Energy Development Company Share price

EDCL was incorporated as a Public Limited Company on the 19th January1995. The Company took over execution of Harangi Mini Hydro ElectricPower Project on BOT (Build Operate Transfer) basis for a period of 40years from the date of commissioning of the Project.The project was initially awarded to M/s North East Energy Services("NEES") USA by the Government of Karnataka ("GoK") vide order no.DE/216/PPC/92 dated the 9th November 1992. Accordingly an agreementwas entered on the 11th November 1993 between the GoK and M/s PublicPower International Inc. ("PPII") a group company of NEES acting onbehalf of NEES. In accordance with this agreement a new Company wasincorporated on the 19th January 1995 in the name and style of"Energy Development Company Limited" for executing the project.The Single Window Agency of GoK at its meeting held on the 14th March1995 cleared the project and sanction was granted to PPII to go aheadwith implementation of the scheme.On the 18th December 1995 International Power Corporation Limited("IPCL") a wholly owned subsidiary of PPII approached Gok for issue ofconsent for the transfer of all required approvals and permits pertaining to the project in favour of the Company. The relative consent was issued by GoK vide Order no. 163/NCE-95- dated the 22ndDecember 1995.By an agreement dated the 5th February 1996 NEES PPII and IPCLtransferred all rights in the project to EDCL a new company incorporated for the purpose of executing the project for a consideration of Rs. 35 lacs which was the amount actually incurredtowards development/preliminary expenses. On the same day the existing seven issued equity shares in the Company were transferred tothe members of the present promoter group. The Project was then appraised by IFCI in October 1996 and subsequent to the appraisalfurther equity share capital was introduced and the EPC contractors forthe project were identified. Subsequent to submission of cost andschedule estimates on the recommendation of WAPCOS Sulzer wasidentified and appointed as the EPC contractor for the project. TheProject is presently under implementation.