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The Rural Electrification Corporation(REC)will shortly be entering into capital market.The Government of India has recently approved issue of an Initial Public Offer(IPO) by REC of 15.6 crore share of Rs. 10 each constituting 20% of free issue paid up capital,said REC dashing a go getter Chairman and Managing Director(CMD)Mr.Anil Kumar Lakhina.
"REC hopes to deliver India's rural electricity infrastructure in all its villages within the next three years, by 2009,"said Mr.Lakhina in an interview to the "whispersinthecorridors.com"The REC has secured record external assistance of Rs. 1240 Crores from international bilateral funding agencies viz. Japan Bank for International Cooperation (JBIC) and KFW, Germany during 2005 -06. We are presently negotiating with a number of players to further double the disbursement in generation activity during 2006 -07 and treble by 2008.

Mr.Anil Kumar Lakhina also said that both JBIC & KfW have assured their continued support to REC for upgrading the T&D System in other states also in the coming years.
REC is presently putting into place strategic initiatives to accelerate the growth.
REC has undertaken the task of development of transmission projects to be offered through tariff based competitive bidding for transmission service. For this, a wholly owned subsidiary company is under formation
Due to availability of REC standards & construction practices for various items in RE works, there has been uniform adoption by state power utilities resulting in cost effective and technically sound systems for rural electrification.He said that the Corporation has also been successfully advocating adoption of innovative and cost effective technologies to many state power utilities for improvement in quality and reliability of power supply, thereby enhancing the customer satisfaction. Here goes his interview:

1. What led to formation of REC and how as it evolved over the years?

Electricity plays an important role in socio-economic development of rural areas.

When India became independent in 1947, electricity was available in only a few villages close to town and cities. Rural Electrification as a planned programme was initiated in the country in 1951 with the launch of First Five Year Plan and as on March 1951 only 3061 villages had access to electricity and 21,000 irrigation pumpsets were energized.

The wide spread drought period of 1966-67 focused alternatives on the urgent need to ensure food security raising food grain production. Rural Electrification Programme was accorded priority as an infrastructural input for agricultural production programmes through improved surface irrigation facilities and this led to formation of Rural Electrification Corporation in 1969.

Incorporated on July 25, 1969 under the Companies Act 1956, REC is a wholly owned Govt. of India Public Sector Enterprise with a net worth of over Rs. 4198 crore as on 31.3.2006.

From an institution initially dependent wholly on Govt. budgetary support, it has now evolved into a self-sustaining 'AAA' rated financial institution and have since 2002-03 received its expanded mandate to extend financial assistance for all power sector needs/requirements including transmission, generation & distribution both in public & private sector beyond the erstwhile limit on population, geographical location of plants.

2. What has been the thrust on Rural Electrification Programme during various
plan periods?
Upto the 7th Plan (1985-90) emphasis on rural electrification has been primarily on village electrification and pumpsets energization and part of the village electrification from 6th Plan onward was covered under MNP.

During 8th Plan, besides the village electrification and pumpset energization, the emphasis on RE programme also shifted to electrification of rural households, improvement in power distribution system in rural areas and reduction in T&D losses in power supply to rural areas.

The Rural Electrification for the 9th Plan aimed at the Rural Electrification & Power Distribution Programme (RE &PD) covering electrification of villages, dalit bastis, hamlets, energization of pumpsets, integrated system improvement and other activities like Kutir Jyoti, small power generation, rural electric cooperatives and consolidation of gains of RE.

During the 10th Plan, the major stress of REC has been to meet the need and requirement of State Power utilities for strengthening and upgrading the T&D system aimed at providing reliable and quality power supply to consumers and reduction in T&D losses.During this period, Indian Government also launched the Accelerated Power Development Reforms Programme (APDRP) to contain T&D loses. The APDRP has two components loans and incentives.Under the loan component, government. provides funds up to 50% of the project cost of which 25% as grant and 25% loan. The remaining 50% is being provided as counter part funds through loans from REC/PFC. REC has been the lead financial institution in providing counter part funds to various State Power Utilities.

