Financial Daily from THE HINDU group of publications
Wednesday, Mar 20, 2002
Financial Daily from THE HINDU group of publications Wednesday, Mar 20, 2002 |
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Industry & Economy
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Power KSEB still in dire straits Our Bureau
THIRUVANANTHAPURAM, March 19 DESPITE the cost-cutting and other measures, initiated by the Government, there appears no let-up in the poor financial position of the Kerala State Electricity Board. The latest indication of the board's woes on the fiscal front is the move to delay the wages of the employees in the coming months. The Electricity Minister, Mr Kadavoor Sivadasan, made this known at a meeting with the union leaders of employees and officers with the request that they should be prepared to make a ``little sacrifice'' taking into account the board's financial problems. He explained that the expected monthly income of the board in March was Rs 205 crore. On the other hand, the board required Rs 231 crore for repayment of loans alone. This included Rs 45 crore for redemption of one of the bonds issued by the board. This apart, a payment of Rs 92 crore has to be made for power purchased from outside. The board is also in need of another Rs 10 crore for part-settlement of arrears on diesel purchases to enable it to at least partially operate its Brahmapuram and Kozhikode thermal plants. On top of it all, the board has to find Rs 41 crore for payment of wages and pension. Thus, the total requirement of funds for the month is in the region of Rs 374 crore as against a total income of Rs 205 crore, leaving a deficit of Rs 169 crore.
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