TARIFF DETERMINATION:

GENERATION AND TRANSMISSION

Presentation by

Umesh Kumar Shukla

2nd July,2008

Capacity Building Programme For

Officers Of Electricity Regulatory Commissions
30th June – 5th July,2008

Organized by
Indian Institute of Technology, Kanpur
 VARIOUS MODELS OF TARIFF
DETERMINATION
• Embedded Cost
• Marginal Cost
• Normative Cost
• RPI minus X
• Tariff based on Competitive bidding
• Hybrid Method
• Market based Tariff
 VARIOUS ISSUES IN
TARIFF DETERMINATION
(Contd….)

• Rate Base
- Gross Fixed Assets or Net Fixed Assets
• Return
- Return on capital employed or Return on equity
+ interest on Debt
• Rate of Return
- Post tax or Pre tax
• Interest on working capital
- Normative working capital or an additional
ROCE/ROE
• O&M expenses
- Based on Actual or Normative (% of capital cost
 VARIOUS ISSUES IN
TARIFF DETERMINATION
(Contd….)

• Depreciation
- Repayment of loan or Recovery of Asset or
Replacement of Asset
• Incentives
- Thermal
- Hydro
- Transmission systems
• Other Issues
- Tariff period
- Peak & off peak tariff in bulk generation
• Performance based regulation
 VARIOUS ISSUES IN
TARIFF DETERMINATION
• Thermal
- Availability/PLF
- Station Heat Rate
- Secondary fuel oil consumption
- Auxiliary energy consumption
• Hydro
- Capacity Index
- Auxiliary energy consumption
- Rate of primary and Secondary Energy
• Transmission
- Availability
 TARIFF DETERMINATION
IN INDIAN POWER SECTOR
• Single part tariff
• Two part tariff for Generation as per K.P.
Rao Committee - 1992
• GOI two part tariff notification for
Generation Companies - 30.3.92
• Transmission tariff notification dated
16.12.97 effective from 1.4.97
• CERC Tariff Notification 26.3.2001 for
Tariff Period 2001-04
• CERC Tariff Notification 26.3.2004 for
Tariff Period 2004-09
 CREATION OF CERC and SERCs

• Creation of State Electricity Regulatory

Commision in some states e.g. OERC in
1995, HERC in 1998
• The Electricity Regulatory Commissions
Act,1998
– Creation of Regulatory Commissions at the
Centre and States.
– Central Electricity Regulatory Commission
(CERC) in July,1998.
• The ERC Act, 1998 replaced by the
Electricity Act, 2003
• CERC and SERCs created under the
 CERC: STATUTORY FUNCTIONS
SECTION 79 (1) 0F THE ELECTRICTY Act,2003
• regulate the tariff of generating companies
– owned or controlled by the Central Government;
– composite scheme for generation & sale of electricity in
more than one state
• regulate inter-state transmission of electricity
and determine tariff
• for inter-state operations issue licences to
persons to function as:
– transmission licensee and
– electricity trader;
• adjudicate upon disputes involving generating
companies or transmission licensee
• to levy fees for the purposes of the Act;
 CERC: ADVISORY FUNCTIONS
SECTION 79 (2) 0F THE ELECTRICTY Act,2003
• The Commission also have advisory
function and shall advise the Central
Government on:
– formulation of National Electricity Policy and
Tariff Policy;
– promotion of competition, efficiency and
economy in the activities of the electricity
industry;
– promotion of investment in electricity industry;
– any other matter referred to the Central
Commission by the Central Government.
 SERC : STATUTORY FUNCTIONS
SECTION 86 0F THE ELECTRICTY Act,2003
• determine the tariff for generation, supply,
transmission and wheeling of electricity, wholesale,
bulk or retail within the State
• regulate electricity purchase and procurement process
of distribution licensees including the price
• facilitate intra-state transmission and wheeling of
electricity
• for intra-state operations issue licences to persons to
act as transmission licensee, distribution licensees and
electricity trader;
• promote cogeneration and generation of electricity
from renewable sources of energy
• adjudicate upon disputes between the licensees and
generating companies and refer any dispute for
arbitration
 SERC: : ADVISORY FUNCTIONS
SECTION 86 (2) 0F THE ELECTRICTY Act,2003
• The Commission also have advisory
function and shall advise the State
Government on:
– promotion of competition, efficiency and
economy in the activities of the electricity
industry;
– promotion of investment in electricity industry;
– reorganization and restructuring of electricity
industry in the State;
– matters concerning generation, transmission ,
distribution and trading of electricity or any
other matter referred to the State Commission
by that Government.
 GUIDING PRINCIPLES OF TARIFF
SECTION 61 OF THE ELECTRICITY ACT, 2003
In specifying the terms and conditions for the
determination of tariff, Appropriate Commission
shall be guided by:
(a) Principles and methodologies specified by CERC for
determination of tariff applicable to generating companies and
transmission licensees
(b) Generation, transmission, distribution and supply are conducted
on commercial principles
(c) Factors which would encourage efficiency, economical use of
resources, good performance, optimum investments
(d) Safeguarding of consumers’ interest and recovery of the cost of
electricity in a reasonable manner
(e) Principles rewarding efficiency in performance
(f) Multiyear tariff principles
(g) Reflection of cost of supply in tariff progressively, and reduction
and elimination of cross-subsidies
 ROLE OF THE COMMISSION

