed 40
gw power projects
Ministry of Finance along with Ministry of Power has started formulating a policy to
save around 40 gigawatt (gw) of stressed power projects worth a couple of lakh crore
by introducing the 'Warehousing Model'.

According to three people privy to the discussions, the move is being worked upon by
the government to protect the interests of all the stakeholders – banks, non-banking
finance companies, the government, the promoters and the public.

"The warehousing model will house stressed power assets, manage them, revive them
and give them adequate time to operate till the demand picks up. The government is
working on it and is still in the earlier stages," said an official.

Another official shared that it has been two months since the idea was given a thought
and deliberations have begun. It will take a couple of months more to finally bring out
and implement the plan.

Under the warehousing model, the project will be incubated with an asset
management company. As a pre-condition, there will be a change in the management
of the asset in stress till the time the revenues start servicing the debt or a market is
found. A few of the cases may continue to have promoters as part of the management
for a minority stake.

"It hasn't taken a proper shape, it is an idea at the moment. The idea is basically to
keep NTPC, Power Finance Corp Ltd, Rural Electrification Corp Ltd and State Bank
of India - all of them into the picture. All of them will chip in with whatever funds are
required and operational support is likely to come in from NTPC," a third official told
DNA Money.
If the government intervention is successful in turning around these projects through
the warehousing model, it will help in protecting country's energy security apart from
taking care of a chunk of stressed loans that the banks have piled up.

According to a recent America-Merrill Lynch report, the banking sector is staring at a

potential dud assets of $38 billion or Rs 2.55 lakh crore from the power sector, as $53
billion (Rs 3.55 lakh crore) of the $178 billion (Rs 11.93 lakh crore) bank loans to the
sector are already stressed. This is primarily due to the generation sector.

"Some of the assets have clear commercial value, so these can go to the market. But
some of them don't have a commercial value as on date because they don't have fuel
supply agreements or something else. Such projects will be managed by an asset
management company for revitalisation and will be owned jointly by all financial
institutions and others like NTPC who have interest in ensuring that these are
protected and managed," said one of the three officials.

As part of the deliberations underway, each of the assets or projects will have a
customised resolution plan and work with other lenders to see that there is a
successful outcome.

A recent parliamentary panel report stated that Rs 1.74 lakh crore is tied up as
outstanding debt in 34 stressed thermal electricity generation projects having a total
capacity of 40,000 megawatt or 40 gw.

Therefore, the entire idea of the policy is not to allow these assets to deteriorate and
be sold as scrap or allow them to go for liquidation, wherein nobody will get
benefited. It is a lose-lose situation which is being tried to be converted into a win-win
condition, said one of the officials.
As the country is growing, even the demand for electricity will continue to go up, thus
giving hope that a revival will not take a long time and eventually, power purchase
agreements (PPAs) will come in.

Among the 34 thermal power projects having stressed outstanding debts are Adani
Group's Tirora (Rs 11,665 crore) and Korba West (Rs 3,099 crore) projects, KSK
Mahanadi Power's Akaltara project (Rs 17,194 crore) and GVK Industries' Goindwal
Saheb (Rs 3,523 crore).

Even Jaypee Group's Bara (Rs 11,493.5 crore), Nigrie (Rs 6,211 crore) and Bina (Rs
2,253.85 crore) are among financially stressed. Similar is the fate of Essar's Mahan
(Rs 5,951 crore) and Tori (Rs 3,112 crore) power plants, and Lanco Group's
Amarkantak (Rs 8,782 crore), Anpara (Rs 3,071 crore), Vidarbha (Rs 4,762 crore) and
Babandh (Rs 6,976 crore).

In the case of GMR Energy, there are three such projects, namely Warora (Rs 2,905
crore), Raikheda (Rs 8,173.9 crore) and Kamalanga (Rs 4,100 crore).
In Charging Mode
 The idea is to house stressed power assets, manage them, give them adequate time to operate till the
demand picks up

 There will be a change in the management till revenues start servicing the debt

 It has been two months since the idea was given a thought and deliberations have begun

 It will take a couple of months more to finally bring out and implement the plan

http://www.mydigitalfc.com/plan-and-policy/govt-moots-stake-sale-stressed-power-plants