3. To what extent REC has succeeded in its main activities of expanding Rural
Electrification in the country?

REC has made stupendous efforts in the area of Development of Power Infrastructure in Rural India:
Year Status of village electrification/pumpset energization
1969 74,000 villages electrified
1.1 Million pumpsets energized
2006 4,38,969 villages electrified
14803698 pumpsets energized

Under REC's financed schemes, 3,06,010 villages have been electrified and 85.65 lakh pumpsets have been energized (As on 31.03.2006). Thus 70% of the total villages electrified and 58% of the total pumpset energized have been funded by REC.

4. What steps have been taken by REC towards Standardisation and
Technology upgradation to reduce transmission and distribution losses?

(i) REC Specifications & Construction Standards

While financial constraints and shortage of power are two major contributing factors for sub-optimal performance of power distribution systems, the situation can be substantially improved within the available resources by adopting innovative and cost-effective technologies. Since its inception in 1969, REC has been playing a lead role for standardization of equipment and uniform construction practices to be adopted throughout the country. Standardization results in uniformity and economy in material procurement, minimized inventory, improved quality and standards of construction activities, all of which leads to overall reduction in costs. Standards also lead to safe and better operation and this is of considerable consequence in the area of rural electrification in a vast country like ours. As a result of sustained efforts of the years, REC has been able to issue 74 material specifications, 234 construction standards and 14 manuals for use by the power utilities/power industry. Due to availability of REC standards & construction practices for various items in RE works, there has been uniform adoption by state power utilities resulting in cost effective and technically sound systems for rural electrification.

(ii) State of Art Technologies

REC has also been successfully advocating adoption of innovative and cost effective technologies to many state power utilities for improvement in quality and reliability of power supply, thereby enhancing the customer satisfaction. Some of the technologies are 11 KV pole mounted switched capacitors, 11 KV sectionalizers, FRP cross arms, single phase transformers, Completely Self Protected (CSP) transformer, All Aluminium Alloy Conductors (AAAC), Aerial Bunched Cables (ABC), LT switched capacitors, Amorphous Core Distribution transformers, 5 KVA distribution transformers and prepaid metering system.

5. What are the various financing instruments of REC in the T&D Sector?

For accelerating economic growth & achieving higher standards of living, depending upon the availability of adequate and reliable power at an affordable price, REC has over the years being consistently expanding and diversifying its loan portfolio to meet the emerging needs of power sector. Today, REC has in its portfolio, projects tailor-made suiting to the requirement of power utilities aimed at upgradation of T&D system and reduction in T&D losses. Some of the existing financial products of REC are as follows:
(i) System Improvement schemes
To improve the state power utilities' transmission and distribution system, REC has been financing system improvement projects on a large scale since 1987, to improve efficiency of electrical network, reduce T&D losses and improve the quality of power supply and voltage profile.
(ii) Infrastructure schemes
Financing of projects for creating infrastructure for meeting the load growth, which would help in commencement of various new projects replacing the ageing assets and modernizing the transmission and distribution sector.
(iii) Equipment Financing
REC also specifically focused on the huge quantum of equipment purchase required to be made by the utilities every year to replace the worn out and damaged/repaired equipment as also new equipment required for load growth by financing equipment purchase schemes.
(iv) HVDS
In keeping with the increasing focus on reduction in AT&C losses, REC is financing HVDS schemes on a large scale. Reduction of the technical and commercial losses is achieved by implementation of High Voltage Distribution System (HVDS) in place of conventional Low Voltage Distribution System (LVDS) for all LT feeders feeding agricultural loads by eliminating the long LT lines feeding Agricultural loads from high capacity distribution transformers.
(v) Rural load management schemes
New technology rural load management schemes are also being financed by REC to help utilities manage rural loads by segregating agricultural loads and restricting the hours of supply to them while continuing to proving 24 hours supply to lighting loads in villages. Segregation of agricultural feeders and single phasing schemes are also being financed by REC.
(vi) Metering Schemes
Schemes for procurement and installation of high quality and high precision meters to replace the old, worn our and repaired meters and also for releasing new connections are being financed by REC. This helps in accurate metering and reduces the Aggregate Technical and Commercial (AT&C) losses.
(vii) Capacitor Schemes
Schemes for procurement and installation of capacitors to improve the power factor of the system, resulting in system efficiency and better quality power to consumers are being financed by REC.