• The Commission has to play the role of

harmonizing the interest of various stake
holders
• Gain of one stake holder is perceived as
loss to the other stake holder
 REGULATORY
PROCEDURES & PROCESSES
• The Commission in discharge of its
functions
– notifies Regulations and
– issues orders on petitions relating to
• grant of licence,
• determination of tariff and
• review/miscellaneous petitions.
PROCEDURE FOR REGULATIONS

Electronic Media
Consultation Publicity
Paper/ Staff
Paper
Print Media

Public hearing
Discussions
Comments/
Suggestions

Draft
Regulations
Previous Publication

Regulations Comments

Publication
 PROCEDURE FOR PETITION

Petitioner Respondent
Petition Copy

Petition

Admission Reply

Arguments
Option for Review

Order Option

Appeal to Appellate
Tribunal
 CERC (TERMS & CONDITIONS OF
TARIFF) REGULATIONS,2004
(Contd….)

• Applicable from 01.04.2004 to 31.03.2009

• Not Applicable where tariff has been
determined through the transparent
process of bidding
• Applicable where tariff is to be determined
based on capital cost
• Historical Cost based Normative Tariff:
– Fixed Charges primarily on Historical Cost Base
– Variable Charges (only for thermal power
generating stations) based on the
Quantitative Norms and Actual Cost
 CERC (TERMS & CONDITIONS OF
TARIFF) REGULATIONS,2004
(Contd….)
• Norms of Operation as Ceiling Norms
–Generating companies or transmission licensees
and beneficiaries may agree to improved norms
• Determination of tariff
–Generating Station : stage-wise, unit-wise
–Transmission System: line-wise, sub-station-
wise and system wise
–Two Stage process: Provisional and final tariff
 CERC (TERMS & CONDITIONS OF
TARIFF) REGULATIONS,2004
• Reduction of cost of bulk power
– Reduction in ROE from 16% to 14%
– New investment on or after 1.4.2004 in 70:30 Debt-
Equity ratio
• if equity deployed is less than 30%, actual equity is to be
considered for the purpose of tariff
• Dispensing with the accelerated rate of
depreciation to thermal generating station to
reduce front loading of tariff.
• Tightening the norms of stations heat rate,
secondary fuel oil consumption and auxiliary
energy consumption for coal/lignite/gas based
station.
• Raising the norm of target availability for lignite
 COMPONENTS OF TARIFF

• Fixed Charges
– Interest on Loan
– Depreciation
– Advance against Depreciation
– Return on Equity
– Operation & Maintenance Expenses
– Interest on working capital
- O&M Expense
- Maintenance spares
- Receivables
- Cost of Coal and Secondary Fuel Oil linked to target
availability (only in thermal generation)
- Energy (variable) Charges
 GENERATION TARIFF: THERMAL
OPERATION NORMS

80%
Target Availability for recovery of full Capacity (Fixed) charges

Target Plant Load Factor for Incentive 80%

Gross Station Heat Rate of coal-based 200/210/250 MW sets 500 MW and above sets
thermal power generating stations Stabilization Period 2600 2550
(kCal/kWh) Afterwards 2500 2450

Gross Station Heat Rate of gas turbine/ Open cycle Combined cycle
combined cycle generating stations Advanced machines 2685 1850
(kCal/kWh) E/EA/EC/E2 machines 2830 1950
Small gas turbine 3125 2030

