Document of

The World Bank

FOR OFFICIAL USE ONLY

Report No. P-4576-IN

MEMORANDUM AND RECOMMENDATION

OF THE

PRESIDENT OF THE

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

TO THE

EXECUTIVE DIRECTORS

ON A

PROPOSED LOAN

OF US$485 MILLION

TO INDIA

FOR THE

NATIONAL CAPITAL POWER SUPPLY PROJECT - PARSE I

May 28, 1987

This document has a restricted distribution and may be used by recipients only in the performance oftheir official duties. Its contents may not otherwise be disclosed without World Bank authorization.

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CURRENCY EQUIVALENTS

Currency Unit Rupees (Rs)Rs 1.00 Paise 100US$1.00 = Rs 13.00Rs 1,000,000 US$76,923

MEASURES AND EQUIVALENTS

1 Kilometer (km) = 1,000 meters (m) = 0.6214 miles (mi)1 Meter (m) - 39.37 inches (in)I Cubic Meter (m3) = 1.31 cubic yard (cu yd) = 35.35 cubic feet (cu ft)1 Thousand Cubic Meter (MCM) = 1,000 cubic meters1 Barrel (Bbl) = 0.159 cubic meter1 Normal Cubic Meter - 37.32 Standard Cubic Feet (SCF)

of Natural Gas (Nm3)1 Ton (t) - 1,000 kilograms (kg) = 2,200 pounds (lbs)1 Metric Ton (39 API) = 7.60 barrels1 Kilocalorie (kcal) = 3.97 British Thermal units (BTU)1 Kilovolt (kV) - 1,000 volts (v)1 Kilovolt ampere (kVa) = 1,000 volt-amperes (VA)1 Megawatt (MW) = 1,000 kilowatts (kW) = 1 million watts1 Kilowatt-hour (kWh) 1,000 watt-hours1 Megawatt-hour (MWh) = 1,000 kilowatt-hours1 Gigawatt-hour (GWh) 1,000,000 kilowatt-hours1 Ton of Oil Equivalent (toe)= 10 million kilocalories

ABBREVIATIONS AND ACRONYMS

BTPS - Badarpur Thermal Power StationCEA - Central Electricity AuthorityCEMPDIL - Central Mining, Planning & Design Institute Ltd.DESU - Delhi Electric Supply UndertakingGOI - Government of IndiaHSEB - Haryana State Electricity BoardICB - International Competitive BiddingLCB - Local Competitive BiddingLRMC - Long Run Marginal CostMCD - Municipal Corporation of DelhiMES - Military Engineering ServicesMMCMD - Million Cubic Meter per DayMOU - Memorandum of UnderstandingNDMC - New Delhi Municipal CorporationNGL - Natural Gas LiquidsNHPC - National Hydro Electric Power Corporation, Ltd.NPP - National Power PlanNRED - Northern Region Electricity BoardNTPC - National Thermal Power Corporation, Ltd.PIB - Public Investment BoardREB - Regional Electricity BoardREC - Rural Electrification CorporationSEB - State Electricity Board

Beneficiaries' financial years end March 31

FOR OMCIL USE ONLY

INDIA

NATIONAL CAPITAL POWER SUPPLY PROJECT - PHASE I

LOAN AND PROJECT SUMMARY

Burrower : India, acting by its President.

Beneficiaries : National Thermal Power Corporation, Ltd. (NTPC) andDelhi Electric Supply Undertaking (DESU).

Amount : US$485.0 million

Terms : Repayment over 20 years, including 5 years grace,at the applicable rate of interest.

Onlending Terms : From the Government of India (GOI) to NTPC: US$425million equivalent, with repayment over 20 years,including 5 years grace, at an interest rate of notless than 13.5% per annum; From GOI to DESU: US$60million, with repayment over 20 years, including5 years grace, at an interest rate of not less than11.0% per annum. GOI would baar the foreign exchangeand interest rate risks.

Financing Plan : GOI/NTPC $ 965.2 millionGOI/DESU $ 91.9 millionIBRD $ 485.0 million

Total $ 1,542.1 million

Economic Rate of Return: 11l

Staff Appraisal Report : No.6720-IN, dated Ma7 28, 1987

This document has a restricted distribution and may be used by recipients only in the performanceof their official dutie. Its contents may not otherwise be disclosed without World Bank authoization.

