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dam-l LS: NRI outfit to develop 25 small hydel projects

>
>Business Line
>   Copyright (C) 2000 Kasturi & Sons Ltd (KSL); Source: World Reporter
>                      (TM) - Asia
>                    Intelligence Wire
>
>                 Saturday, January 22, 2000
>
>         India: NRI outfit to develop 25 small hydel projects
>
>Badal Sanyal
>
>CALCUTTA, Jan. 21
>
>THE Columbus-based DLZ Corporation, one of the foremost engineering
>and construction organisations in the mid-western US, has made a major
>inroad into the Indian hydel power generation sector by bagging
>assignments for rehabilitation and development of 25 small and mini
>hydel projects in three States. All the projects are on build, own and
>operate (BOO) basis.
>
>DLZ Corporation, owned and controlled by the Ohio- based NRI, Mr. V.V.
>
>Rajadhyaksha, and his family members, has floated two separate
>companies
>in India through its wholly-owned subsidiary -Dodson-Lindblom
>International Ltd (DLI) - to take up Indian projects. The Indian outfits
>have been incorporated under the name and style of Ascent Hydro
>Projects
>Ltd (AHPL) and Dodson-Lindblom Hydro Power Pvt Ltd (DLHPPL), with
>their
>corporate headquarters in Pune.
>
>AHPL has been entrusted by the Madhya Pradesh Electricity Board
>(MPEB)
>the task of developing seven small hydro electric facilities. Each of
>these is below three MW and is covered under the scheme promoted by
>the
>Union Ministry of Non- conventional Energy Sources. Agreements with
>MPEB
>have been signed. Implementation is to begin in the third quarter of
>this year.
>
>DLHPPL has been selected by the Maharashtra State Electricity Board
>(MSEB) to undertake rehabilitation of an old and damaged 10 MW
>capacity
>hydro electric power station at Bhandardara. The rehabilitation scheme
>comprises installation of a new 12 MW facility. The electricity
>generated is to be purchased by MSEB under the terms of power
>purchase agreement (PPA), which along with other accords, has been signed
>with
>the Maharashtra Government.
>
>It is to be completed in 15 months from financial closure, which is
>likely to be achieved by next month. The cost of this project will be
>met from the company's equity in foreign currency and debt from
>overseas
>and domestic FIs.
>
>Encouraged by the DLZ proposal, the Himachal Pradesh Government has
>awarded 17 small hydro projects for development, starting from basic
>techno-economic feasibility. All the projects have since been studied
>and detailed project reports (DPRs) submitted by the company are in
>process of examination by the State Government. It is understood that
>construction activity for these projects may commence during the current
>calendar year after execution of PPA with the Himachal Government and
>the State electricity board.
>
>In an informal chat here with Business Line, Mr. Shyam Vaidya,
>Managing Director of the Indian outfits, said that DLZ Corporation had
>access to sizable funds abroad in the form of equity as well as debt.
>   Overseas Private Investment Corporation (OPIC), a division of the US
>Treasury, is financing the Maharashtra project and has assured its
>continued support for such schemes in India. Domestic FIs associated
>with non-conventional energy development programme have also
>expressed
>their support to the company's hydro electric power development
>programme in India. Encouraged by the company's activities in three
>States, DLZ Corporation, through its Indian outfits, is contemplating to
>enter the eastern region with the same business objectives, Mr. Vaidya
>said.
>
>
>
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