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April 27, 2001
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Money > Business Headlines > Report April 27, 2001 |
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DVB bid sees Reliance, Tatas, Aditya Birla in close chaseRajesh Unnikrishnan The race to take control of the transmission business of Delhi Vidyut Board has begun to hot up with India's top three business houses -- Reliance, Tatas and the Aditya Birla group -- having gone past the first round in the privatisation of the state-owned company. The list of domestic qualifiers is like a virtual who's who, with the two remaining contenders being BSES, which is 26 per cent owned by Reliance, and Larsen & Toubro. It is learnt that some transnational power companies have also gone past the first round, but the names could not be ascertained. All the domestic shortlisted companies are currently in the process of submitting the pre-qualification bids to SBI Capital Markets, the global advisor. DVB is being split into five companies: a generation company, a distribution arm and three transmission companies for three zones. The successful bidder will get transmission rights for all the three zones -- north & north-west, south & east, and central & eastern Delhi. The government had appointed SBI Caps as the advisor for DVB unbundling. While officials at the Tatas, Birlas, BSES and L&T confirmed they were in the race, Reliance officials declined to speak on the issue. Last month, SBI Caps had floated an international tender for privatising the transmission business of DVB. SBI Caps officials said the final bidder was likely to be finalised by June this year. SBI Caps had earlier, in a report to the state government, said that even after the unbundling of DVB, it will take at least three years for the new owner to push it back into the black. During this period, to support the generation and transmission activities of the board, SBI Caps has advised the government to grant a subordinate debt of Rs 27 billion. Currently, the board incurs losses of around Rs 30 million every day. In 1999-00, Delhi Vidyut Board had incurred a loss of around Rs 18 billion. Powered by YOU MAY ALSO WANT TO READ:
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