CESC: POWER FAILURE
Article Abstract:
CESC is the electricity utility serving Calcutta and is controlled by the RPG Group. For the first time in its 100-year existence, the company has reported a loss of Rs29 crore for the first half of 1997-98 as against a net profit of Rs35.35 crore for the same period of 1996-97. For full year 1997-98, the loss is likely to be over Rs70 crore. CESC blames the West Bengal government for the loss which is because of an unviable rate revision of 8.7 percent. This revision comes after 22 years but CESC says that the net increase is only two percent. The power department of the state also asked CESC to refund Rs100 crore which it had supposedly over charged from customers in the from of fuel surcharge (FSC) between 1993 and 1996. CESC was actually preparing to recover over Rs258 crore from consumers as FSSC arrears. A probe by SR Batliboi and Company vindicated CESC's stand. It will now recover Rs94 crore as arrears for three years. (uh)
Comment:
Is the electricity utility serving Calcutta and is controlled by the RPG Group
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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CESC RECORDS Rs4-Cr NET
Article Abstract:
CESC has posted a net profit of Rs4 crore for the third quarter ended December 31, 1998 (Rs31 crore net loss in the third quarter ended December 31, 1997). It has posted a 19 percent higher sales at Rs432 crore. Its total expenses amounted to Rs329 crore. Its interest cost is Rs70 crore (Rs76 crore). Its gross profit is Rs53 crore (Rs11 crore). It posted a net loss of Rs134 crore in the first nine months ended December 31, 1998 (Rs60 crore). CESC is an electricity licensee which supplies power to Calcutta and Howrah. (rk)(m)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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CESC, DUTCH GROUP TO SET UP ASH UTILISATION PROJECT
Article Abstract:
A Dutch consortium comprising of Vasim BV and Liwag BV has entered into an alliance with CESC of the RPG group to set up an ash utilisation project near CESC's Budge Budge power station. A new company called Lytag India Ltd has been formed to implement the Rs35 crore project. The project will utilise the about 1000 tonnes of fly-ash that the 500 mw power station produces every day. It will convert the hazardous waste into eco-friendly construction material. (khr)
Comment:
A Dutch consortium comprising of Vasim BV and Liwag BV has entered into an alliance with CESC of the RPG group to set up an ash utilisation project near CESC's Budge Budge power station.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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