Power offtake will improve post SEB rejig: Scindia

Jan 06, 2014, 12.43 PM IST

The Union power minister highlighted the many measures taken to ensure revival of India's power sector and reminded that the feat of connecting north grid to south grid has been a great achievement.

Tags  Delhi , Union power minister , Jyotiraditya Scindia , Arvind Kejriwal , Reliance Industries

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Power offtake will improve post SEB rejig: Scindia

The Union power minister highlighted the many measures taken to ensure revival of India's power sector and reminded that the feat of connecting north grid to south grid has been a great achievement.

Like this story, share it with millions of investors on M3

Power offtake will improve post SEB rejig: Scindia

The Union power minister highlighted the many measures taken to ensure revival of India's power sector and reminded that the feat of connecting north grid to south grid has been a great achievement.

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Connection of the southern grid to the national grid was a big positive for the sector.

Jyotiraditya Scindia

Power Minister

Not one to be overshadowed by the power play at Delhi, where the newly-appointed Delhi chief minister Arvind Kejriwal walked the talk by reducing electricity tariffs in the state, Union power minister and Congressman Jyotirditya Scindia said because of the multiple reforms brought about by his ministry, the sector was no longer in a "gloom and doom" phase.

In an exclusive interview on CNBC-TV18, the power minister clarified that setting power tarriff was a state subject and Electricity Act, 2003 allows states to provide subsidy to consumers. He drew attention towards achievements in the area of power generation and called the connection of the last-remaining southern electricity grid to the national grid as a "big positive" for the sector.

Also read: National power grid sync: What it means for the South

Scindia said he was hopeful power offtake would pick up after loans at several distressed state electricity boards (SEBs) were restructured recently.

Referring to the recent court decision allowing  Reliance Industries to hike the price of gas to USD 8.4 per unit, he said the new price would make power generation "unviable" and "uncompetitive".

When asked to comment on the Delhi government move to provide 50 percent power subsidies to consumers, the minister sidestepped the issue by saying the central government had no role in deciding power tariffs for states.

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Reliance stock price

On January 06, 2014, at 14:05 hrs Reliance Industries was quoting at Rs 855.00, down Rs 10, or 1.16 percent. The 52-week high of the share was Rs 954.80 and the 52-week low was Rs 765.00.

The company's trailing 12-month (TTM) EPS was at Rs 67.88 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 12.6. The latest book value of the company is Rs 557.05 per share. At current value, the price-to-book value of the company is 1.53.

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