MEMORANDUM AND RECOMMENDATION OF THE PRESIDENTOf THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

TO THE EXECUTIVE DIRECTORSON A PROPOSED LOAN TO

INDIAFOR THE NATIONAL CAPITAL POWER SUPPLY PROJECT - PHASE I

1. The following report on a proposed loan to India for US$485 millionequivalent is submitted for approval. The loan would be at the standard IBRDrate of interest and would be repayable over 20 years including 5 yearsgrace. It would help finance a power project located near the NationalCapital, New Delhi.

2. Background. In the 1950's and 1960's power development in India wasfocussed almost entirely on the states, with each state striving for selfsufficiency. Consequently, power stations were not located optimally andthey generally failed to capture economies of scale. In the 1970's GOIchanged the thrust of power policy to focus on least cost regional develop-ment, emphasising construction of power stations close to indigenous energyresources. In the Northern Region developments have been concentrated onmine-mouth coal-fired plants in the east of Uttar Pradesh and on hydroschemes in the far north of the Region. Both areas are remote from the veryrapidly growing load center of the Capital, Delhi.

3. While this regional focus has been supported b; the Bank and hasreduced costs, it has two limitations. Firstly, transmission development hasnot always kept pace with generation. A number of Bank financed projects,e.g. the Rihand Power Transmission Project, have been designed to strengtheninterstate transmission ties. Secondly, even where transmission capacity isadequate, acute overall shortages of power mean that areas with propor-tionately less generation fare badly. Under these circumstances the onlyfeasible way to maintain an adequate power supply to Delhi is to build morecapacity in the area.

4. Until recently Delhi has had to rely primarily on the Indraprasthaand Badarpur power stations. Both have suffered from inadequate maintenance,at least in part due to shortages of power and, although environmental con-cerns were limited when they were built, both now represent unacceptablesources of pollution. GOI's short term response to this critical powersupply position has been to sanction the installation of 6x30 MW combustionturbines. As extended use of these seems likely, there is a strong a prioricase for retrofitting them with waste heat recovery boilers and steam tur-bogenerators. In the longer term least cost development requires the estab-lishment of a conventional coal fired plant. The station at Dadri includedin the proposed Project is designed to fulfill this role.

5. In addition to the above physical limitations on the supply of power,the complex administration of the Union Territory of Delhi has restrictedDESU's autonomy and hindered its efficient operation. Concurrently, inade-quate funding and excessive tariff restraint have constrained DESU's abilityto develop its transmission and distribution networks. System development

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has been dictated by the availability of resources and the immediate needs ofconsumers. Priority has consistently been given to expansion at the cost ofreinforcement and rehabilitation. As a result, system losses have increasedto 22Z, about twice the level experienced in similar but property maintainednetworks. A 40% tariff increase in April 1985 raised DESU's average tariffabove that of most State Electricity Boards. However, despite this increase,DESU has not been able to cover its costs owing to: the high costs of powerstation operation and power purchases; high system losses; and the burden ofinterest on accumulated debt. Solution of the problems of power supply tothe Capital requires a restructuring of DESU's finances to free it from thelegacy of inappropriate past policies and a program to improve power supplyfacilities coupled with comprehensive streamlining of DESU's operations.

6. Project Objectives. The principal objectives of the proposed Projectare to: (a) augment power supplies to the capital; (b) improve thereliability of transmission and reduce system losses; (c) reduce environmen-tal pollution from power generation; (d) move towards more efficient use ofexisting assets in the power supply system; (e) identify economic oppor-tunities for improving the quality of coal used in power generation; and(f) effect a program of administrative, financial and operational improve-ments in DESU.

