‘Wanted to supply electricity to Sri Lanka’

In an interview, PTC India Chairman and Managing Director Rajiv K. Mishra said the state-run company could also provide consultancy services to Sri Lanka for manufacturing sub-cables.

On allegations of misrule in the unit PTC India Financial Services (PFS), Mishra said that the parents work at an arm’s length from the PFS. Edited excerpt:

You have forged alliances with neighboring countries. What is happening on the international front?

The new generation potential which is coming in Bhutan and Nepal will be very beneficial and important not only for PTC but for the entire country.

In India, there is a lot of potential for renewable energy coming up. Now, whatever is coming (in India), it is Akshay. But renewable has its issues like during the day you have renewable (solar) but when you need electricity for lighting and other needs, you don’t have solar. So, you need some supplemental power to come. Either it can be gas based, it can be hydro or you can use thermal where thermal can be complementary.

Hydroelectricity has tremendous potential to complement renewable energy. Therefore, to supplement renewable energy, the electricity generated in Bhutan and Nepal will be of great help to the country. PTC is making all efforts to bring that power into the country and trying to see if it happens. As per our recent estimation, around 3,000-5,000 MW (will come) from Nepal in the next 5 years, and likewise, 2,000-4,000 MW from Bhutan are in the pipeline.

Do you have any plans for Sri Lanka, which is currently facing energy crisis?

We are definitely interested in supplying electricity to Sri Lanka. But, Sri Lanka is no longer connected with India. Sri Lanka is in dire need of power and India could have supplied them to the best of its ability, but due to (absent) sub-cables. For Sri Lanka, we are interested in extending our support so as to maintain the viability of the project. We can enter into an agreement with the Sri Lankan authorities to prove the viability of the development banks on the basis of that. We can also bring in the best people for consultation at Subsea Cable.

Alleged misgovernance on PFS. Though a clean chit has been given by the lenders and the company’s risk management committee, the board of PTC clearly differs on the issue. What are your thoughts?

Let me make it very simple and straightforward. It is a good company, doing very well. Consistently, we have shown that with good governance, we can reach the level we are today, as far as the Holding Company (PTC) is concerned. We are working closely with another subsidiary (PFS), which is again a listed entity.

Hence, as far as PTC is concerned, whatever has come out is completely unnecessary as it does not pertain to PTC. Our business is trading business where our regulator is CERC.

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