Govt moots stake sale in stressed power plants

The government is planning to sell stake in at least 8-10 stressed power plants to strategic investors
as it looks to establish an alternative resolution mechanism for the sector and prevent these prized
assets from facing insolvency proceedings and liquidation.
It will also “warehouse" certain projects and bring it back to health gradually through equity support
from banks and power sector lending agencies and operational support from an asset management
company or generating entity like NTPC while considering others for insolvency by NCLT.
A government committee would place the new resolution mechanism decided by lenders, led by State
Bank of India, before the Allahabad High Court. The court is hearing a petition filed by Independent
Power Producers Association of India (IPPAI) pleading a special dispensation from the Reserve Bank
of India (RBI) for stressed power projects citing that default by power producers were not wilful. The
next hearing is slated for August 2.
The RBI’s February 12 circular requires banks to finalise a resolution plan in case of default on large
accounts of over Rs 2,000 crore within 180 days, failing which insolvency proceedings will have to be
invoked against the defaulter. The default period starts even if there is one day’s delay in payment of
dues by the borrower. This has immediately made over two-dozen power projects with a capacity of
over 34,000 MW stressed.
“Bankers led by State bank of India have concurred to sell about 8-10 stressed power plants under
the new scheme — Scheme of Asset Management and Debt Change Structure, or Samadhan to
prevent their liquidation.
“The process would start immediately so that the scheme is implemented within 180 days of default.
All eyes are also on HC to see whether court accepts new plan for stressed power projects and gives
it more time for implementation,” said a government official privy to the development.
The 180-day window for most stressed power projects are ending in August or early September
leaving little time implement new schemes.
The plan to sell the stressed power assets would cover projects such as those of GMR, Essar, Lanco,
KSK Mahanadi, Jhabua Power, RKM Powergen and others. As per the scheme of sale, banks would
insist on payment of at least half of the debt value in cash by the prospective owners. They will also
have to shell out 20 per cent of the bid amount as cash immediately or provide bank guarantee of an
equivalent amount.
The new scheme would also allow existing promoters to maintain their equity in such projects but
would have to bring down their stake to 25 per cent or below to prevent them from blocking any special
resolutions.
“Some of the projects identified for sale can start generating cash quickly with the infusion of equity.
So we do not want to sell these at throwaway prices and a minimum bid of that puts project cost at Rs
3 per MW will only be considered,” said another government official who did not wish to be named.
There is concern in the industry that stress sale would be detrimental for the sector.
“We are hopeful that projects that are stressed largely on account of lack of PPAs and coal would get
a chance to revive rather than being sold at throwaway prices. If a power assets are sold under
auctions at this juncture it would command a very low price of between Rs 1.5-2 crore a MW while the
going price for a new power projects is over Rs 7-8 crore a MW,” said Ashok Khurana, director general,
Association of Power Producers (APP).
Under the ‘warehousing model’ the thinking is to create a special purpose vehicle (SPV) involving
state-owned funding and operating entities such as Rural Electricity Corporation (REC), Power
Finance Corporation (PFC), State Bank of India (SBI) and NTPC. The entities would put funds into the
SPV and raise further finances from the market to provide equity support to stressed projects.
NTPC may be given additional task to operate the stressed power plant till the time it revives. Post a
turn around, the SPV could decide either to sell the asset to a new owner or transfer it back to existing
promoters to ensure that banks get back their regular share of dues.
The stressed projects includes who’s who of power industry including GMR, Lanco Infratech’s, Jaypee
Power Ventures’, KSK Mahanadi, Jindals etc. In addition to these projects with 34,000 MW capacity,
Gujarat based thermal projects of Adani, Tata Power and Essar is also stressed and running into
losses due to shortage of coal and high price being paid imported fuel.
India's power sector is one of the largest contributors of stressed assets plaguing the financial system.
Stressed power projects hold nearly Rs 1.8 lakh crore in loans (Rs 2.5 lakh crore together with Tata,
Adani and Essar), which are yet to be classified as bad loans. Bankers fear that unless some collective
resolution plan is worked out, loans will turn bad and the recovery on these loans would be low.
The RBI’s February 12 circular dashed all hopes for stressed projects as it gave little time for a solution
to be worked out and threatened most projects to be put under insolvency and bankruptcy process.
As per RBI's new NPA notifications ‘Resolution of Stressed Assets – Revised Framework’ banks have
to classify even one-day delay in debt servicing as default. This will bring many power companies
under the
NPAs as even power projects that are better-off in terms of realisation and debt servicing will fall under
the ‘special mention accounts category’ mentioned in the RBI circular.

https://www.outlookbusiness.com/the-big-story/lead-story/bad-debt-or-
death-bed-2123

Bad Debt Or Death Bed?

Evergreening of loans is keeping several over-leveraged companies alive. What
could be the endgame?