Secondary fuel oil consumption Stabilization period Subsequent period

(ml/kWh) coal-based 4.5 2.0
lignite-based 5.0 3.0

Auxiliary Energy Consumption: coal With cooling tower Without cooling tower
based 200 MW series 9.0% 8.5%
500 MW: steam driven 7.5% 7.0%
500 MW: electrically driven 9.0% 8.5%

Auxiliary Energy Consumption: gas Combined cycle- 3.0%

based Open cycle- 1.0%
 GENERATION TARIFF: THERMAL
FINANCIAL NORMS
70:30
Debt-Equity Ratio
Interest on loan capital On the normative loan and normative repayments
Depreciation Based on straight line method over useful life of asset on 90% value of historical cost
Advance against Depreciation Loan repayment subject to ceiling of 1/10th of loan minus depreciation
Return on Equity (post tax) 14% on normative equity
Operation and Maintenance Year 200/210/250 MW sets 500 MW and above sets
expenses (Rs. Lakh/MW) 2004-05 10.40 9.36
(coal/lignite based) 2005-06 10.82 9.73
2006-07 11.25 10.12
2007-08 11.70 10.52
2008-09 12.17 10.95
Operation and Maintenance Year 10 years warranty spares 7 years warranty spares Small gas turbine
expenses 2004-05 5.20 7.80 9.46
(Rs. Lakh/MW) 2005-06 5.41 8.11 9.84
(gas based) 2006-07 5.62 8.44 10.24
2007-08 5.85 8.77 10.65
2008-09 6.08 9.12 11.07
Elements of Interest on Working (i) Fuel Cost (corresponding to the target availability)
Capital • pit-head coal/ lignite based generating stations 1½ months
• non-pit-head coal/ lignite based generating stations 2 months
• gas based generating stations 1 months
(ii) Cost of secondary fuel oil corresponding to the target availability (coal/ lignite 2 months
based generating stations)
Liquid fuel stock (gas based generating stations) ½ months
(iii) Operation and Maintenance expenses 1 month
(iv) Maintenance spares @ of the historical cost escalated @ 6% per annum from 1%
the date of commercial operation
(v) Receivables (of fixed and variable charges) calculated on the target 2 months
availability
Rate of Interest on working capital Short-term PLR of SBI as on 1.4.2004 or on 1st April of the year of COD, whichever is later.
Incentive Scheduled energy corresponding to scheduled generation in 25.0 paise/ kWh
excess to target Plant Load Factor
Tax on Income Reimbursement Actual
 GENERATION TARIFF: THERMAL
ENERGY CHARGES
• Shall cover fuel costs
• Worked out based on
– Rate of energy charges (Rs./kWh) multiplied by
– Scheduled energy (ex-bus) for the month in
kWh corresponding to the scheduled
generation (for generating station under ABT)
– energy delivered (ex-bus) for the month in kWh
(for generating station not under ABT)
• Rate of energy charge is worked out on the
basis of:
– Price of primary and secondary fuel
– Quantity of primary and secondary fuel
– Calorific value of primary and secondary fuel
 GENERATION TARIFF: THERMAL
RECOVERY

• Recovery of fixed charges below the level

of target availability on pro-rata basis
• Incentive payable at a flat rate for
scheduled generation in excess of ex-bus
energy corresponding to target PLF
 GENERATION TARIFF: HYDRO
OPERATION NORMS
Year 1 of COD Afterwards
Normative capacity index for recovery
Purely run of river power stations 85% 90%
of full Capacity (Fixed) charges
Storage type power stations 80% 85%
Normative capacity index for Incentive Purely run of river power stations 90%
Storage type power stations 85%

Auxiliary Energy Consumption With rotating exciters With static exciters

Surface HEP stations 0.2% 0.5%
Underground HEP stations 0.4% 0.7%

Transformation losses 0.5%

 GENERATION TARIFF: HYDRO
FINANCIAL NORMS
70:30
Debt-Equity Ratio

Interest on loan capital On the normative loan and normative repayments

Depreciation Based on straight line method over the useful life of the asset on 90% value of
historical cost

Advance against Depreciation Loan repayment subject to ceiling of 1/10th of loan minus depreciation

Return on Equity (post tax) 14% on normative equity

Operation and Maintenance 1.5% of the actual admitted capital cost in the year of COD with annual escalation
expenses of 4% per annum

Elements of Interest on Working (i) Operation and Maintenance expenses 1 month

Capital (ii) Maintenance spares @ of the historical cost escalated @ 6% 1%
per annum from the date of commercial operation
(iii) Receivables calculated on the target availability 2 months

Rate of Interest on working capital Short-term PLR of SBI as on 1.4.2004 or on 1st April of the year of COD,
whichever is later.

