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Financial bid opening for the tenders for “South West Khasi Hills (Package-II), West Jaintia Hills (Package-IV), East Jaintia Hills (Package-V) & West Garo Hills (Package-X) to implement Loss Reduction works in Meghalaya under Revamped Distribution Sector Scheme (RDSS)”

Financial Bid Opening

Built in 1965, the Meghalaya  Umiam Dam is currently undergoing rehabilitation efforts to extend its longevity by 35-40 years The government’s proactive response to safety concerns led to the rehabilitation work being carried out in December year last season, which began with the replacement of the well bearings .The current phase of the refurbishment involves opening the expansion joints and installing jacks to raise the structure by 5 to 10 millimetres, ensuring stability standards are met Scheduled completion date is dated June, but efforts are underway to accelerate the project, which could potentially be completed by May .

Umiam Dam Rehabilitation Underway to Extend Lifespan by 35-40 Years

MeECL's subsidiaries in servicing debt obligations to Power Finance Corporation (PFC) and Rural Electrification Corporation Limited (REC) in the past, which are not guaranteed by the GoMe. The liquidity position of consolidated MeECL will continue to remain a point of concern. 

The company’s weak financial risk profile is marked by reducing net worth. The tangible net worth of the company has been eroded due to continuous accumulated losses. 

MeECL continues to be exposed to regulatory uncertainty, given that the revenues are influenced by the regulatory framework governing the power sector. The company operates through a cost-plus return on equity model laid down by MSERC. Any change/ reduction in return on equity or a tightening of the MSERC norms could result in lower operating cash flow

The issuer has made timely interest payments.

Shri Sanjay Goyal, Chairman and MD

MeECL is a wholly-owned undertaking of the GoMe and a strategically important entity of the power sector infrastructure for the state of Meghalaya. The ownership structure provides adequate financial flexibility. It is also the nodal agency of the government for undertaking power generation, transmission and distribution activity in the state

The existing listed bonds of Rs. 630.00 Cr has an unconditional and irrevocable guarantee from the GoMe. The guarantee also has a ‘T-7’ structure payment mechanism to ensure the timely debt servicing of the debt issue and redemption.

Security Name: 11.01% Meghalaya Energy Corporation Limited 14 Jan 2031

ISIN:

INE760I07060

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Meghalaya Energy Corporation Limited

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Financial Bid Opening

Umiam Dam Rehabilitation Underway to Extend Lifespan by 35-40 Years

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