7. Project Description. The proposed Project comprises:

(a) the construction of the first stage (4x210 MW) of a coal-fired powerstation at Dadri comprising boilers, turbogenerators, electrical andmechanical equipment, associated civil works and switchyard;

(b) rehabilitation of the power station at Badarpur to improve itsefficiency and reduce the impact of its future operations on theenvironment;

(c) the construction of about 110 km of double circuit 400-kV transmis-sion line and related 400-kV and 220-kV substations at Karawalnagar,Bawana, Bamnoli, and Ballabgharh;

(d) consulting services to assist NTPC in the review of the engineeringof the first stage of the power station at Dadri, in the design andpreparation of specificatioas for its ash disposal system, and in astudy on improvement of the quality of coal used in power generation;and

(e) consulting services to assist DESU in: (i) preparation of a leastcost plan for the extension and reinforcement of the distributionnetwork in Delhi; (ii) design and implementation of a system for thecompilation, storage and retrieval of technical data on the distribu-tion network in Delhi; (iii) assessment of the economic viability ofequipping the combustion turbines adjacent to Indraprashtha with

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waste heat recovery boilers and steam turbogenerators; (iv) prepara-tion of a plan for the rehabilitation of the power station atIndraprastha; (v) finalization of its financial statements for1983/84, 1984/85 and 1985/86; (vi) implementation of a new commercialaccounting system; and (vii) execution of an organization and manage-ment study.

8. The total cost of the proposed Project, which will be implementedover a period of about eight years, is estimated at US$1,524.1 million equiv-alent including interest during construction, of which the foreign exchangecomponent is estimated at US$608.9 million (40%). Cost estimates, thefinancing plan and retroactive financing arrangements are shown in ScheduleA. Procurement and disbursement arrangements and the disbursement scheduleare shown in Schedule B. A timetable of key project processing events andthe status of Bank operations in India are given in Schedules C and D respec-tively. A map, IBRD No. 19611, is attached. The Staff Appraisal Report No.6720-IN, dated May 28, 1987 is being distributed separately.

9. Rationale for Bank Involvement. Through its participation in theProject, the Bank would be supporting GOI's efforts to: (a) augment gener-ating capacity and alleviate the chronic power shortages in the Capital andthe Northern Region; (b) improve the capacity and reliability of power trans-mission in the Capital area and reduce system losses by forming a 400-kV ringaround Delhi; (c) make more efficient and fuller use of Badarpur; and(d) bring about environmental improvements by reducing pollution from Badar-pur. In addition, the Bank would, through this Project: (a) introduce DESUto state-of-the-art distribution planning; (b) help to stimulate rehabilita-tion and environmental improvements in relation to Indraprastha; (c) causeL'ESU to investigate the feasibility of converting its combustion turbines tocombined cycle plant; (d) help to set DESU on a sound financial footingthrough execution of a financial recovery program; and (e) ensure a properanalysis of the benefits of improving the quality of coal used in powergeneration.

10. Agreed Actions. GOI has agreed to: (a) furnish the Bank with thereport of its Committee examining power supply arrangements for the Capitalby July 1987; (b) furnish the Bank with a satisfactory financial recoveryplan for DESU by February 29, 1988, and thereafter implement this plan; and(c) instruct DESU to capitalize interest during construction. NTPC hasagreed to: (a) enter into a coal supply contract for the Dadri power stationone year prior to the operation of the first unit; (b) maintain accountsreceivable for electricity sales at an amount equivalent to its power salesrevenues for the two preceding months; (c) achieve annual rates of return onunrevalued net fixed assets in operation of not less than 7% through 1989/90,9.5% in 1990/91 through 1994/95 and satisfactory rates thereafter; and(d) submit audited financiallstatements together with the auditors' reportswithin seven months of the end of the related financial year. DESU hasagreed to: (a) engage the services of NTPC for the design, engineering and

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construction supervision of the 400-kV transmission lines and associatedsubstations. (b) ensure that accounts receivable from electricity consumersdo not exceed the equivalent of 4 months electricity sales in 1987/88, 3months in 1988/89 and 2.5 months thereafter; (c) establish satisfactoryarrangements for recovery of Haryana State Electricity Board's share of thecosts of operating the Indraprastha power station; (d) implement the finan-cial recovery plan determined by GOI, taking all such measures as are neces-sary to reach a minimum rate of return of 3% after interest in 1990/91 andmaintain this performance thereafter; (e) submit unaudived and audited finan-cial statements with the auditor's report for 1983/84 through 1987/88 accord-ing to a timetable acceptable to the Bank; (f) submit unaudited and auditedfinancial statement together with the auditor's report for 1988/89 and there-after within I and 9 months respectively of the financial year end; and(g) carry out studies included in the proposed Project in accordance withtimetables acceptable to the Bank.

