This is the first time north Delhi discom Tata Delhi Power has approached the government for financial aid despite getting the same tariff as their BSES counterparts and facing similar liquidity crisis. Highly-placed sources the Tata company was "unhappy" with the help extended to the BSES companies and felt that their financial mismanagement was being overlooked. Sources said while equity infusion was a healthy practice to shore up the company's finances, the manner in which the BSES discoms made the government agree to it would be called "blackmail" .
The government while consenting to Rs 500-crore equity to the Reliance companies had stated that they were ready to infuse equity in Tata Delhi Power as well.
Tata Delhi Power CEO Sunil Wadhwa confirmed that they had written to the government asking for an equity infusion but insisted that it was completely independent of the equity being given to the Reliance discoms. "So far, we have been surviving on borrowings and if there is some equity infusion by both the promoters of Tata Delhi Power, it will ease the situation ,'' he said. The discom has not decided on the amount of equity but top officials say total equity infusion would be between Rs 400 and Rs 500 crore shared by Tata Power and the Delhi government according to the 51%-49 % stake. "The amount will be decided in the next board meeting. So far, the banks have been supportive, but the loans are quite large compared to the equity and increasing share capital would be prudent,'' said Wadhwa.
Source- Times of India