Jitendra Kumar Gupta & Jash Kriplani

Just a year before liberalisation, a few enterprising men decided to enter the business of
steel making. These men borrowed monies from banks and then kept on borrowing. One
fine day, the bankers realised that the promoters had no way of making good on their
debt obligations. But accepting financial loss — or losing face, for that matter — was not
an option for these banks.
So, the largest lender called upon the other smaller banks and told them to ease the
payment obligations so that the loan remains good. A smaller bank was willing to accept
the loss and did not want to support these enterprising men anymore but the largest
bank used its mighty clout and made almost all of them fall in line. Is this a true story or
a figment of someone’s imagination? Your guess is as good as ours.
Recently, HDFC Bank sold its Essar Steel exposure of ₹550 crore to an asset
restructuring company, while an SBI-led joint lenders’ forum restructured the
company’s ₹30,000-crore exposure. Reports suggest that the loan was sold at a 40%
discount. Industry insiders believe that refinancing and rolling-over are going to be
commonplace in the banking system, which is short on ideas but big on its set of
problems.
In a study of highly leveraged business groups, analysts at Credit Suisse say that $15
billion worth of long-term debt is due next year and would need to be refinanced.
Additionally, another $20 billion of short-term debt would need to be rolled over. With
these stressed groups’ total outstanding loans at a staggering ₹730,000 crore
(see: India’s debt and mighty), banks will have little or no choice but to support these
groups’ debt-ridden balance sheets. With some of the banks already stretching to meet
the Basel-III capital requirements, supporting these groups would put additional burden
on their capital base.
India's debt and mighty
Debt servicing ability has worsened for most business groups

Source: Credit Suisse; *Essar P&L numbers are for FY14, debt is based on data available for FY15, with the rest assumed to be same as

FY14

According to Saurabh Mukherjea, head of institutional equities at Ambit Capital, the

genesis of the problem is politically directed loans made in 2009 and 2010 and genuine
errors of judgment made in 2008. Over the past eight years, corporate debt of the top 10
over-leveraged corporate groups covered by the Credit Suisse list grew by a whopping
seven times (see: The show must go on). “Clearly, what happened during UPA-II was that
the promoter community realised that foreign investors were bending over backwards to
give them equity funding and that the political class would help them procure funding
from PSU banks on the premise that it is the only way long-term infra funds could be
funded. Using that as a genuine pretext, politically directed loans were made with very
little prospects of repayment, either because the projects were wrongly structured and
planned or because there were mala fide intentions at the outset,” he says. “A whole
ecosystem of people cropped up, which included but was not restricted to politicians,
who were complicit in using both the debt and equity layers to line their pockets,” he
adds.
The show must go on
Debt ballooned as banks evergreened loans
Source: Company data, Credit Suisse

In Outlook Business’ own study, which we conducted over the past few days (see: Dead man
walking), we threw a net with a stringent set of debt ratios over the familiar ocean of the BSE
universe and 20 companies got caught in our net. We first fished for companies with debt-equity
ratio of more than 2.5x. Within this flock, we culled out companies with interest coverage ratio
equal to or more than 1.5x, with opening cash plus CFO/interest cost equal to or more than 1.5x
and a market cap: debt of less than 100%. Then, we looked at common companies across these
four filters and finally ranked them on the basis of their individual ratios to find the worst of the
lot; the total outstanding debt of these companies stood at ₹406,000 crore. Six companies on
our list incidentally also belong to the four stressed corporate groups that have been covered by
Credit Suisse analysts in their House of Debt report. These 20 companies are vulnerable to debt
troubles, as they face a highly challenging environment in meeting their debt obligations.

Wishing it away
Unsurprisingly, we found that rating agencies and the banking system were yet to ring
the alarm bells on several of these companies. Although the corporates servicing these
loans face a worrisome situation, rating agencies so far don’t seem to think that these
companies could be headed for a default-like situation. For 12 of these debt-burdened
companies that landed in our net, their ratings have not been lower than BB. Of this, 10
were investment grade, that is, BBB and above. Only in six instances has the rating been
pegged at D, that is, default.
As per a study done by Nomura, corporates’ balance sheets (consolidated debt-to-equity
greater than 1.3x) are today more leveraged than in any other past cycle. Some of the
companies that are currently finding it difficult to even pay their monthly interest
expenses from their operating cash flows have been assigned A- or higher ratings,
indicating adequate to high degree of safety. This set of companies include names such
as Tata Teleservices (Maharashtra), Adani Transmission, Adani Power, Sadbhav
Engineering, IL&FS Transportation Networks, JBF Industries, Century Textiles and
Industries and Dalmia Bharat. Companies such as Tata Teleservices and IL&FS
Transportation Networks’ ratings may be supported by the ratings of their parents Tata
Sons and IL&FS, although one might question to what extent the parent will support the
child.
According to Pradip Shah, chairman of IndAsia, who in his stint at Crisil introduced the
concept of credit rating to India, “While it is not right to paint all the rating agencies
with the same brush, certain rating agencies are giving out as much ratings as they can
without doing due diligence. How can these rating agencies justify investment grade
ratings (i.e. BBB-)? This is like a speculative trade; if the company is lucky it will be able
to pay off its debt but on the basis of hard numbers it doesn’t look likely. Certain
agencies are reluctant to detect stress as money matters dictate their business
approach.” About 13 companies on our list are yet to enter bankers’ intensive care unit
— CDR or 5/25. These include Adani Transmission, BF Utilities, Bombay Dyeing &
Manufacturing Company, Century Textiles and Industries, Dalmia Bharat, Jaiprakash
Associates, Jaiprakash Power Ventures, JBF Industries, Jet Airways, KSK Energy
Ventures, Sadbhav Engineering, Sadbhav Infrastructure and Tata Teleservices.
Incidentally, in case of Jaiprakash Associates and Jaiprakash Power Ventures,
restructuring has not happened even though the company has been assigned a D rating,
indicating that the company is in default or expected to default. The company was
downgraded by CARE Ratings in October to D from BB. Up until February 18, when it
was downgraded from BBB to BBB-, it was still investment grade. Subsequently, the
rating was taken down a couple of notches lower to BB in July, before the D rating was
eventually assigned. Gayatri Projects is another interesting case study of a company
quickly getting downgraded to D.
Dead man walking
Liquidity and asset-based ratios indicate that some companies may find it hard to survive
Note: Composite ranks have been calculated by adding the individual ranking of these companies under each of these ratios. Companies

