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World Bank Document Document of The World Bank FOR OFFICIAL USE ONLY Public Disclosure Authorized Report No. P-7104-IN MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT AND THE Public Disclosure Authorized INTERNATIONAL DEVELOPMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN IN THE AMOUNT EQUIVALENT TO US$530 MILLION TO COAL INDIA LIMITED Public Disclosure Authorized AND A PROPOSED CREDIT OF SDR 1.5 MILLION TO INDIA FOR A COAL SECTOR REHABILITATION PROJECT July 31, 1997 Public Disclosure Authorized This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization. CURRENCY EQUIVALENTS (As of June 30, 1997) Currency units = Rupees (Rs) One Rupee = US$ .03 (approx.) One US Dollar (US$) = Rs35.8 One US Dollar (US$) = SDR 0.72 MEASURES AND EQUIVALENTS 1 metric ton of (Indian) coal = 0.46 metric tons of oil = 1.9 metric tons of lignite = 570 cubic meters of natural gas = 1.0 metric ton of firewood = 2.0 metric tons of animal dung ABBREVIATIONS AND ACRONYMS BCCL - Bharat Coking Coal Limited BIFR - Bureau of Industrial and Financial Restructuring CIL - Coal India Limited CMPDI - Central Mine Planning and Design Institute CSRP - Coal Sector Rehabilitation Project ECL - Eastern Coalfields Limited ESMP - Environmental and Social Mitigation Project JEXIM - Export-Import Bank of Japan GOI - Government of India kgoe - kilograms of oil equivalent Mt. - Million tons PAPs - Project-affected people SEB - State Electricity Board VRS - Voluntary Retirement Schemes WCL - Western Coalfields Ltd. FISCAL YEAR April 1 through March 31 Vice President: Mieko Nishimizu Country Director: Edwin Lim Sector Manager: Alastair McKechnie Task Manager: Hiroaki Suzuki FOR OFFICIAL USE ONLY INDIA COAL SECTOR REHABILITATION PROJECT LOAN /CREDIT AND PROJECT SUMMARY Borrower: India, acting by its President (IDA credit) Coal India Ltd. (IBRD loan) Implementing Agencies: Government of India (The Ministry of Coal), Coal India Ltd., Central Coalfields Ltd., Mahanadi Coalfields Ltd., Northern Coalfields Ltd., South Eastern Coalfields Ltd. and Western Coalfields Ltd. Beneficiaries: Government of India, Coal India Ltd., Central Coalfields Ltd., Mahanadi Coalfields Ltd., Northern Coalfields Ltd., South Eastern Coalfields Ltd., Western Coalfields Ltd. and coal consumers Poverty: Not Applicable Env. Category: A Amount: SDR 1.5 million (US$2.0 million equivalent) (IDA credit) US$530 million (IBRD loan) Terms: IDA Credit: Standard with 35 years maturity IBRD Loan: Repayment over a 20-year period, including five years of grace; standard interest rate for LIBOR-based US$ single currency loans Onlending terms: Coal India to its subsidiaries at same terms as above for the IBRD loan Commitment Fee: IDA Credit: 0.50 percent on undisbursed credit balances beginning 60 days after signing, less any waiver IBRD Loan: 0.75 percent on undisbursed loan balances beginning 60 days after signing, less any waiver Financing plan: Schedule A Net Present Value: The economic net present value is estimated at US$1,634 million and the corresponding financial net present value is estimated at US$945 million. A discount rate of 16% was used for the calculations of both net present values. Project ID: IN-PE-9979 This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization. INDIA COAL SECTOR REHABILITATION PROJECT TABLE OF CONTENTS India's Energy Sector - Public Sector Dom inance............................................................................................. 1 India's Coal Based Energy Strategy .................................................................................................................. Coal Sector Reform and Coal India's Restructuring ......................................................................................... 2 Coal India Ltd..................................................................................................................................................... 3 Project Objectives .............................................................................................................................................. 3 Project Description............................................................................................................................................. 3 Project Im plem entation...................................................................................................................................... 4 Project Sustainability ........................................................................................................................................ 5 Lessons Learned From Previous Bank Group Involvem ent..............................................................................5 Link to Country Assistance Strategy.................................................................................................................. 6 Rationale For Bank Involvem ent ....................................................................................................................... 6 Actions Confirm ed at Loan N egotiations .......................................................................................................... 6 Program Objective and Poverty Category.......................................................................................................... 8 Environm ental and Social A spects..................................................................................................................... 8 Participatory Approach ...................................................................................................................................... 9 Project Benefits.................................................................................................................................................. 9 Project Risks....................................................................................................................................................... 9 Recom m endation..............................................................................................................................................1 SCHEDULES A. Project Cost Estimates and Financing Plan B. Procurement and Disbursement C. Time Table of Key Project Processing Events D. Status of Bank Group Operations in India and India at a Glance ANNEX 1: Status of Sector Reforms and Anticipated Further Reforms MAP MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT AND THE INTERNATIONAL DEVELOPMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO COAL INDIA LIMITED AND A PROPOSED CREDIT TO INDIA FOR A COAL SECTOR REHABILITATION PROJECT 1. I submit for your approval the following memorandum and recommendation on a proposed loan to Coal India Limited (Coal India) for the equivalent of US$530 million and on a proposed credit to India for SDR 1.5 million (US$2.0 million equivalent) to help finance a Coal Sector Rehabilitation Project (CSRP). The loan would be at the Bank's standard LIBOR-based interest rate for US$ single currency loans, with a maturity of 20 years, including five years of grace and the credit would be on IDA's standard terms with 35 years maturity. India's Energy Sector-Public Sector Dominance 2. During the four decades before 1991, a broad consensus opinion among the policy makers in India had established self-reliance and the provision of cheap energy as the twin goals of India's energy sector and made the Government the agent charged with providing the growing population's energy needs. Executing that mandate, India devoted roughly 30 percent of its budgetary resources to the energy sector. This policy has led to the creation of public sector monopolies in the energy sector. Almost the entire power sector is controlled by the Central and State Governments. Coal India controls more than 90% of domestic coal production. Except for a few refining ventures, the Government owns the entire oil and gas sectors. 3. To provide cheap energy, subsidies for agricultural and residential consumers became the rule. Subsidies have had a far reaching effect on the Indian economy: encouraging uneconomic consumption of energy, undermining the efficient development of domestic energy resources, imposing heavy financial burdens on Central and State Government budgets (US$3.7 billion or 1.4% of GDP in 1995/96), exacerbating the poor financial and economic performance of public sector enterprises, and adversely affecting the environment. 4. The Government began to reform the energy sector as part of the fundamental policy shift toward economic liberalization triggered by the balance of payments and fiscal crisis of early 1991. The energy sector reforms were also necessitated by the rapid deterioration of service standards. The reforms focus primarily on rationalizing prices, liberalizing trade and attracting private resources to the energy sector. The State of Orissa, with support from the Bank-financed Orissa State Power Sector Restructuring Project (Loan 4014-IN), has pioneered power sector reform by eliminating vertical integration, inviting private participation, relying on competition where feasible, reforming tariffs, and introducing legislation to allow the creation of an independent
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