Incentive 0.65 x annual fixed charges x (capacity index achieved – normative capacity
index)

Tax on Income Reimbursement Actual

 GENERATION TARIFF: HYDRO
RECOVERY
• Capacity charges = Annual fixed cost -
primary energy charges
• Pro-rata recovery of capacity charges
below normative capacity index
• Primary energy charges based on primary
saleable energy (ex-bus), primary energy
rate and free power to home state
• Rate of primary energy = lowest variable
charges of central sector TPS of the
concerned region
• Secondary energy charges based on
secondary saleable energy (ex-bus),
 INTER-STATE TRANSMISSION
FINANCIAL NORMS
70:30
Debt-Equity Ratio
Interest on loan capital On the normative loan and normative repayments

Depreciation Based on straight line method over the useful life of the asset on 90% value of
historical cost

Advance against Depreciation Loan repayment subject to ceiling of 1/10th of loan minus depreciation

Return on Equity (post tax) 14% on normative equity

Operation and Maintenance Year Per ckt-km Per bay

expenses (Rs. Lakh) 2004-05 0.227 28.12
2005-06 0.236 29.25
2006-07 0.246 30.42
2007-08 0.255 31.63
2008-09 0.266 32.90

Elements of Interest on Working (i) Operation and Maintenance expenses 1 month

Capital (ii) Maintenance spares @ of the historical cost escalated @ 6% 1%
per annum from the date of commercial operation
(iii) Receivables calculated on the Normative availability 2 months

Rate of Interest on working capital Short-term PLR of SBI as on 1.4.2004 or on 1st April of the year of COD,
whichever is later.

Incentive Annual transmission charges x (annual availability achieved – target availability

i.e. 99.75% for AC system and 98.5% for HVDC system)