11. Justification. Economic benefits under the proposed Project areexpected from: increases in the quantum of power supplied to consumers;improvements in the quality of power supply; reduced system losses; andgreater efficiency in the uses of assets in the public power supply system.The least cost power development program for the Northern Region, of whichthe proposed Project is an integral part, is expected to have a quantifiableeconomic rate of return of at least 11%. In addition to its economicbenefits the Project would confer environmental benefits through a reductionin pollution from power generation.

12. Risks. There are no extraordinary technical risks associated withthe Project. The dual firing feature of the power plant will minimize therisk of plant unavaiL. ;l' y arising from the transportation of coal over along distance. NTPC is euperienced in the design and construction of gener-ation and transmission facilities but will receive assistance from consult-ants in relation to the dry ash disposal system.

13. Recommendation. I am satisfied that the proposed loan would complywith Articles of Agreement of the Bank and recommend that the ExecutiveDirectors approve it.

Barber B. ConablePresident

AttachmentsWashington, D.C.May 28, 1987

Schedule A

Estimated Costs: 1/

Local Foreign Total-US$ Million ---

Preliminary Works 24.8 - 24.8Civil Works 109.6 7.7 117.4Main Plant Equipment 176.0 171.4 347.4Other Mechanical Equipment 60.9 61.0 121.9Coal Handling and Transportation 89.7 45.4 135.1Electrical Equipment 15.2 41.3 56.5Consulting Services for NTPC 5.0 2.1 7.1Equipment and Materials for theBadarpur Station 12.7 10.5 23.2

Transmission Lines and Substations 63.7 38.8 102.5Consulting Services for DESU 3.0 0.7 3.7Engineering and Administration 49.2 - 49.2Total Base Costs 609.9 378.9 988.8Physical Contingencies 37.2 19.3 56.5Price Contingencies 217.7 90.1 307.8

Total Project Costs 864.8 488.4 1,353.2Interest DuringConstruction 68.4 120.5 188.9

Total FinancingRequired 933.2 608.9 1,542.1

Figures may not add due to rounding.

Financing Plan:Local Foreign Total---------US$ million--------

(a) NTPC IBRD - 425.0 425.0GOI/NTPC 841.3 123.9 965.2Total 841.3 548.9 1,390.2

(b) DESU IBRD - 60.0 60.0GOI/DESU 91.9 - 91.9Total 91.9 60.0 151.9

TOTAL FINANCING REQUIRED 933.2 608.9 1,54241

1/ Includes taxes and duties of about US$43.1 million.

Schedule BPage 1 of 3

Procurement Table(US$ Million) /a

Project Elements PROCUREMENT METHOD /bICB LCB Other Total

A. NTPC

I. Prelim;nary Works 33.0 33.0II. Civil Works 2.0 169.8 171.8

(2.0) (2.0)III. Mechanical Works

Steam Generator and Auxiliaries 272.3 272.3(208.9) (208.9)

Turbo Generator and Auxiliaries 200.2 200.2(f2.0) (92.0)

Ash Handling System 64.9 64 59(26.5) (26.5)

Control and Instrumentation 22.6 :22 6(18.0) (18.0)

Circulating Water System 22.1 22.1(7.5) (7.5)

Coal Handling Plant 47.3 47.3(25.0) (25.0)

Water Treatment Plant 7.0 e 0(4.0) (4.0)

Other Mechanical Equipment 16.0 39.6 55.6(4.3) (4.3)

IV. Coal Transportation 135.9 135.9V. Electrical Equipment

Power Transformers 7.3 7.3(6.0) (6.0)

Bus Ducts 3.0 3.0(1.3) (1.3)

Switchgear 12 6 12.6(5.0) (5.0)

Power and Control Cables 14.5 146 *5

(6.0) (6.0)Switchyard Equipment 27.6 27 6

(15.3) (15.3)Other Electrical Equipment 3.0 6.5 9.5

VI. Consultancy Services 9.3 9.3(3.2) (3.2)

VII. Badarpur Rehabilitation 13.0 15.0 28.0VIII. Engineering and Administration _ 67.7 67.7

Total (NTPC) 722.4 364.8 125.0 1,212.2(421.8) _(3.2) (425.0)