6. Whether REC is financing any generation projects and what have been the
achievements so far?

From the time, REC received its expanded mandate in 2002 - 03, to finance all kinds of generation projects, from a sanction of Rs. 661 Crore and disbursement of Rs. 92 Crore in that year, the business has grown to Rs. 6006 Crore and Rs. 1553 crore respectively for the year 2005 -06. The sanctions have grown almost 10 times and disbursement 17 times in less than 4 years. The share in private sector has also grown steadily to 36% during 2005 - 06. We are presently negotiating with a number of players to further double the disbursement in generation activity during 2006 -07 and treble by 2008.

7. What is Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY) and REC's role
in its implementation?

The Indian , in April 2005, launched the new scheme - 'RGGVY' scheme of Rural Electrification Infrastructure and house hold electrification in order to fulfill the National Common Minimum Programme (NCMP) objective of providing electricity to all households and improving rural electricity infrastructure. The RGGVY scheme is primarily being implemented through single nodal agency i.e. REC. This is one of the most ambitious projects undertaken by REC. It engrosses the rural electrification and in turn overall development of rural India.

The emphasis of the scheme is not merely electrification of villages but to provide access to electricity to all rural households and also to cater to the requirement of agriculture and other activities including irrigation pumpsets, small medium industries, Khadi & village industries, cold chains, health care, education and IT. This would facilitate overall rural development, create new employment opportunity and result in poverty alleviation.

The services of Central Public Sector Undertakings (CPSUs) have been offered to the states for assisting them in the execution of rural electrification projects as per their willingness & requirement under the RGGVY scheme. With a view to augment the implementation capacity of the programme, REC has entered into Memorandum of Understanding (MOUs) with NTPC, Power Grid, NHPC and DVC to make available CPSUs project management expertise and capabilities to states wishing to use their services.

REC has met the target for creation of rural electricity infrastructure in the record 10169 villages in the states of Bihar, UP, West Bengal, Rajasthan, Uttranchal & Karnataka during 2005-06. REC is now striving to achieve the target of providing electricity infrastructure to another 40,000 villages during 2006 - 07 and so far 11,846 villages have been provided electricity infrastructure.

REC hopes to deliver India's rural electricity infrastructure in all its villages within the next three years, by 2009. The programme has unprecedented in size and is, naturally, propelling the organization on to exceptional performance frontiers.

8. What has been the International Funding Agency's role in financing and
capacity building activities and the assistance received by REC from
these agencies?

REC has secured record external assistance of Rs. 1240 Crores from international bilateral funding agencies viz. Japan Bank for International Cooperation (JBIC) and KFW, Germany during 2005 -06.

· Japan Bank for International Cooperation (JBIC) assistance
JBIC has sanctioned a loan assistance of 21billion yen (Rs. 835 crore) for setting up of new 33/11 KV substations and augmentation of existing substations in the States of AP, MP & Maharashtra with the objective of improving the sub transmission system by relieving the existing overloaded system and reducing the T&D losses and expanding access to electricity for un electrified households and other rural loads thereby improving living standard of local residents and promoting economic and social development in the concerned areas.

· Indo German Bilateral Cooperation for Energy Efficiency Program
Under Indo German Bilateral Cooperation. KfW, Germany has sanctioned financial assistance of 70 million EURO (Rs. 410 crore) for HVDS program of APSPDCL with the objective of reduction in distribution losses, failure rate of distribution transformer and avoidance of theft in agriculture sector, and in the process, improving the financial sustainability of the Discoms.

Both JBIC & KfW have assured their continued support to REC for upgrading the T&D System in other states also in the coming years.

USAID Assisted Distribution Reforms, Upgrade and Management (DRUM) Project
DRUM aims at enhancing access to electricity and water through power distribution reform activities and demonstrating best managerial, commercial and technological practices that improve the quality and reliability of "last mile" power distribution.

An alternative model with technical assistance and guidance from Rural Utilities Services (RUS), US Department of Agriculture (USDA) is being developed for financing rural electricity utilities to make them viable and sustainable in the long run through development of community ownership, by exposing project implementers to International technical, financial and managerial best practices, to be tested though pilot projects in collaboration with respective state governments.

