Mahesh gets PNGRB Pune reprieve

Vol 20, PW 3 (20 Oct 16) News in Brief

After losing its gas retail licence for Ahmednagar, Mahesh Resources is desperately working hard to make sure it doesn't lose Pune (rural) as well.

CGD newcomer Mahesh is restructuring its project cost for Pune (rural) so it can submit long-delayed financial closure documents to the PNGRB by end-October. "The PNGRB has agreed to our cost restructuring" confirms a company source.

"We are slashing the project cost by 40%." To do this Mahesh has hired Delhi-based Resonance Energy to complete a new DFR aimed at re-working project numbers. On October 14 the PNGRB gave Mahesh a stark warning: complete financial closure fast or risk losing the Pune (rural) authorisation it won in May 2015.

On September 29, the PNGRB withdrew Mahesh's authorisation for Ahmednagar, also in Maharashtra, and banned the company from bidding in future rounds for three years after it failed to submit a Rs12cr ($1.8m) Performance Bank Guarantee by the August 26 deadline. Mahesh Resources was incorporated on May 18, 2013 in the Haryana town of Karnal with Sanjay Kumar and Ashok Kumar Mittal as its two full-time directors.

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