Schedule BPage 2 of 3

B. DESU

I. 400-kV Transmission LinesTowers 15.0 15.0

(12.6) (12.6)Conductors 16.5 16.5

(13.2) (13.2)Insulators and Hardware 6.2 6.2

(4.5) (4.5)Erection (and works) 13.6 13.6

II. 400kV SubstationsTransformers 6.9 6.9

(5.0) (5.0)Other Equipment and Material 23.0 23.0

(15.2) (15.2)Civil Works and Erection 11.1 11.1

III. 220kV SubstationsTransformers 5.4 5.4

(4.0) (4.0)Other Equipment and Material 11.3 11.3

(3.0) (3.0)Civil Works and Erection 6.1 6.1

IV. Engineering and Administration 21.3 21.3V. Consulting Services 4.6 4.6

(2.5) (2.5)Total (DESU) 84.3 30.8 25.9 141.0

(57.5) (2.5) (60.0)

C. TOTAL PROJECT 806.7 395.6 150.9 1,353.2

(479.3) (5.7) (485.0)

ia Figures between brackets indicate Bank-financed portion.7T ICB : International Competitive Bidding.

LCB : Local Competitive Bidding.Other: Direct negotiation or not subject to commercial procurement.

Schedule aPage 3 of 3

Disbursements

Amount of the LoanAllocated (Expressedin Million Dollar Equiv.)

Category

X of ExpenditureNTPC DESU TOTAL to be Financed

I. Equipment and 406.8 52.5 459.3 100Xmaterials

II. Consultants' 3.2 2.5 5.7 100XServices

III. Unallocated 15.0 5.0 20.0

Total 425.0 60.0 485.0

Estimated Disbursements

Bank FY FY88 FY89 FY90 FY91 FY92 FY93 FY94 FY95…-----…- -US$ Million-------------------

1. NTPC

Annual 34.0 46.0 73.0 85.0 76.0 55.0 39.0 17.0Cumulative 34.0 80.0 153.0 238.0 314.0 369.0 408.0 425.0

2. DESU

Annual 3.0 8.0 12.0 13.0 10.0 7.0 5.0 2.0Cumulative 3.0 11.0 23.0 36.0 46.0 53.0 58.0 60.0

NOTE: The Bank has authorized retroactive financing of up to US$1,000,00Q tocover DESU's expenditures after May 1, 1987 and, prior to the loansigning, on consultancy support for clearing the backlog of accounts,assisting in the implementation of the commercial accountingsystem, and consultancy for engineering of the transmission linesand substations.

SCHEDULE C

INDIA

NATIONAL CAPITAL POWER SUPPLY PROJECT - PHASE I

Timetable of Key Project Processing Events

(a) Time taken to prepare: One and one half years

(b) Prepared by: National Thermal Power CorporationDelhi Electric Supply UndertakingCentral Electricity Authority

(c) First IBRD mission: November 1984

(d) Appraisal mission departure: January 1986

(e) Technical discussions: May 5 - May 13, 1987

(f) Negotiations concluded: May 26, 1987

(g) Planned date of effectiveness: November 1, 1987

(h) Last relevant PCR/PPAR: No. 6307

Schedule DPage 1 of 4

TNE STATUS OF BANK GROUP OPERATIONS IN INDIA

A, STATEHENT OF BANK WAIS AND IDA CREDITS(As of Karch 31, 1987)

US$ millionLoaan or Fiscal (Net of Cancellations)Credit Year ofNo. Approval Purpose Bank IDA 1/ Undisbursed 2/

60 Loans/ 2,995.0 -121 Credits fully disbursed - 7,549.7 -

793-Il 1978 gorba Thermal Power - 200.0 0.08842-Il 1979 Bombay Water Supply II - 196.0 36.73

1648-1l 1979 Ramagundam Thermal Power 50.0 - 7.81963-Il 1980 Inland Fisheries - 20.0 7.61981-Il 1980 Population II - 46.0 9.651003-Ib 1980 Tamil Nadu Nutrition - 32.0 6.191011-Il 1980 Cujarat Irrigation II - 175.0 46.161012-Il 1980 Cashewaut - 22.0 9.641027-IN 1980 Singrauli Thermal II - 300.0 39.11034-Il 1980 Karnataka Sericulture - 54.0 11.831046-Il 1980 Rajasthan Water Supply & Sewerage - 80.0 26*.571053-Il 1980 Parakka Thermal Power - 225.0 16*411887-IN 1980 Parakka Thermal Power 25.0 - 25.001897-Il 1981 Kandi Watershed and