Tax on Income Reimbursement Actual

 INTER-STATE TRANSMISSION
RECOVERY
• Pro-rata recovery of fixed charges below
the target availability
– AC systems – 98%
– HVDC systems – 95%
 DEVIATION IN NORMS BY SERCs
RETURN ON EQUITY
SN SERC RoE % Summary
1. APERC 14 adopted ROCE instead of ROE in TO 2006-07
2. AERC 14 In TO 2007-08, 14% ROE for AEGCL, 14% ROE for KLHEP & 7% for LTPS and NTPS stations of APGCL and 7% ROE
for LAEDCL, CAEDCL & UAEDCL
3. BERC 14 ROE @ 14% for Transmission and Distribution Licensee in the relevant regulations.
4. CSERC 14 Notified in T&C of Tariff on 01-03-06(RoE as per CERC)
5. DERC 14 DERC MYT Regulations for the Control Period 2007-11, Discoms are entitled to Return on capital employed. Equity is
allowed upto a maximum of 30% and RoE is prescribed at 14%.
6. GERC 14 Tariff Orders for 2007-08 ROE @ 7% for Distribution Companies, @10% for Transmission Company and @ 13% for
Generation Company. For Torrent Power Ltd this was allowed @ 14%.
7. HERC N/A No claims by Discoms, the Commission is continuing with Return on Capital Base as the Capital Base is negative, no
return on capital base has been allowed.
8. HPERC 16 Generation, Transmission and Distribution businesses at the rate of 14%,14% and 16% respectively
9. JSERC 14 The Commission has decided on ROE @ 14%
10. J&KSERC 14 The Commission has decided to give ROE @ 14%
11. KERC 14 The Commission has specified RoE of 14% for the Licensees in the State.
12. KSERC 14 Commission has decided on RoE 14% and order issued.
13. MPERC 14 14% for Transmission, Generation and Retail supply Tariff.
14. MERC 16 Return on Equity (RoE) post-tax return in INR on approved equity capital
Distribution Licensee- 16% p.a., Transmission Licensee- 14% p.a., Generation Company- 14% p.a.
15. MsERC 14 The MsERC has used 14% return on equity.
16. OERC 16 ROE @ 16%. ROE linked to RBI bank rate plus a margin for investment risk in power sector.
17. PSERC 14 RoE is allowed by the Commission as per CERC norms.
18. RERC 14 RoE prescribed as per rate specified by CERC. Presently, state owned companies are not claiming any RoE except the
new power plants.
19. TNERC 14 RoE notified in the T&C of tariff. The Commission is considering to adopt ROCE
20. TERC N/A transfer scheme under completion, return on equity not yet pegged. likely to be between 14-16%.
21. UERC 14 with a Debt:Equity ratio of 70:30. Where, equity is less than 30% the said actual equity is considered for tariff
22. UPERC 16 RoE for State Generators and Transmission licensee is 14% and 16% for Discoms.
23. WBERC 15 Distribution Licensee - 15%. Other area of electricity segment- 14% except for hydro where additional ROE upto 4%
more than provided for by the CERC depending on certain criteria.
 DEVIATION IN NORMS BY SERCs
DEPRECIATION
SN SERC CERC Rates Suggestions for separate Depreciation Rates
1. APERC FOIR rates Adopted Ministry of Power depreciation rates.
adopted
2. AERC Adopted Adopted CERC depreciation rates.
3. BERC Adopted CERC rates adopted in tariff order 2006-07.
4. CSERC Adopted CERC rates adopted.
5. DERC Control Period (2007-11): over useful life of asset on the original cost with residual value of 10%
6. GERC Adopted CERC depreciation rates are adopted.
7. HERC Adopted Transmission licensee and generation company depreciation including AAD as per CERC.
8. HPERC Not Adopted followed CERC norms for calculations of depreciation. allowing depreciation linked to Gross Fixed Assets
Completely (GFA). With the availability of the asset-wise details, the Commission will be following the CERC norms.
9. JSERC Adopted CERC depreciation rates adopted.
10. J&KSERC Adopted CERC depreciation rates have been adopted
11. KERC Adopted adopted the depreciation rates as per CERC .KERC favors separate rates for distribution to be evolved.
12. KSERC Adopted Depreciation rates approved by CERC adopted for Generation, Transmission & Distribution.
13. MPERC FOIR rates followed the CERC specified depreciation rates in respect to Generation and Transmission.
Adopted transmission rates are also being followed for Distribution Tariff.
14. MERC Adopted Depreciation on approved original cost of fixed assets computed annually based on the straight line
method based on the useful life of the asset at the rates specified and residual value of the asset at 10%
15. MsERC Adopted Depreciation on fixed assets has been accepted at rates prescribed by the CERC.
16. OERC Not Adopted OERC has adopted a weighted average of 3.67% in RSTO 24-06-03. OERC has been directed by High Court
to depreciation rates calculated for assets in accordance with the state Governments, DoE notification no.
1068/E dt. 29-01-03 & at pre-1992 norms as notified by GoI.
17. PSERC Not adopted PSEB is integrated Utility. Depreciation is allowed based on straight line method up to 90% of the cost of
asset. The rates of depreciation allowed are as notified by Govt. of India in 1994.
18. RERC Adopted CERC rates adopted.
19. TNERC Adopted CERC rates to be adopted, but suggests separate rates for distribution assets based on different useful life
to be fixed for meter of different type in distribution network. The straight line method (SLM) is followed.
20. TERC N/A accounts not yet completed, ad-hoc depreciation for the purpose of fixing AAR.
21. UERC Adopted CERC specified rates are adopted by the UERC
22. UPERC Adopted Distribution Licensee: depreciation rates specified by MoP vide notification S.No. 265(E) dt. 27.3.1994.
Generation Licensee: CERC rates along with AAD. Transmission Licensee: rates specified by CERC
23. WBERC Adopted CERC rates adopted.
 DEVIATION IN NORMS BY SERCs

• SERCS have broadly following the norms

notified by CERC
• The deviation in norms are mainly in
operation norms and O & M expenses
• For Example HERC in their order dated 21st
April,2008 has allowed higher Operational
norms
• The deviation in operational norms are
permissible and the same has also been
allowed by CERC in Tanda TPS, Talchar TPS
and various other projects.
 IMPORTANT TARIFF ORDERS
SETTING TATIFF PRINCIPLES
• Tanda TPS
– Treatment of Capital Cost and Depreciation
after transfer of the plant at a price higher than
the original cost

