Sasan Ultra Mega Power Project has not seen any delay in payments so far in the past and Reliance Power does not see any reason for that to happen in future, said CEO K Raja Gopal. Gopal said most of our revenue comes from state distribution company (Discoms).
The Anil Ambani group firm reported a net loss of Rs 3,558.51 crore for the quarter ended March 31, as against a net profit of Rs 189.21 crore in the year-ago period. The board approved raising resources by issuing debt securities by way of privately placed debentures, subject to approvals.
He further said that we do not see any challenge in realizing dues on time. According to him, the liquidity crunch happened due to delay in payment from Discoms.
Talking about overdue from Discoms, Gopal said, “We have a debt payable of around Rs 1,300 crore in next 2 quarters. We have some holding company and other debt, which is not to the bankers and term loans, the total is coming to about Rs 300 crore.”
“Once we restructure loans and find a resolution over a period of time for Samalkot and sale of modules then definitely our balance sheet is going to be strong and it will start regenerating cash flow,” he further added.
On pledged shares front, he said, “As far as the equity holders of Reliance Power is concerned, I think we should reserve this question to the equity holders of the company.”
Speaking about Samalkot plant, the CEO said that Samalkot project impaired due to issue of non-availability of gas.
We have impaired Samalkot plant as we don't see any immediate resolution, said Gopal.
“We have signed a definitive contract for selling one module to Bangladesh and we have taken a very conservative value for model two and three. Therefore, I do not see any further impairment in Samalkot project,” Gopal further added.