with the lowest rankings have the worst financial ratios. Interest cover ratio is earnings before interest and taxes divided by interest cost. Op

cash+CFO is opening cash plus cash from operations. *M-cap as on March 31, 2015; * crore; Source: Ace Equity

In the month of February, CARE actually upgraded the infrastructure player from D to
B+, citing regularisation of debt servicing. CARE analyst Radhika Ramabhadran in her
note said that the ratings are underpinned by the track record of the company and
promoters’ experience and satisfactory order-book; albeit certain stalled orders and
weak order inflow exist. In May, the rating was reaffirmed. In November, the company
was reassigned the D rating citing delay in debt servicing. Monnet Ispat is another
example which saw a quick downgrade. On April 21, the company was downgraded to
B+. Up until that time, the steel company enjoyed a BBB- rating, that is, investment
grade. In July, the rating was cut from B+ down three notches to D.
Why bad won’t turn good
Of the ₹406,000 crore of outstanding loans detected in our screening, 12 infrastructure
companies accounted for 77% of the loans. These debt-burdened companies were
involved in power, construction and roads businesses. Companies in textile, aviation,
steel and telecom made up the balance. Experts don’t seem to think that a benign
interest rate cycle is going to help improve matters. “Stress is unlikely to come down for
many of the companies that you have identified in your analysis. Rate cuts are not going
to help matters much so far as improvement in fundamentals is concerned,” says Sanjay
Bakshi, widely followed value investor and adjunct professor at MDI, Gurgaon. He sees
a negligible impact on these companies’ large interest outgo due to the RBI’s recent 50
basis points rate cut.
Power and steel sectors face a daunting task ahead, with macroeconomic conditions
clearly not in their favour. Take the case of Adani Power: despite booking compensatory
tariffs (the matter is currently sub judice), the company reported losses to the tune of
₹815.6 crore in FY15. Its total outstanding debt stood at ₹44,741 crore and its net worth
has already fallen by 13% to ₹5,724 crore in FY15. Girish Nair, power analyst at BNP
Paribas, feels the company could see a net loss to the tune of ₹3,821 crore over FY16-18
due to higher interest costs. Nair was earlier working with a net loss estimate of ₹2,221
crore for the same period but believes that if reports of Adani Power looking to refinance
the debt of its loss-making plants at Mundra, Tiroda and Kawai are right, it would
translate into lower debt repayment and a higher interest rate.
Adani Power and other private power generation companies have been struggling to
keep their projects viable, with the issue of compensatory tariffs still sub judice and state
discoms struggling to honour the payment obligations under the power purchase
agreements (PPA) due to their own problems. Take the case of Rajasthan Rajya Vidyut
Prasaran Nigam. According to reports, the state transmission utility scrapped seven
PPAs signed with power producers such as Lanco Babandh, PTC Athena (Chattisgarh),
SKS Power, PTC-MB Power and KSK Mahanadi, as it was unable to meet the payment
obligations.
Power Finance Corporation’s FY12-14 report on the financials of state electrical boards
puts the rot in perspective. The distribution companies’ combined losses for FY14 stood
at ₹62,100 crore, with their debt rising to ₹330,000 crore from ₹270,000 crore.
Discoms’ combined net worth is a negative ₹220,000 crore. As for the power companies
— Adani Power, Adani Transmission, Jaiprakash Power Ventures, KSK Energy, Lanco
Infratech and BF Utilities — that have shown up on our list, servicing their combined
debt of ₹140,000 crore seems to be beyond their power unless state discoms repair their
own balance sheets and are in a position to buy power from independent power
producers (IPPs).

