Power Minister Piyush Goyal on Sunday (7 September) said that he has inherited a crisis-ridden sector. There is no low coal supply, rather the new government has inherited low coal production and loss of Rs 3,00,000 crore from state electricity boards: To correct the situation, "We will ensure quick action after SC decision to get process rolling and enhance coal output to 1 billion tonne by 2019," Goyal said.Coal shortage at power stations was due to stocks being consumed faster for higher electricity generation, said Goyal. Hydel power production was lower due to deficient monsoons.Goyal said that the 20 per cent increase in coal-based power production in the last three months is an achievement. Further, he said the government will continue with the e-auction of coal to provide the fuel to the users, even in case of de-allocation of coal blocks."At the moment we don't have a Plan B, but for every scenario we are keeping ourselves ready. Whatever the Supreme Court decides on coal block de-allocation, we will ensure that action from our side is implemented immediately," said Goyal.Financial RestructuringThe Power Ministry also plans to rework the financial restructuring package for debt ridden state electricity boards."The financial restructuring package was implemented 18 months too late and therefore it was lacking in a number of areas. We are in discussion with the states to rework the FRP," he said.The Government has also launched the Deen Dayal Upadyay Gram Yojana with an expected investment of Rs. 43,000 crore for feeder segregation of agricultural and domestic power lines in rural India. Long term transmission projects worth Rs. 12,272 crore have also been cleared since the new Government took charge in late May. Coal linkages are to be rationalised and 32,000 MW of old power plants are going to be modernised.Meanwhile, the Power Ministry has also finalised amendments in the Electricity Act, 2003 to launch the new wave of reforms.Goyal said that due to the shortage in generation from hydropower plants, coal-based power plants increased generation capacity."In the first three months of the new Government - June, July and August - coal-based power generation increased 21 per cent," said Goyal.
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Coal India is rushing to supply coal it has sourced from railway sidings, loading areas and other places over the years to feed power plants critically short of the fuel, a company official with knowledge of the matter said.The move is part of emergency measures taken by the state giant to prevent a shutdown of nearly one third of India's thermal power plants that have coal stocks of less than four days - a situation last seen in one of the worst blackouts in 2012. A few power firms have already switched off some units.Adding to power companies' concerns is a warning by Coal India unions to go on a three-day "work to rule" this month demanding the return of coal blocks allocated by the government mainly to private firms and declared illegal by the Supreme Court last month.The "work-to-rule" strike would mean a limited number of miners will attend work with minimum disruption to daily activities. However, it would still aggravate an already severe shortage of the fuel in the country.More than half of India's thermal power plants, which source most of their coal from state behemoth Coal India, have stocks enough to last for only less than a week.Coal India said in a statement that five unions representing more than 350,000 workers of the world's largest coal producer will resort to "work to rule" from Sept. 18.They want the government to allocate to Coal India the 218 coal blocks awarded mostly to private firms over the past two decades and ruled illegal by the Supreme Court last month. The top court is expected to decide on the 218 blocks in a hearing on Tuesday. Confusion surrounding the blocks awarded over the past two decades has meant only a handful of them are producing, making India rely heavily on imports.Coal India, which accounts for more than 80 per cent of India's total production, has about 30 million tonnes of accumulated "carpet coal" that is being sent to companies on a priority basis, said the official who declined to be named as he is not authorised to talk to media."We have requested our units to push this coal from stock to power stations which are in a critical condition," said the official. "Where critical or super critical power stations are there, we have already advised our subsidiaries to enhance their off-take so that they come out of critical condition."The company has also advised power firms to use trucks to carry coal from remote mines, like the Amrapali open cast pit in Jharkhand.India's railway network is often clogged, delaying delivery to power stations.India suffered unprecedented power cuts on July 30-31, 2012, that affected 620 million people - nearly a tenth of the world's population - in 22 states across the north and east of India.Heavy rains in eastern India has also hurt coal mining, with output falling to 1 million tonnes per day over the past week from an average of 1.3 million.The production loss and a lack sufficient transport infrastructure could result in the company falling short by 30 million tonnes of its targeted coal supply to the power sector. It had planned to supply 408 