Area Development 30.0 - 11.931072-Il 1981 Bihar Rural Roads - 35.0 6.951078-Il 1981 Mahanadi Barrages - 83.0 27.191082-Il 1981 Madras Urban Development II - 42.0 10.501108-IU 1981 H.P. Medium Irrigation - 140.0 50.181116-Il 1981 Karnataka Tank Irrigation - 54.0 20.041125-IN 1981 lazira Fertilizer Project - 399.1 34.141135-IN 1981 Maharashtra Agricultural Ezt. - 23.0 3.361137-IN 1981 Tamil Nadu Agricultural Ezt. - 28.0 10.691138-IN 1981 M.P. Agricultural Est. II - 37.0 24.521146-IN 1981 National Cooperative

Development Corp. II - 125.0 40.541172-Il 1982 Korba Thermal Power Project II - 400.0 166.621177-IN 1982 Madhya Pradesh Major Irrigation - 220.0 122.951178-IN 1982 West Bengal Social Forestry - 29.0 16.571185-IN 1982 Kanpur Urban Development - 25.0 11.732051-IN 1982 ICICI XIV 150.0 - 2.292076-IN 1982 Ramagundaia Thermal Power Ir 300.0 - 174.861219-IN 1982 Andhra Pradesh Agricultural Ext. - 6.0 4.022123-IN 1982 Refineries Rationalization 200.0 - 38.802165-IN 1982 Rural Electrification III 304.5 - 88.571269-IN 1982 Kallada Irrigation - 60.0 10.202186-IN 1982 Kallada Irrigation 20.3 - 20.001280-IN 1983 Cujarat Water Supply - 72.0 58.191286-IN 1983 Jammu/Kashmir and

Haryana Social Forestry - 33.0 18.88

Schedule DPage 2 of 4

Us$ millionLoan or Fiscal (get of Cancellations)Credit Year ofNo. Approvl Purose Bank IDA 1/ Undisbursed 2/

1288-IN 1983 Chambal Madhya PradeshiIrrigation II 31.0 14.00

1289-IN 1983 Subernarekha Irrigation - 127.0 87.122205-IN 1983 Krishna-Codavari gxploration 165.5 - 68.481299-Il 1983 Railways Modernization &

Kaintenance II - 200.0 99.282210-Il 1983 Railways Modernization &

Maintenance II 200.0 - 197.042241-Il 1983 South Bassein Cas Development 139.3 - 8S.521319-IN 1983 Haryan Irrigation II - 150.0 80.801332-1D 1983 U.P. Public Tubewells II - 101.0 74.301356-Il 1983 Upper Indravati Hydra Power - 170.0 137.492278-IN 1983 Upper Indravati Hydro Power 156.4 - 156.011369-I 1983 Calcutta Urban Development III - 147.0 127.562283-lU 1983 Central Power Transmission 250.7 - 245.742295-I3 1983 Himalayan Watershed Management 46.2 - 42.511383-IN 1983 Maharashtra Water Utilization - 32.0 21.742308-Il 1983 Maharashtra Water Utilization 22.7 - 22.642329-Ir 1983 Madhya Pr*desh Urban 24.1 - 21.041397-Il 1984 Oriss Irrigation II - 105.0 63.571424-rI 1984 Rainfed Areas Watershed Dev. - 31.0 36.301426-IN 1984 Population III - 10.0 64.601432-IN 1984 Karnataka Social Forestry - 27.0 20.552387-IN 1984 Nhava Sheva Port 250.0 - 200.092393-Il 1984 Dudhichua Coal 151.0 - 129.392403-Il 1984 Cambay Basin Petroleum 242.5 - 205.352415-Il 1984 Kadhya Pradesh Fertilizer 203.6 - 105.731454-1U 1984 Tamil Nadu Water Supply - 36.5 43.93SF-12-IN 1984 Tamil Nadu Water Supply - 36.S 45.381468-IN 1984 Periyar Vaigai II Irrigation - 17.5 4.48SP-16-IN 1984 Periyar Vaigai II Irrigation - 17.5 21.341483-IN 1984 Upper Ganga Irrigation - 125.0 140.251496-Il 1984 Gujarat Medium Irrigation - 172.0 150.812416-Il 1984 Indira Sarovar Hydroelectric 157.4 - 153.12SP-20-rI 1984 Indira Sarovar Hydroelectric - 129.8 156.202417-Il 1984 Railways Electrification 280.7 - 262.892442-IN 1984 Parakka II Thermal Power 300.8 - 294.092452-IN 1984 Fourth Trombay Thermal Power 135.4 - 100.281502-Il 1984 National Cooperative