During UPA-II, foreign investors were bending over backwards to give promoters equity and politicians

would help with bank funding — Saurabh Mukherjea, head, institutional equities, Ambit Capital
Due to the lack of demand from discoms and lack of fuel availability, these IPPs are operating at
low plant load factors (PLF). Jaiprakash Power Ventures’ PLF in FY15 was 55.36%, while for
Adani Power the average PLF was 70% during the same period. The average PLF of KSK Energy
Ventures and Lanco Infratech are 53% and 51%, respectively. A recent report called Power Sector
Compendium by Crisil observes that domestic coal availability is still below what is required to
operate these installed capacities at the normative PLF of 85%, as stipulated by the Central
Electricity Regulatory Commission. The report adds that “India’s coal-based power generation
plants require about 713 million tonne of coal in FY15 to operate at 85% PLF. But domestic
supply stood at 451 million tonne and 90 million tonne was imported — totaling 76% of what
was required — because of which the all-India thermal PLF declined to a decadal low of
approximately 65% in 2015.”

In a bid to address the liquidity crunch faced by the discoms, the government recently
launched a project called UDAY. The project would essentially entail the state
governments taking over 75% of the discoms’ debt by FY17 and the interest cost for the
balance debt would be lowered by 25%. While the relief package looks good on paper,
there is still a question mark over whether state governments will be willing to play ball,
as power is a concurrent subject.
The government hopes UDAY will bring the losses down from 22% to 15% and
completely remove the gap between the cost and revenue deficit by FY19. Even if things
go as planned and discoms start buying incremental power from IPPs, there are certain
sticky issues that the power generation companies need to get around.
According to a Crisil study, even as poor demand remains a concern, out of the 46,000
MW (funded through debt of ₹210,000 crore) of power projects that are facing viability
issues, close to 26,000 MW face the hurdle of inadequate feedstock (coal and gas). The
study estimates that another 20,000 MW of capacities are under pressure due to tariff
under-recoveries, which have been complicated by escalation in the cost of Indonesian
thermal coal. The IPPs were not prepared for this, as this cost escalation was not built
into the tariffs fixed in their power purchase agreements (PPAs).
Apart from the power sector, steel is another sector that is in a precarious state.
Overcapacity, low commodity prices and continued import pressure from China has led
to the corrosion of the net worth of steel companies. The government’s strategy to curb
imports from China by implementing a safeguard duty also seems to be unraveling.
Analysts at ICRA say that while the imposition of the duty had reduced the differential
between domestic and international hot-rolled coil prices, with international prices
falling around 5% after the duty was imposed, domestic prices are likely to remain weak.
A banking analyst with a foreign brokerage says, “While it is easy to blame the problems
in steel to the prevailing down cycle, a lot of these companies would not be able to
service their debt even in a moderately bullish steel cycle, as the quantum of debt is very
large.”
The near future looks bleak. “We are actually going through disinflation. Our nominal
GDP growth rate in Q1FY16 was 8.8%, the worst in 13 years. The real GDP growth seems
to be reviving, but our nominal GDP growth rate has been nose-diving. If disinflation
persists for another year, the situation will have lot of symptoms comparable to a
balance-sheet recession,” says Deep N Mukherjee, visiting faculty with IIM Calcutta and
previously with Fitch Ratings. Adds Sudip Sural, senior director at Crisil Ratings, “The
leverage problem is persisting because demand is not catching up. That is why it is going
to be an L-shaped kind of a recovery, where we are going to see the downturn continuing
for some time.”
A combination of an extended working capital cycle and a dried-up cash flow stream has
put many of these companies in a liquidity crisis. “Many companies, especially those
that were granted a moratorium by the CDR cell, are now facing pressure from the
banks. Like in our case, at the time of restructuring our debt, we thought two years will
be enough to ease liquidity pressure and thus the extension of maturities and
subvention of interest was a big relief. But the problems have not gone away and
companies with poor fundamentals are facing the bankers’ heat,” says Praveen Sood,
group CFO, HCC.
Certain agencies are giving out ratings without due diligence and are reluctant to detect stress as money

matters dictate their approach — Pradip Shah, chairman, IndiaAsia Fund Advisors

Slowly but surely, debt has eaten into the equity of these companies; particularly in the case of
infrastructure and power projects, which were built at debt-to-equity of 70-30 and are now at
90-10. In case of KSK Energy, the market cap-to-debt is 90:10; in the case of Jaiprakash
Associates and GVK, the ratio is 95:5. In certain cases where the market cap is about 2-5% of the
total enterprise value, the value of equity is on the verge of becoming zero. Take the example of
Bhushan Steel. Taking into account the replacement value (₹6,000 crore for 1 million tonne),
Bhushan Steel’s over 5-6-million tonne capacity is valued at around ₹36,000 crore. After adding
another ₹3,000 crore of capital work-in-progress, the total value of the company comes to
around ₹39,000 crore. However, gross debt itself has gone up to ₹40,000 crore from ₹30,000
crore in FY13, thus leaving very little on the table for equity holders, as reflected in the
company’s ₹1,000-crore market cap.