million tonnes for the year through March 31, the official said.This will result in a further increase in inbound shipments to the country, already the third largest importer of coal.Selling Coal Through e-auctions To Be HalvedAmid acute shortage of coal for power sector, Coal India has accepted the government's request for drastically reducing its e-auctions to almost half."Accepting government's request, Coal India has decided to drastically reduce the coal sold through e-auctions to various players in the country," Coal Minister Piyush Goyal said on 3 September.A total of 58 million tonnes (MT) of coal was sold by Coal India Limited (CIL) through e-auctions in 2013-14 and the government had asked it to cut its sale to 25 MT this financial year to make more coal available for the fuel- starved power sector.Sources said CIL, the single largest coal producer in the world, has already sold 14 million tonnes of coal during the first three months of the current fiscal and thus will reduce its sale through e-auctions gradually.There were reports of differences between Coal Ministry and CIL over the former's "request" of a cut in e-auction sales by the state-owned miner and the matter had also reached the Prime Minister's Office (PMO) which had asked for assessing its losses due to the e-auctions cut.The sources said that CIL after agreeing to Coal Ministry's request will carry out e-auction sale of 30 million tonnes of coal this financial year.CIL sells about seven per cent of its output through e-auctions and smaller users including power companies and non-power users buy coal through this route.CIL, which accounts for 80 per cent of domestic coal production, produced 462 million tonnes of coal during 2013- 14, against 452.5 million tonnes in 2012-13.(Agencies)
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Tata Power Company and state-run electricity distribution company BEST on Wednesday traded charges after many parts of the city experienced one of the worst outages in the recent history. Several parts of the metropolis were without power for hours together on Tuesday, after one of the electricity generating units (Unit 5) at Tata Power's Trombay plant tripped at around 9.45 am, forcing the company to switch off several feeders. Tata Power claimed if BEST had procured power from the oil and gas-fired 500-MC Unit 6, the distribution company would have been able to meet the shortage after the tripping and the city would have not faced load-shedding. Speaking to reporters, BEST General Manager Om Prakash Gupta said, "We do not know whether there was actual tripping or was it a forced one. Tata Power has got the licence to distribute electricity in the city limits where we currently have a monopoly. It is their responsibility to supply power to us since we do not generate electricity, which they failed to do". BEST criticised Tata Power following the outage. "The lackadaisical attitude of Tata Power Company along with ulterior motives of poaching our consumers could be the scheme behind the current fiasco," BEST had said in a statement issued on Tuesday night. According to Tata Power, had it been running the gas-fired Unit 6 of 500 mw, then it could have met the suply shortage caused by tripping of Unit 5 which is coal-fired. "We had activated initialisation activities of the 500-MW Unit 6, which we have kept on cold stand-by, with BEST's consent. The state-run discom told us that they would not buy power from Unit-6 since it is costly and so we have not been generating power. "If the plant was running, the city would not have faced load-shedding after the other unit tripped," Tata Power Company's (TPC) MD Anil Sardana told reporters. He also said TPC procured power from its hydroelectric plant as well as activated initialisation of its cold stand-by Unit 6, which runs on oil and gas, to meet the shortfall. However, BEST has claimed that even after the failure of Unit 5, it could have met the city's load demand of 723 MW through bilateral purchase and a standby agreement. "Due to the failure of the unit, there was non- availability of 225 MW of power from the TPC. We need not to buy power from Unit 6, since it is very costly. We will have to pay Rs 13 per unit to buy power from Unit-6 and we don't want to pass that burden onto our customers. "So we have asked TPC to not to produce power from that unit," BEST's Gupta said today. Meanwhile, the state government has ordered a probe into the outage. The government has set up a panel under the state energy secretary Ajoy Mehta. The committee has to submit its report to the government in six weeks. . Gupta said TPC's claim about cold standby is totally false and misleading, since the power to operate the grid elements including Unit 6 is not strictly under BEST's purview, since power generated from this unit is not a part of the power purchase agreement that which BEST signed with TPC. Expansion opposedTata Power had proposed conversion of Unit 6 to a coal-fired plant, which it has not been able to do because of opposition from locals, Sardana said. "We have received environmental clearance for the conversion, but what is needed is political will to do so. They claim that coal-based generation will lead to pollution, but carbon emission from oil is much higher than coal. "Oil is costly and the government's stand on gas for power