Clean Development Mechanism (CDM)
In view of the tremendous potential for CDM in energy efficiency and conservation projects in T&D systems, MOP has designated REC as the nodal agency responsible for promoting CDM in respect of these projects. REC plans to offer technical and financial assistance to the State Power Utilities/Discoms, for preparation of such projects for CDM, and to enter into suitable cost/revenue sharing arrangements with the project promoters.

9. How REC is going to meet the large scale fund requirements of the various
States/borrowers for their generation/transmission/distribution projects
in future?

REC is presently putting into place strategic initiatives to accelerate the growth. The panorama of infrastructural development in the power sector provides many exciting opportunities. The fund requirement has dramatically increased to fill the gap in demand and supply.

In the recent years banks and financial institutions have been competing with each other & with REC and offering more concessions and facilities to borrowers in power sector to sustain their lending business. REC has been alive to this environmental challenge and has been constantly taking innovative measures which include raising the funds from market at most competitive rates and expansion & diversification of loan portfolio.

Of late, REC has initiated entering into statewise/borrowerwise MOUs for large scale lending to meet their expansion programmes. The first such MoU has been entered into with the Govt. of Maharashtra and the three power utilities of the state viz. MahaGenco, MahaDiscom, MSETCL for a record Rs. 15000 Crore funding programme for power projects in the state to be implemented over a period of next three years. Both urban and rural sectors will immediately benefit through commencement of various new power projects in the state, replacing ageing assets and modernizing the transmission & distribution sector. The people of Maharashtra will have an enhanced supply of reliable power, reduction in T&D losses and consequent increase in production capacity of power.

With Maharashtra MOU put in place, many more states viz. Karnataka, Rajasthan, Tamil Nadu and Haryana etc. are now close to entering in MOUs for their long term funding requirement.

10. What are REC's plans for issue of an IPO in the near future?

The Government of India has recently approved issue of an IPO by REC of 15.6 crore share of Rs. 10 each constituting 20% of free issue paid up capital. The IPO is being issued for meeting the following objectives:

· Enhanced equity base of REC to enable it to meet the growing investment needs of the power sector.'
· An IPO would reduce REC's D/E ratio. A moderate debt equity ratio would keep REC's AAA rating and competitive borrowing power intact.
· The IPO would also enhance the image of the Corporation in the investors' eyes, increase transparency and accountability.
· Value would be unlocked through listing. Public participation in the growth of the power sector and broad basing the equity shares of REC with attendant advantages.
· Improved corporate governance, which would made REC more competitive and enhance value.

11. Whether REC is contemplating any subsidiary companies in transmission
and distribution?

i) Transmission Sector: REC has undertaken the task of development of transmission projects to be offered through tariff based competitive bidding for transmission service. For this, a wholly owned subsidiary company is under formation.
ii) Distribution Sector: To set up centers of excellence for distribution of power and to take up rural distribution, a wholly owned subsidiary company of REC for distribution is under formation.

12. What are REC's future plans to mitigate the aggregate technical and
commercial losses and to meet the vast requirement of funds of
power sector Companies?

The power sector is one of the prime driving forces of the country's GDP. Reliable power is essential to keep the engines of our economy running.Macroeconomic trends are crystal clear on the need for huge efforts to adopt measures towards increasing generation,improving distribution and extending transmission. This has also underscored the need for developing the transmission sector,whilst reforming the distribution sector. Ageing transmission and distribution infrastructure is not only leading to losses, but is also swallowing precious power availability. As it is, surviving with 50% and 35% losses in many rural and urban areas, respectively, is a tough task indeed. REC will be in the forefront to reform and improve these departments. We are determined to help reduce Aggregate Technical & Commercial losses by 10 to 15% to make the utilities viable and our financing secure.