No takers
Such companies are now finding it hard to get buyers to come in and put some equity on
the table. “There are no deals happening as there are too many sellers in the market and
buyers have become choosy and greedy. Also, the assets that are being put on sale are
not really good assets. They have their own set of issues and sticky liabilities that may
put off any interested parties,” explains Sood. Even as a sluggish order-book amid weak
demand has jammed the wheels of recovery, banks’ largesse seems to show no signs of
abating.
As per a UBS report, there was an 85% increase in estimated loans to potentially
stressed corporates since FY12. With large banks now facing dissent from capital-
starved smaller banks on refinancing at joint lenders’ forum (JLF), the stressed
companies are trying to tap the primary market to fund their mismatch in cash flows.
But they are not finding many takers there either. For instance, finding lack of investor
appetite for debt-burdened real-estate companies, HCC is unable to list Lavasa. “A large
part of our debt, or 1.2-1.3x, can be attributed to inventories and debtors. We have close
to ₹10,000 crore of settlement claims. Of this, ₹3,000 crore worth of claims are
recognised and only ₹450 crore of that has been paid. We have been trying to list
Lavasa, which can ease pressure, but there is little appetite for real-estate IPOs as of
now,” Sood adds.
GMR’s bid to list GMR Energy has also seen a delay. The latter, which accounts for
about half of group debt and operates about 2,500 MW, is facing challenges due to non-
availability of fuel for its gas-based power plants of 1,300 MW. Through this listing,
GMR Infra was looking at getting equity for its projects and also use ₹400 crore towards
debt repayments. As market cap of these companies have eroded and debt concerns
have not eased, there now seems little point in dilution. Take Bajaj Hindusthan, sitting
on a debt of ₹7,300 crore.
In the past three years, it has diluted its equity twice but that hasn’t helped stem the
deterioration in net worth from ₹3,926 crore in 2012 to ₹1,520 crore in 2015. IL&FS
Transportation Networks, which is a BOT- and annuity-based road project player, has
diluted its equity twice in the past two years. While its net worth moved up from ₹3,639
crore in FY13 to ₹5,720 crore in FY15, debt went up by ₹10,000 crore to ₹24,000 crore;
earnings per share also fell from ₹26 to ₹13 owing to the dilution.
The market cap of companies such as Bajaj Hindusthan, Adani Power, GMR Infra,
Bhushan Steel and Jaiprakash Associates is 20% or less than their debt. Selling stake or
converting debt into equity in some of these cases doesn’t seem to make any sense.
“Bankers are unable to run banks efficiently, where they are fully qualified to do the job.
What will they do taking over infrastructure assets,” asks Mukherjee.
Running out of options, corporates have had no choice but to let go of some of their relatively better

assets — Sudip Sural, senior director, Crisil Ratings

Promoters are also trying to protect their companies’ net worth by pledging their holding with
the banks: almost 100% of promoters’ equity has been pledged in companies such as Bajaj
Hindusthan, IL&FS Transportation, Jaiprakash Power Ventures and KSK Energy. Over the past
year, the 20 firms we mentioned have seen their net worth fall close to ₹10,500 crore; most of
this is accounted for by companies such as Bajaj Hindusthan, Bhushan Steel, GMR and
Jaiprakash Associates. Overall, the over-leveraged companies on an average have faced a market
cap loss of 65% since 2009. “Clearly, internal accruals are falling short,” says Sural of Crisil. The
20 firms in all reported annual operating cash flow of about ₹27,000 crore, falling short of their
annual interest outgo of ₹32,000 crore.

Finding it difficult to meet interest expenses, certain companies have also taken to
financial engineering by capitalising their interest costs and inflating their assets.
Companies like Bhushan Steel have capitalised close to ₹2,200 crore of interest in FY15.
Companies such as HCC and Century Textiles have also followed suit.“Running out of
options, corporates have had no choice but to let go of some of their relatively better
assets,” adds Sural.
Companies such as DLF, Jaiprakash Associates, HCC, Lanco and others have already
sold their core and non-core assets to make room for some breathing space on their
leveraged balance sheets. Even companies with strong promoter backing are looking to
lighten up their balance sheets. Tata Steel, Hindalco, L&T, Tata Power, Indian Hotels,
Vedanta and Jindal Steel & Power are also looking to sell assets. However, these distress
sales are creating a new set of problems for the companies.
Reason: to attract buyer interest, promoters are putting their healthy, Ebitda-generating
assets on the block, which in some cases contribute as much as 70% to their operating
profit. After these assets are sold, the companies’ debt-Ebitda, or interest coverage ratios
are taking a hit. Recent sales of Jaypee Group and Lanco Group are cases in point.
Jaypee has been the most active in selling its assets and will realise ₹22,000 crore from
these sales. It has sold 8.4 MT of cement capacity for ₹5,000 crore and firmed up the
sale of another 4.9 MT for ₹5,400 crore.
Jaypee is also selling 1,391 MW of hydro plants to JSW Energy, which will bring down
debt by approximately 30%. However, as these plants contributed 59% to FY15 Ebit, the
debt-Ebitda would deteriorate post these sales. The group is also in talks to sell its 500-
MW Bina project; PLF for its residual capacity is just 35%. In April, 2015, Lanco
completed the sale of its 1,200-MW Udupi power plant to Adani. It was estimated that
the transaction would cut down its debt by 15%.
This project contributed 69% to Lanco’s FY15 Ebitda and the sale is bound to have a
negative impact on its debt-Ebitda. For the residual capacity, the PLF just stands at
40%. The value of assets on the books of these companies is also not enough to cover
their debt obligations in case of liquidation. For example, Lanco Infra has a net asset
value of ₹21,000 crore and after adding another ₹16,000 crore of capital work-in-
progress, the value of its assets can go up to ₹37,000 crore. Even if all the assets are sold
at book value, it will not be able to pay off its debt of ₹39,000 crore, forget about
shareholders’ equity. Credit Suisse analysts in their House of Debt report note that cost
overruns to the tune of 20-70% have meanwhile pushed up the capital costs and further
weakened the viability of these projects.
Debt-related issues will take at least three to five years to iron themselves out, whether the bankruptcy