plants makes it difficult for us to generate electricity through these fuels. So we want to convert it to a coal-fired plant," Sardana said. The company would have to invest around Rs 800 crore for the conversion which would take around 18 months, Sardana said, adding that there is a need to enhance the transmission system, which failed to draw additional 300 MW from external sources that resulted in load shedding. BEST, however, said it is Tata Power's responsibility to ensure generation and transmission. "TPC has not provided sufficient redundancy for generation and transmission which led to the present situation of forced load-shedding," Gupta said. Coal shortageThe number of thermal power plants with less than seven days of coal stocks has risen to 56 this week from 52 last week, government data showed on Wednesday. India's 100 thermal power plants had enough coal overall to last six days on Sept. 1, unchanged on week, the Central Electricity Authority said. The stock levels are the lowest since mid-2012, when hundreds of millions of people were cut off in one of the world's worst blackouts. (Agencies)
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Amid acute shortage of coal for power sector, Coal India has accepted the government's request for drastically reducing its e-auctions to almost half."Accepting government's request, Coal India has decided to drastically reduce the coal sold through e-auctions to various players in the country," Coal Minister Piyush Goyal said.A total of 58 million tonnes (MT) of coal was sold by Coal India Limited (CIL) through e-auctions in 2013-14 and the government had asked it to cut its sale to 25 MT this financial year to make more coal available for the fuel- starved power sector.Sources said CIL, the single largest coal producer in the world, has already sold 14 million tonnes of coal during the first three months of the current fiscal and thus will reduce its sale through e-auctions gradually.There were reports of differences between Coal Ministry and CIL over the former's "request" of a cut in e-auction sales by the state-owned miner and the matter had also reached the Prime Minister's Office (PMO) which had asked for assessing its losses due to the e-auctions cut.The sources said that CIL after agreeing to Coal Ministry's request will carry out e-auction sale of 30 million tonnes of coal this financial year.Goyal had earlier said that large amounts of coal being sold through e-auctions was not in public interest as CIL's primary responsibility is to provide coal for power production.CIL sells about 7 per cent of its output through e-auctions and smaller users including power companies and non-power users buy coal through this route.CIL, which accounts for 80 per cent of domestic coal production, produced 462 million tonnes of coal during 2013- 14, against 452.5 million tonnes in 2012-13.(PTI)
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Australia Prime Minister Tony Abbott said on Wednesday he hoped to sign a deal this week to sell uranium to India for peaceful power generation, but halted uranium exports to Russia over Moscow's role in Ukraine. Work on an India-Australia agreement has been underway since Australia, which has 40 percent of the world's known uranium reserves, lifted a long-standing ban on selling uranium to energy-starved India in 2012. Nuclear-armed India and Australia have been working on a safeguards agreement since then to ensure any uranium exports from Australia are used purely for peaceful purposes. "I am hoping to sign a nuclear cooperation agreement that will enable uranium sales by Australia to India," Abbott, who will visit this week, told parliament in Canberra. India faces chronic shortages of electricity, and a quarter of its billion-plus population has no little or no access to power. Two thirds of India’s power supplies come from burning coal, and it is keen to shift the balance towards nuclear over the next few years. Canberra had previously refused to sell nuclear material to India because it had not signed the Nuclear Non-Proliferation Treaty (NPT). Asked what steps had been taken to ensure there were appropriate safeguards, Trade Minister Andrew Robb said the government had "satisfied ourselves that the steps are in place". "The negotiations and work that's gone on between authorities in India and Australia have gone on for some years to develop a bilateral nuclear cooperation agreement which meets the international requirements and we are satisfied, our officials are satisfied, that all the requirements have been met," Robb told ABC radio. Meanwhile, Australia imposed a ban on uranium sales to Russia, two days after Canberra unveiled fresh sanctions against Russia over what Prime Minister Tony Abbott called its "bullying" of neighbouring Ukraine. Russia is accused of backing pro-Russian insurgent groups battling the government in Kiev. "There will be no uranium sales to Russia until further notice and Australia has no intention of selling uranium to a country which is so obviously in breach of international law as Russia currently is," Abbot told parliament. Australia and Russia signed a bilateral agreement in 2007 enabling uranium exports. Only a small trial shipment of less than a hundred tonnes uranium has been shipped to Russia. US precedentAustralia's decision to overturn it