Discoms threaten to dilute shareholding

With Delhi govt refusing a Rs 500-cr bailout package,discoms have gone on the warpath.

With no sign of the deadlock between the Delhi government and defaulting discoms BSES Yamuna and Rajdhani breaking,the fate of 28 lakh power consumers in the Capital remained undecided on Thursday.

Having decided against providing the Rs 500-crore bailout package,the Delhi government found itself in a tight spot when the discoms submitted a fresh proposal,asking the government to either infuse equity worth Rs 500 crore or agree to dilution of equity in its company shareholding.

Power regulator,Delhi Electricity Regulatory Commission (DERC),had written to the Delhi government on Tuesday,asking how the outstanding amount owed by the two defaulting discoms to power generation and transmission companies could be adjusted if their licences are suspended.

The government was given 48 hours to reply.

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While the government asked for more time to arrive at a solution on Thursday,the discoms came up with a fresh proposal. The two discoms have outstanding dues towards companies such as NTPC,DVC and Transco,which add up to Rs 3,500 crore.

BSES Yamuna and Rajdhani have asked the government,which has 49 per cent shareholding in the company,to infuse equity amounting to Rs 500 crore as compared to parent company Reliance Infrastructures bailout package of Rs 520 crore. If the government does not agree to this,the companies could consider diluting their shareholding.

Officials said while the government is unwilling to provide the bailout package,it may not favour dilution of shareholding either. The DERC has asked the Delhi government to reply to the new proposal by December 27.

With the one-month breather (till January 7) given by the NTPC to the defaulting discoms nearing,the power regulator is trying to prevent a major blackout in the city.

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