code comes into play or not — Deep N Mukherjee, visiting faculty, IIM Calcutta

The assets left behind with the promoters are anyway facing operational challenges, rendering
the future cash flows of little or no help in servicing the high debt level. For instance, most of the
power projects that are now left with GMR Infra are facing operational challenges due to non-
availability of gas and it would not be easy to find buyers for these assets. GMR Infra, which is
into airport, power and road businesses, has divested several of its assets, including road
projects and an airport in Istanbul. “Over the past two-and-a-half years, we have reduced the
group liabilities by ₹6,200 crore through various divestments. The group is undertaking various
initiatives to deleverage its balance sheet through a combination of fund raising, divestments
and strategic investment. These initiatives would lead to reduction in debt, and thus lower
interest payment obligations,” a GMR Infra spokesperson said.

So far, the reduction is negligible as the company has ₹50,000 crore of debt on an
equity base of around ₹8,000 crore. While its road and power businesses have been
bleeding, its airport business has been doing relatively well. Thus, a stake sale or
separate listing of the airport business has been talked about as a remedy but hasn’t
happened so far. While time is running out for debt-troubled companies, the pressure to
sell good assets to attract buyers is building up.
“The current economic conditions have made companies desperate. They are looking to
sell their assets at any price. Banks are exhausted and are putting pressure on
companies to sell assets. Asset sale is not of much help when the stress is too high; this
is only a stopgap, short-term solution. You are only fixing your balance sheet for the
next three or four quarters. It fixes near-term liquidity issues but viability issues
remain,” points out Nirmal Gangwal, MD, Brescon.
Endgame
Mukherjea believes there is no reason to expect the debt woes to mitigate unless all the
stakeholders (policymakers, banks and promoters) show a willingness to end the
charade. “The only endgame is that FII debt providers or FDI can come in over the next
two to three years. The foreign entity can say that its cost of debt is 4-6%, so it can infuse
debt at 2-3% above the 10-year bond yield of 7.7%. Or the foreign entity can say that it
wants to operate the project and is willing to work with 12% IRR; the promoter is
bankrupt anyway. The new owner can give a token amount to the promoter. They can
tell the debt providers that they are cleaned out anyway, so they can take a 10-20%
haircut so that the new owners can get their 12-13% IRR. At the moment, bankers and
promoters pretend that the assets have some value but we know that 80% of what is in
CDR is a straight write-off,” he adds.
Mukherjea cites the ₹6,750-crore Brookfield-Gammon deal to show what this endgame
looks like. In the month of August, Canada’s Brookfield took control of six road and
three power projects. Under the deal, consideration towards equity comprised of cash
consideration of approximately ₹192 crore and a waiver of advances to Gammon Infra of
about ₹285 crore.
The fallen ones
Over-leveraged companies have seen their valuation hitting new lows
*Adani Power was listed on August 20, 2009; #as on November 24; Source: Ace Equity

According to Mukherjea, refinancing or rolling-over of debt is hardly a solution. “The banking

regulator can come up with new structures and reasons to kick the can down the road, but that
won’t help matters.” The foreign brokerage banking analyst says that it is only going to make the
problems bigger. “As banks are not willing to realise the problems and take haircuts, the issues
are only becoming larger.