long-standing ban on uranium sales to India followed a landmark U.S. agreement to support the civil nuclear programme in India, seen by Washington as an economic and geopolitical counterweight to China. Washington signed the deal with New Delhi in 2008 allowing India to import U.S. nuclear fuel and technology without giving up its military nuclear programme. India is seeking a similar agreement with Japan. Critics accused the United States of undermining the global non-proliferation regime. India has refused to sign the nuclear NPT, arguing it is discriminatory and flawed in allowing only countries which had tested nuclear weapons before 1967 to legally possess them. Pakistan, Israel and North Korea are the only other non-signatories to the treaty which aims to prevent the spread of nuclear weapons as well as foster peaceful uses of nuclear energy. India's status as a nuclear power features highly among new Prime Minister Narendra Modi’s priorities. India operates 20 mostly small reactors at six sites with a capacity of 4,780 MW, or 2 percent of its total power capacity, according to the Nuclear Power Corporation of India Limited. The government hopes to increase its nuclear capacity to 63,000 MW by 2032 by adding nearly 30 reactors - at an estimated cost of $85 billion. Australia, which has no nuclear power plants of its own, is one of the world's top exporters of uranium, mining 7,529 tonnes of uranium in fiscal 2011/12, worth A$782 million, according to government figures. Abbott is visiting India and Malaysia as he seeks to deepen trade and personal ties in Asia ahead of the Group of 20 Leaders Summit scheduled to take place in Brisbane in November. (Reuters)
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The Coal Ministry has sought report on 46 coal blocks from companies, including JSPL, Hindalco, Jayaswal Neco, SAIL and NTPC by Wednesday (3 September) for furnishing the current status of the mines to the Supreme Court.The government on 1 September told the Supreme Court, which is looking into the allocation of mines, that it "wants re-auction of all 218 coal blocks" while seeking its indulgence to "exempt" 40 of them which are functional and ready for the end use power plants."I am directed to say that this ministry is required to file an affidavit before the Supreme Court confirming details of coal blocks which have come under production along with status of linked EUPs (End Use Plants)," the Coal Ministry said in a letter dated September 1 to allocatees of 40 coal blocks which have become operational.In another letter, it sought similar information from six companies including, NTPC, Jaiprakash Associates and Prism Cement regarding their coal blocks that are expected to begin production in FY'15.The Ministry further said that "information supplied will form part of the affidavit to be filed by the government before Supreme Court and therefore furnishing any misleading or false information may invite penal action as per law."Read Also: Spare 46, Scrap Rest: Govt To SCThe details sought by the Ministry includes, date of allotment of mines, date of grant of mining lease, coal production in the last fiscal, coal production since commencement of mining, details of linked end use plant and investment in the coal block.The Ministry has asked for details of Jindal Steel and Power Ltd's (JSPL) Gare Palma IV/2&3 coal blocks, Jindal Power's Gare Palma IV/I mine, Jayaswal Neco Ltd's Gare Palma IV/4 coal block, Hindalco Industries Ltd's Talabira-I coal block, Sasan Power's Moher & Moher Amlori Extension and SAIL's Tasra mine, among others.Attorney General Mukul Rohatgi had yesterday told the Court that "Government stands by the August 25 judgement. We want re-auction of 218 coal blocks. We will be happy if we save some 40 of them which are functional or operational and ready for end use plant."He had said there was a need for saving 40 coal blocks from "guillotine of cancellation" as uncertainty of coal availability would affect the plants, when the country is facing acute shortage of power supply.During the hearing, Rohatgi had said that like the 40 operational mines, there are six others which are "absolutely in readiness" to be operational for end use plant and if the verdict has to be strictly followed "all have to be cancelled with one stroke of brush". (Agencies)
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Several parts of south and central Mumbai faced massive power outages today after a unit of Tata Power's Trombay plant, which primarily supplies to the city, tripped.The power outage, which started at about 9.45 AM, is yet to be restored, said Tata Power which was last month allowed to distribute power in the island city.The tripping forced the company to switch off several feeders, it said."Tata Power would like to inform that today at 0945 hrs the power supply was affected due to tripping of unit 5 of Trombay power station. This tripping has resulted in load reduction in Parel, Mahalaxmi, Dharavi, Chembur and Grant Road areas of south Mumbai. This impacted controlling loading on the 220Kv Kharghar-Nerul-Sonkar-Trombay tie line which supplies power to the city," the power company said in a statement.The company further said it is working towards an early resolution and will ensure power supply to these areas at the earliest.The affected consumers are