Development Corporation III - 220.0 222.811514-IN 1985 Kerala Social forestry - 31.8 32.031523-Il 1985 National Agric. Extension I - 39.1 47.521544-IN 1985 Bombay Urban Development - 138.0 151.702497-IN 1985 Narmada (Gujarat) Dam and Power 200.0 - 200.001552-IN 1985 Narmada (Gujarat) Dam and Power - 100.0 109.291553-Il 1985 Narmada (Cujarat) Canal - 150.0 180.781569-Il 1985 Second National Agricultural Ezt. - 49.0 52.311611-IN 1985 National Social Forestry - 165.0 187.301613-IN 1985 Indira Sarovar Hydroelectric - 13.2 15.942498-IN 1985 Jharia Coking Coal 248.0 - 248.002505-IN 1985 Maharashtra Petrochemical 300.0 - 272.87

Schedule 0Page 3 of 4

US$ millionLoan or Fiscal (Net of Cancellations)Credit Year ofNo. Approval Purpose Bank IDA 1/ Undisbursed 2/

2534-IN 1985 Second National Highway 200.0 - 200.002544-IN 1985 Chandrapur Thermal Power 300.0 275.372555-IN 1985 Rihand Power Transmission 250.0 - 226.692582-IN 1985 Kerala Power 176.0 - 175.971619-IN 1986 West Bengal Minor Irrigation - 99.0 129.851621-Il 1986 Maharashtra Composite Irrigation - 160.0 209.021622-IN 1986 Kerala Water Supply and Sanitation - 41.0 54.801623-IN 1986 West Bengal Population - 51.0 61.891631-IN 1986 National Agricultural Research II - 72.1 86.362629-IN 1986 Industrial Export Dev. Finance 90.0 - 89.572630-IN 1986 ICICI-Indus. E;p. Dev. Finance 160.0 - 154.691643-IN 1986 Cujarat Urban - 62.0 75.212653-IN 1986 NABARD I 375.0 - 275.002660-IN 1986 Cement Industry 165.0 - 164.902661-13 1986 ICICI - Cement Industry 35.0 - 35.001665-IN 1986 Andhra Pradesh It Irrigation* - 140.0 163.922662-IN 1986 Andhra Pradesh II Irrigation* 131.0 - 131.002674-IN 1986 Combined Cycle Power 485.0 - 48S.002729-IN 1986 Cooperative Fertilizer 150.2 - 130.202730-I 1986 Cooperative Fertilizer 152.0 - 128.401737-Il 1987 Bihar Tubewells * - 68.0 76.49

Total 10,218.3 14,035.8of which has been repaid 1,536.8 308.4

Total now outstanding 8,681.5 13,727.4Amount Sold 133.8of which has been repaid 133.8 - -

Total now held by Bank and IDA 3/ 8,681.5 13,727.4

Total undisbursed (excluding *) 5,740.84 3,854.06

1/ IDA Credit amounts for SDR-denominated Credits are expressed in terms of theirUS dollar equivalents, as established at the time of Credit negotiations and assubsequently presented to the Board.

2/ Undisbursed amounts for SDR-denominated IDA Credits are derived from cumulativedisbursements converted to their US dollar equivalents at the SDR/US dollar exchangerate in effect on March 31, Y'j7, while original principal is based on the exchangerate in effect at negotiations. This acconts for the fact that in some cases, theundisbursed balance as shown in $ equivalent is higher than the original principal.

3/ Prior to exchange adjustment.

* Not yet effective.