We estimate the improvement and rejuvenation programmes to cost about Rs. 1,50,000 crore. REC intends to raise its cumulative business sanctions from Rs. 99,000 crore to Rs. 1,50,000 Crore, double its annual lending from Rs.8000 crore to 16,000 crore, increase its asset value from Rs. 25,000 crore to Rs. 50,000 crore and increase its net worth from Rs. 4,200 Crore to Rs. 6,500 crore by 2009.
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Why delay in the appointment of IB Chief ?
Bureaucratic circles are amused over the delay in the appointment of Intelligence Bureau Chief. 1970 batch Bihar cadre IAS officer P C Haldhar is still ahead in the race. The post is falling vacant on December 31.

Arnold to take charge tomorrow !
R K Arnold, ITS, is all set to take charge as Secretary of the TRAI on Tuesday. He has been relieved from the charge of CGMT.

Apoorva Srivastava joins MEA
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Will Bhalla join GoI ?
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Krishna to officiate as CGM AP Circle
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Sanjeev Mudgerikar to be CPRO Central Railway
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Akhaya promoted in Orissa
M Akhaya has been promoted to the rank of IG in Orissa.1988 batch IPS officer Akhaya has been made IG Finance.

Sen Kumar is CMD of KSRTC
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Lt Gen Jamwal to succeed Lt Gen Singh
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IAS changes in Jharkhand
Vinay Kumar Ambastha will be the new deputy commissioner of Simdega. Amrendra Pratap Singh has been made Special Secretary revenue and land reforms department. Sunil Kumar has been transferred to Bokaro as DC. V P N Singh has been made the new DC of Chatra. Satrughan Prasad Kunwar has been transferred to the institutional finance department as special secretary. Rajesh Kumar Sharma will now be SDO of Jamshedpur.

IPS changes in Andhra Pradesh
Tarun Joshi will now be Assistant Superintendent of Police, Godavarikhani. Navin Gula has been posted as Assistant Superintendent of Police, Mulugu. Kanthi Rana Tata has been made Assistant Superintendent of Police, Narsipatnam.

Army appointments
Lt. Gen. Deepak Kapoor will take over as the next Vice Chief of the Army Staff from January 1. Lt. Gen. H.S. Panag will head the Northern Command and Lt. Gen. M.L. Naidu the Army Training Command, (ARTRAC) Shimla.

Pradeep Kumar on Compulsory wait
DRM Delhi, Pradeep Kumar, has not been given new posting. Rakesh Saxena has been appointed new DRM of Delhi.

IFS to be Director Tourism in Jharkhand
Indian Forests Service Officer, Deepak Singh, has been appointed new Director Tourism in Jharkhand.

FORUM

Unimaginative comparison
What an unimaginative comparison between UPSC exams and Olympic medals? You conveniently forgot reservations, subjective personality tests and unequal toughness of options. Anyway, most of the times, choosing ignorance is the surest way to happiness. And about "other" services and IAS, first let us try to understand responsibilities associated than trying to understand and enhance perks and privileges. Thank you.

Sudarshan

Tell one achievement !
The article writeen by Rajiv Ratan shows the perverse bent of mind. Just tell one achievement of this service. They are like Shani. Wherever they sit they destroy it and develop a jungle Raj. Hope FM gets better sense along with commies and just privatise everything.

Pankaj

Man is performer but ----
Man is a performer but it's great to see Rajiv rotten's petty, myopic, megalomaniacal, bigoted tirade! The man is a performer par excellence but unfortunately a jerk!!

Technocrat

Aaj Ki Aawaz
Manmohan is abs right UP needs modern and forward looking Sarkar,
SP Sarkar has proved to be abs bekaar!!!

SP Sarkar has literally made UP into an Ulta Pulta State!!! SP has literally run UP aground!!! In UP its plain and simple goonda raaj!!! On hearing Manmohan's comments Mulayam said that maybe Manmohan mistook UP for Bihar…….. why Bihar???? Because Mulayam knows the truth and the truth is that two Yadavs have ruined two States….. one's name is Laloo and the other's is Mulayam!!! As he and Laloo are 'mausere bhai' ... and we all know who are 'mausere bhai' and what brings them together!!!!

If Amrinder is that bolstered by his Vikas Yatra why does he look so worried??
Because he knows his chances to come back to power are buried!!!!