mostly of the state-run BEST as no private player is distributing power in the island city. The BEST (Brihanmumbai Electric Supply and Transport), which gets its power supply from Tata Power, has around 10 lakh consumers in the city.Meanwhile, BSET in a statement said following the tripping at Tata Power unit at 0940 hrs, it has been facing transmission constraints to bring power from outside to the city."Due to this, rotational load shedding has been imposed by Tata Power in Dadar, Mahim, Dharavi, Sion, Prabhadevi, Parel, Sewree, Byculla, Chinchpokli, Girgaon, Mumbai Central and part of Hutatma Chowk, Ballard Pier, Nariman Point and area around Metro Cinema," BEST said.Meanwhile, Reliance Infrastructure, which supplies power in the western suburbs of the city, said, "Due to tripping at Tata Power unit no. 5 of 500mw, there is transmission constraint on its transmission corridor. Due to this, rotational load shedding has been imposed by Tata Power in Chembur, Santacruz, Ghatkopar, Bandra, Kurla, Tilaknagar, Vikhroli, Saki Naka and Juhu.""We regret the inconvenience and are constantly in touch with Tata Power for restoring normalcy at the earliest," Reliance Infrastructure added.(PTI)
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Coal is King and the paramount lord of industry.” Thus began the Supreme Court (SC) judgment issued on 25 August 2014, declaring all coal blocks allocated by the government between 1993 and 2010 illegal. The judgment is, however, not final as the court has not de-allocated the blocks. It will hear representations on re-assigning the blocks beginning 1 September 2014. Some say the order is bad news for the economy and will have far-reaching consequences, leading to uncertainty in the market, while others believe the hearings could result in a stronger and healthier process of coal production, which is the backbone of the Indian economy.Over 50 per cent of India’s power comes from coal. It is a vital raw material that fuels steel, cement and other allied industries as well. But it is perennially in short supply as the current availability of around 550 million tonnes (mt) is way below the annual demand of 700 mt of coal. “The de-allocation of blocks (if the SC decides to do so in its September hearings) will set the economy back by almost three years,” says B.K. Bhatiya, director-coal, Federation of Indian Mineral Industries (FIMI).The de-allocation of blocks may not have happened so far, but the SC has ruled that the allocations were illegal, arbitrary and non-transparent.Listing the existing laws and provisions, the three-member bench headed by Chief Justice R.M. Lodha noted in its judgment that “…the entire allocation of coal blocks... suffers from the vice of arbitrariness and legal flaws”. This is not the first time that the SC has come down hard on the government and the CBI. In previous instances, the CBI has been compared to a caged parrot and show-cause notices issued to central and state governments on action taken in various matters brought before the apex court.“It is clear that the court has observed the need to amend the Coal Mines Nationalisation Act 1973 to facilitate comprehensive reform in the coal sector rather than carry on with the ad hoc approach followed till now,” says Debashish Mishra, senior director, Deloitte. In other words, the interim ruling of the SC emphasised the need for reform in the energy sector to facilitate participation of a larger number of players in the coal mining space.While a few industry insiders hope that heavy investments (to the tune of Rs 2 lakh crore) made in the sector will deter the court from cancelling licences, others believe that may not be the case. “The judgment hints that there will be corrective action,” says Asutosh Kumar Mishra, an analyst with Karvy Stock Broking. He adds that in the short to medium term, the sector will see heavy activity, especially with the possibility of coal blocks being de-allocated. “The court has questioned the process and we are expecting a harsh judgment in September,” says Mishra.While sections of industry are expected to face setbacks if coal blocks are de-allocated, some could be off the hook. For instance, state-owned NTPC, which followed competitive bidding processes, will be safe as the court has observed that blocks issued using logical and regulated processes are not under question. Based on the same premise, the court has exempted the blocks awarded to the 12 ultra mega power plants (UMPP) from its order.But projects such as Reliance’s Sasan plant, which sources coal from two blocks — Sasan and Chitrangi — under different mechanisms, will have a tough time. “The project has a requirement of 25 mt per annum. The Sasan block, attached to the plant on the basis of competitive bidding, has an annual capacity of only 13-14 mt. The additional requirement was to be met from the Chitrangi block, which was linked to the power project through an MoU with state authorities. But the latter is deemed illegal by the court as the MoU does not fall under regulated processes,” explains a senior analyst on condition of anonymity.The banking sector is expected to take the worst beating, given that its exposure to the thermal power sector is estimated at Rs 5,00,000 crore. Exposure to the sector has grown from 4.3 per cent of non-food credit (98 per cent of total