SCHEDULE DPage 4 of 4

S. STATEMENT OF IFC INVESTMENTS(As of March' 31, 1986)

Fiscal Amount (USe million)Yer Coop0 Loan Equity Total

1959 Republic Forge Company Ltd. 1.5 - 1.51959 Kirlookar Oil Engines Ltd. 0.8 - 0.81960 Assam Sillimanite Ltd. 1.4 - 1.41961 K.S.B. Pumps Ltd. 0.2 - 0.21963-66 Precision Bearings India Ltd. 0.6 0.4 1.01964 Fort Closter Industries. Ltd. 0.8 0.4 1.21964-75-79 Mahindra Ugine Steel Co. Ltd. 11.8 1.3 13.11964 Lakahmi Machine Works Ltd. 1.0 0.3 1.31967 Jayshree Chemicals Ltd. 1.1 0.1 1.21967 Indian Explosives Ltd. 8.6 2.9 11.51969-70 Zuari Agro-Cheomicals Ltd. 15.1 3.8 18.91976-87 Escorts Limited 15.6 - 15.61978 Housing Development Finance Corp. 4.0 1.6 5.61980 Deepak Fertilizer and

Petrochemicals Corporation Ltd. 7.5 1.2 8.71981 Coroanadel Fertilizers Limited 15.9 - 15.91981-86 Tata Iron and Steel Company Ltd. 51.6 - 51.61981 Mahindra, Kabindra Limited 15.0 - 15.01981 ag arjuna Coated Tubes Ltd. 2.3 0.2 2.51981-86/87 Iagarjuna Signode Limited 3A5 0.3 3.81981 Nagarjuna Steels Limited 1.5 0.2 1.?1982 Ashok Leyland Limited 28.0 - 28.01982 The Bombay Dyeing and

Manufacturing Co. Ltd. 18.8 - 18.81982 Sharat Forgo Company Ltd. 15.9 - 15.91982 The Indian Rayon Corp. Ltd. 8.1 - 8.11984-86 The Ovalior Rayon Silk Manu-

facturing (Weaving) Co. Ltd. 15.9 - 15.91985 Bihar Sponge 15.3 0.8 16.11985 Bajaj Auto Ltd. 23.7 - 23.71985 Modi Cement 13.1 - 13.11985 India Lease Development Ltd. 5.0 0.4 5.41986 Larsen and Toubro Ltd. 21.8 - 21.81986 India Equipment Leasing Ltd. 2.5 0.4 2.91986 Bajaj Tempo Limited 30.6 - 30.61986 The Great Eastern Shipping

Company Ltd. 8.0 2.0 10.01987 Hero tonda Motors Ltd. 7.8 - 7.81987 Wimco Limited 4.7 - 4.71987 Titan Watches Limited 15.4 0.4 15.81987 Export-Import Bank of India 15.0 - 15.01987 Gujarat Fusion Glass Ltd. 7.5 - 7.51987 The Gujarat Rural Housing

Finance Corp. - 0.2 0.2TOTAL GROSS COMMITMENTS 416.9 16.9 433.8

Less: Cancellations, Terminations,Repayments and Sales 228.2 8.1 236.3

Now Held 188.7 8.8 197.5=Snm UU u

Undisbursed 121.6 3.8 125.4a~~~= :uu=

IBRD 19611

PAKrSI - - CI INDNAL2W4N hNATIONAL CAPITAL POWER,°roSct4o ' n-4SUPPLY PROJECT

A- BANGLADESH PHASE I

INDLA ~ IPROPOSED:' 0 1 2 3 4 5INDIA t 7 Power Plont Site I K; 4---

Permonent Approoch Road KL ETS-4.-t-1IJ Railroad

UNDER CONSTRUCTION, NON-PROJECT:Transmission Line Corridors :1

.__RI A__ 400 kv A/C I]SRI LANKA _ __ HVDCk

EXISTING: ,DELHI Roads

PROPOSED 400/220 kV SYSTEM Northern Roilroad Moin LineUnder Construc.on, Conols

pmj~ecs (No . P.o'tni)

400 kV Tr.nsm,ssion Lines

i)1 (i) 400/220 kV Subsatohns220/66 kV Svbsations\

Poae, Stohion

State Boundeores

_--internot,onol Boundor.es

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BALLABGARH LNAAR

JUNE 198b