Though publicly Amrinder says that the in-house survey predicts a Congress comeback , Amrinder knows the reality……. Congress is out……. Captain of MV Punjab Congress knows the Ship is sinking!!! The people who collect at his Yatra's 'pit stops' are a mix of rented one's, Party workers, locals, Cops, protestors!!! The Yatra is a sham……. he returns to his Palace everyday ……… he has to wash away the grime of coming into contact with the Aam Aadmi!!! No wonders in Punjab they shout…. Eh Yatra hai bakwaas, iss time Amrinder noo karra ge fail teh Badal noo pass!!

Vajpayee says he has no problem with Advani as PM…… but Vajpayee is people's choice,
Advani will ultimately have to bow to people's voice!!!

Advani today is in a hypothetical mode!!! And Advani ji by just hitting out at Manmohan Singh you are not coming any nearer to becoming PM!!!! Now Advani says Manmohan has no standing!!! And we all know Manmohan's compulsions…… but despite his compulsions Manmohan is doing a good job!!! Rather than seeing dreams Advani should work on making his dreams come true!!!! BJP today needs direction and discipline ……. to rise up from being directionless and disorderly!!! And Advani ji needs to work on his popularity!!!

Pawar knows that if NCP goes alone in the Mumbai Civic Polls it will be drubbed,
So now he says that for these polls with Congress NCP should be clubbed!!!

Pawar 'Martaa kya nahi kartaa'…….NCP ki haalath in Maharashtra se hai Pawar darthaa!!! So now Pawar says that in the name of Secularism NCP will stand by Congress in the Mumbai polls!!! He knows if NCP goes alone NCP will be drubbed so he's going in for face saving!!!

TOI survey says Big Bluffmater is Indian of the Year,
This 'filminess' is a real fear!!!

We overlook the real achievers and choose a actor…… what bankruptcy!!! There are people like Murthy, Premji, Tata, Mittal…… look at their contribution to India and its economy….. the employment they have created!!! On the other end of the spectrum there are also so many ordinary Indians who are more deserving that Big B!!!! What about the two boys who saved the lives of thousands of Railway passengers??? I feel the 1005 people surveyed by TOI need a kick in the rear….. and if it is proved that they represent India, which is an impossibility, then we Indians need a kick in the rear too..... how can a 'bhaand' be the Number One Indian!!!

Bharat Kumar
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CORPORATE

ONGC declares highest-ever interim dividend of Rs. 3,850 Crore
An interim dividend of 180 per cent (Rs. 18 per share), has been declared by the Board of Oil and Natural Gas Corporation Ltd. (ONGC), in its 162nd meeting held in New Delhi, today. This is on the post-bonus expanded equity capital of ONGC. Earlier during the year, ONGC had issued bonus shares in the ratio 1:2, thus increasing its capital from Rs. 1,426 Crore to Rs. 2,139 Crore.
The interim dividend of 180 per cent in the current fiscal is equivalent to 270 per cent in pre-bonus terms, thus 8 per cent higher compared to the interim dividend of last fiscal 2005-06. In FY 2005-06, ONGC had declared an interim dividend of 250 per cent and an aggregate dividend of 450 per cent amounting to Rs. 6,417 Crore.
In absolute terms, this interim dividend works out to a pay-out of Rs. 3,850 Crore (on the post-bonus paid-up capital of Rs. 2,139 Crore), including Government of India share (74.14%) of Rs. 2,854 Crore. This is the highest-ever interim dividend paid by ONGC.
In addition, ONGC will be paying a dividend tax on the above, which works out to be Rs. 540 Crore. It has also been decided to pay the dividend immediately after the record date of 28th December 2006, without waiting for the mandatory 30 days period.
The net profit (PAT) of the Corporation for the half-year for FY 2006-07 is Rs.8,293 Crore, up 11% against Rs. 7,457 Crore for the corresponding period previous year.
Speaking on the occasion, C&MD of ONGC Mr. R S Sharma said that notwithstanding the continuing volatility in crude prices, the Board decided to reiterate ONGC’s commitment to live up to shareholders’ expectations for value enhancements.

Murti is ED of Mahindra Intertade
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Mukherjee appointed GM
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Ghosh joins RS Software
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