credit) in March 2008 to 8.83 per cent in June 2014. “Cancellation of blocks will adversely impact the chances of recovery of loans. If coal mines attached to projects fail to take off, banks will have to either write off or classify loans as non-performing assets. And even if the SC asks the government to re-allocate these coal blocks, it will mean substantial delays in projects and result in slippages and restructuring of loans to these projects,” says Mishra of Karvy. break-page-breakThe apex court order is being viewed as the first of many whose consequences will have far-reaching effects on various sectors. Kuljit Singh, a senior partner with EY, believes that while the long-term impact of the order will be positive (as it will bring about transparency and fairness), the short-term impact may be adverse. He says the SC ruling may also impact other minerals, as also the grant of coal linkages, as the government typically relies on a steering committee or a similar mechanism (lambasted by the SC) for determining allocations.Since the order covers actions taken over 21 years, its impact will be staggering and incalculable, given the large amounts of money spent, innumerable jobs created and the dependence of other industries on the sector, says Singh. Plus, it is expected that there will be increased litigation with project developers challenging the government decision or appealing against the court order as has been seen in the past whenever the government cancelled mining licences or allocations. However, much of the investment is yet to translate into increased coal production or power generation or steel output. Since 1993, over 200 captive coal mines have been allocated, allegedly based on the need and eligibility of the allottee. These were, however, brought under the scanner when the Comptroller and Auditor General’s (CAG) office in 2012 reported serious irregularities in the claims of the companies based on which coal blocks were allotted to them and long delays in development of these blocks. According to the auditor, this allocation had cost the national exchequer close to Rs 2 lakh crore.From the coal blocks allocated until March 2014, barely 50 mt of coal was produced. Project developers said if the court had not intervened, production of another 60 to 70 mt of coal would have begun by the current or next financial year. But there is no certainty on these figures, considering that blocks allocated as far back as 1998 are yet to start production. In all, 289 allocations of 218 coal blocks have been made till November 2011 and around 80 blocks have been de-allocated (see Block By Block).Earlier this year, the central government submitted in court that it was willing to de-allocate 32 blocks that were awarded after 2005 since no rights had been created and no investments made. The mines were basically not operational. Of the total 195 coal blocks allocated so far for captive mining and under investigation, 30 have started production. And, of the 160 captive coal blocks allocated between 2004 and 2008, only two have started production.Project developers are quick to point a finger at the government for the delay in production. “The case should have been better represented by the government because, if you see case by case, much of the delay has been due to the government’s failure to provide timely clearances,” says Bhatiya of FIMI. Deep Impact Industry insiders say any de-allocation of blocks given out prior to 2005 will lead to multiple litigations. Of the 46 allocations made between 1993 and 2005, only 17 companies have received mining leases so far, while 29 are still awaiting clearances.“The judgment has once again brought to the fore concerns about the country’s policy regime, which can potentially disrupt restoration of investors’ trust. We expect that any extreme step, such as a possible en masse cancellation of allocations, shall not compromise legitimate businesses or investors who participated in processes in good faith. Of course, in cases of proven mala fide, the law must take its course,” says Sidharth Birla, president, FICCI. Till the case of coal block allocation is settled by the SC, investors who have pumped in thousands of crores will remain restless. As Birla says, “At stake are productive assets estimated at Rs 2,86,000 crore, which could be left stranded or rendered non-performing. We urge the fullest consideration of multiple levels of serious economic implications on the nation, including loss of employment, replacement of domestic loss of production with imports and compromising energy security.” However, if the government brings in comprehensive legislation in the mining sector, it will do some good in the long run. Mishra of Deloitte believes the important takeaway from this case will be the arrival of commercial mining using legal means and will, therefore, attract more investors.Asutosh Mishra of Karvy says cancellation of coal blocks should not be a cause for worry as the executive has the power to re-allocate. “Given the current government’s commitment to ensuring energy security, we are confident that quick action will be taken,” he adds. In other words, short-term pain for long-term gain. moyna@businessworld.in(This story was published in BW | Businessworld Issue Dated 22-09-2014)
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