• Chandrapur HVDC (Back to Back Project

Between SR & WR) Transmission Line
– Treatment of Grant on capital cost,
depreciation, debt, equity and Operation &
maintenance expense in determination of tariff

• ULDC Tariff
 TANDA TPS
• FACTS OF THE CASE
– Tanda TPS transferred on 14.1.2000 by UP to NTPC at
Rs.1000 crores
– though the original cost was Rs.607 crores
– depreciated book value of the plant on the date of
transfer was Rs.431.09 crores as depreciation of
Rs.175.91 crores was recovered before the transfer of
the plant
• CERC ORDER
– capital cost of Rs.607 crores as recommended by
Special Bench was considered for determining the tariff
by the Commission.
– depreciation of Rs.175.91 crores charged up to the date
of transfer was considered for limiting the cumulative
depreciation amount claimed to 90% of the project cost
of Rs.607 crores.
 CHANDRAPUR HVDC (BACK TO BACK PROJECT
BETWEEN SR & WR) TRANSMISSION LINE
(Contd….)

• FACTS OF THE CASE

– Total capital cost of the line was 931.51 crore
– ODA Grant of 321.50 crore was received from Govt of UK
as Energy Efficiency Grant 1990.
• CERC ORDER
– Capital Cost and Equity is to be reduced by the amount
of Grant for working out Depreciation
– Operation & maintenance expenses are to be worked out
on the gross capital cost
• TARIFF PRINCIPLE
– Grant received is to be used for reduction in tariff
– depreciation is the spreading of the original cost over
effective life of the asset and value base for the purpose
of depreciation should be the historical cost and not the
replacement cost or any other values.
CHANDRAPUR HVDC (BACK TO BACK PROJECT
BETWEEN SR & WR) TRANSMISSION LINE
ANALYSIS OF 2 METHODS OF AS-12 OF ICAI FOR THE PURPOSE OF DEPRECIATION

Captal Cost 1000 Debt 500

Rate of Depreciation 6% Equity 300
Grant 200
Method I
Balance Sheet
Sources of Funds (Rs.) (Rs.) Aplication of Funds (Rs.) (Rs.)
Shareholders Funds Fixed Assets
Equity 300 Gross Block 800
Grant in Aid 0 Depreciation 48 752
Less Deductions during the year 0 0
Loan Funds 500 Profit & Loss Account 48
Total 800 Total 800
Profit & Loss Account
Expenditures (Rs.) Income (Rs.)
Depreciation 48 Deferred Income (Transferred from Capital Reserve on a/c of Grant-in-aid) 0
Balance transferred to Balance Sheet 48
Total 48 Total 48

Method II
Balance Sheet
Sources of Funds (Rs.) (Rs.) Aplication of Funds (Rs.) (Rs.)
Shareholders Funds Fixed Assets
Equity 300 Gross Block 1000
Grant in Aid 200 Depreciation 60 940
Less Deductions during the year 12 188
Loan Funds 500 Profit & Loss Account 48
Total 988 Total 988
Profit & Loss Account
Expenditures (Rs.) Income (Rs.)
Depreciation 60 Deferred Income (Transferred from Capital Reserve on a/c of Grant-in-aid) 12
Balance transferred to Balance Sheet 48
Total 60 Total 60
 ULDC PROJECTS

• FACTS OF THE CASE

– PGCIL proposed the concept of levellised tariff as against
the conventional method of front-loaded tariff, keeping
in view nature of equipment/services under the Scheme,
the high initial cost and financial position of the
constituents. The concept of levellised tariff entails
uniform charges over the period of assumed life of the
Scheme of 15 years for recovery of capital cost.
• CERC ORDER
– The Commission allowed the charges for the ULD&C
Scheme by taking the weighted average rate of interest
on loan and return on equity. Based on the weighted
average rate of interest on loan and return on equity,
the recovery factors for loan and equity were worked out
based on the following formula:
Recovery factor= i (1+i)n /
 I LIKE INTERACTION
WITH THE PARTICIPANTS

For further clarification and queries,

Please contact:
Umesh Kumar Shukla
E-mail: umeshk07iimb@gmail.com
u_k_shukla@yahoo.com
Mobile: 09868889551