India’s two electrical energy exporters to Bangladesh, PTC India and SEIL Vitality India, accept written to the Bangladesh Vitality Pattern Board (BPDB) to invoke their respective monetary institution ensures attributable to unpaid dues for the electrical energy they accept got supplied.
Here is at a time when BPDB has started making payments to Adani Vitality, which has excellent dues of over $850 million, India’s The Financial Times stories citing two commercial sources.
Md Rezaul Karim, chairman of BPDB, educated The Industry Identical old that the two Indian companies accept some excellent payments. “We are making boring payments to them. Alternatively, no resolution has been made yet referring to their monetary institution guarantee proposal.”
When requested referring to the total excellent amount, how worthy has been paid, and plans for settling the closing dues, the chairman acknowledged, “I accept now not got the actual figures. Alternatively, they manufacture accept receivables, and we’re giving special consideration to settling these payments.”
The Financial Times describe acknowledged SEIL Vitality India is owed over $150 million as of 30 June 2024. Its monetary institution guarantee amounts to 285 crore Indian rupees ($341 million). The firm has an have an effect on maintain settlement for 250MW with Bangladesh.
PTC India is owed over $seventy nine million. Its monetary institution guarantee amounts to 257 crore rupees ($307 million). PTC India since 2013 has been supplying 250MW of energy to the BPDB from West Bengal Speak Electrical energy Distribution Co, added the describe.
“Indian energy mills and suppliers, including SEIL Vitality and PTC India, accept issued a inquire see following the non-receipt of payments thru the placement of Letters of Credit,” acknowledged a source responsive to the enchancment, including that the dues are pending for over eight months and the fee is serious to originate definite viability and continuity of energy offer to Bangladesh.
In an emailed response, SEIL Vitality India spokesperson acknowledged, “SEIL is in dialogue with the connected authorities in Bangladesh. Now we accept adequately apprised the authorities of this unsustainable field.”
He added that while SEIL Vitality India continues to manufacture energy to Bangladesh, it remains hopeful the concerned authorities will uphold the contractual phrases and expedite the clearing of the dues so as that the power offer could additionally be sustained.
PTC India spokesperson acknowledged the firm has a long-term commercial relation of supplying energy to BPDB since 2013 and the power offer below the latest contract is from 2022, acknowledged The Financial Times.
“While energy offer below the latest contract is maintained, the delayed fee from BPDB is being talked about for resolution internal the contractual framework of an settlement,” PTC India spokesperson added.
Within the final few days, on the opposite hand, Bangladesh has started making payments to Adani Vitality of $4 million to $ 5 million per day. The firm had a pair of days within the past written to BPDB for fee of dues. Now not like hundreds of Indian companies, Adani Vitality has a 25-year energy maintain settlement.