For instance, say if Bhushan Steel had got sold earlier, banks would have had to take
haircuts of ₹5,000 crore-8,000 crore. But if the company was to be sold now, bankers
would need to take haircuts to the tune of at least ₹20,000 crore, if not more.” The
analyst adds that 17% of total loans are stressed and, of this, 5% are NPAs, so some
provisioning has been done for them, but the balance loans need haircuts if they stand
any chance of recovery.
“It is not going to be possible without a haircut. Three to four years have passed already
and in India, the cost of waiting is close to 12-13%, which is basically the additional
interest that you end up paying on the debt because of the delay,” he adds. Even as
companies such as Adani Power, Bhushan Steel, Lanco, Essar Steel and GMR have gone
for restructuring under 5/25, Yes Bank’s president of corporate finance, Ashish Chandak
is of the view that given the current environment, bankers are cautiously approaching
the 5/25 restructuring window. “They are not doing recasts for any Tom, Dick and
Harry. They are examining the underlying viability because 5/25 alone cannot make a
project viable if the underlying strength not there,” he says.
Meanwhile, the government is planning to introduce a bankruptcy code to help bankers
recover their investment faster so that there is efficient flow of capital across the
economy. Industry veterans say they hope that the code is not a toothless mechanism
and will deter erring promoters. “If there is a provision to change the management
quickly, then that would be good. Additionally, new money would be required to turn
around the distressed company. So, the law should have some built-in mechanism
whereby the new lenders get priority over old lenders in repayments,” says Shah.
While it is anybody’s guess when this endgame will begin and a new generation of
owners will bring in a sense of sanity, for now, bankers and corporates wistfully wait for
the aurora of economic recovery. Mukherjee says, “These debt-related issues will take at
least three to five years to iron themselves out, whether the bankruptcy code comes into
play or not this December. The process of subsequent notifications and implementation
of the code will take at least three to five years. If the code doesn’t get passed, we will
have to wait for another three to five years for economic growth to come back so that the
current crop of zombie loans gets mitigated. This three- to five-year period is assuming a
best-case scenario, where there are no external shocks or further deterioration. In the
meantime, the status quo will continue, where some banks would not recognise the
NPAs, proactively restructure the loans or tap the 5/25 mechanism.”

Russian Federation: Top-10 Frameworks You Have To

Know To Develop Successful Strategy
Last Updated: 31 October 2017
Article by Dmitry Plotnikov
Moscow Consulting Group
Every company develops one at least twice in its life time. We are talking about strategy - an
instrument that is crucial for defining how a company will achieve its long- or medium-term
goals. Since 2010, our Moscow Consulting Group has developed a strategy for over large
companies in various industries.

What are the typical components of a strategy? Exhibit 1 outlines the key areas covered by
each strategic project:

1.External market situation (overall trends and competition analysis),

2.Internal business assessment (business processes effectiveness, risks and growth

opportunities),

3.Company's financial prospective (financial models for various scenarios).

Exhibit 1.

Types of analyses consultants perform in a typical corporate strategy development project

In this article we would like to share the most popular frameworks and tools deployed by
consultants performing strategic projects. These frameworks had been widely used by
management consultants of all calibers from all over the world.

We have selected the top-10 strategic frameworks that are well-known by strategy specialists.
Exhibit 2 contains the areas where these frameworks are mostly applicable.

Exhibit 2.

Top-10 frameworks are used by consultants to assess industry and business current state and
potential during a strategy development projects

1.Porter's Five Forces. The framework is used to assess the attractiveness and profit potential
of an industry or firm by analyzing the 5 key forces active upon it.
2.Entry/ Exit barriers. This framework helps determine the strength of competition in an industry.
The size of barriers to entry and to exit can help to estimate the likelihood of new entrants or of
business leaving the industry.

3.Industry lifecycle. The Industry Lifecycle is a theoretical behavioral model of a typical industry.
Positioning an industry along the lifecycle can help to identify the industry future trends.
4.Maturity-completive positon matrix. The framework is used to asses relative position of a firm
or its Strategic Business Units (SBUs) and its available strategies with respect to industry
maturity and competitive positions.

5.Competitive landscape. Construction of an industry landscape, evaluation of the degree of

competition in different segments of the industry.
6.The McKinsey 7-S framework. The framework is used to evaluate an organization and its
effectiveness. The basic premise of the model is that there are seven internal aspects of an
organization that need to be aligned if it is to be successful.

7.Value Chain. A value chain is a sequential map of all activities within a business or an
industry. The framework disaggregates a business into its 'value' activities. It can be used to
compare industries and companies or to determine and analyze costs.
8.Value Drivers. Value drivers are the business activities or items that most directly impact a
firm's or industry's cost structure or revenue base. Each industry is unique and has its own set
of value drivers.
9.5-C Situation analysis. This framework is used for a general company situation analysis and
helps understand both external and internal factors, including market environment, customers
and the company's capabilities

10.BCG growth-share matrix. The framework is used to position different business units in the
quadrants of growth-share matrix in order to develop an optimal allocation of resources and
investments between them.
It's not necessary to use all the frameworks every time you are developing a strategy. Instead
choose those that will provide the best answers to the strategic questions the company is facing
at the moment.

Important note: please remember that all the outlined frameworks are just tools. Their
usefulness and applicability very much depend on the skills and and thoughtfulness of the
people deploying them.

The content of this article is intended to provide a general guide to the subject matter. Specialist
advice should be sought about your specific circumstances.

Do you have a Question or Comment?

Click here to email the Author

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Contributor
Dmitry Plotnikov

Moscow Consulting Group

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