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Saturday, 12 June 10
NALCO TO ROPE IN PARTNERS FOR INDONESIA PROJECT
 Sify reported that, the public sector National Aluminium Company (Nalco) is set to finalise the terms of its joint venture (JV) agreement with two foreign partners for a Rs 18,000 crore smelter and power plant project in Indonesia within next couple of months.
The company intends to tie up with Pt Antam, a government owned mining company of Indonesia and MEC (Middle East Coal) promoted by Ras Al Khaimah Minerals and Metals Investment of UAE for the project.
The Indonesian project, billed as a key growth driver for Nalco, is part of the company’s Rs 40,000 crore expansion plan incorporated in its Vision 2020 document.
The project comprises of setting up of a 0.5 million tonne per annum aluminium smelter and 1260 Mw captive power plant (CPP) over 6,000 acres of land in East Kalimantan province of Indonesia.
Though both the foreign partners are keen to have 40 per cent shares each, Nalco, with its role as the lead promoter, will hold at least 50 per cent stake in the project and can only allow them less than 50 per cent shares combinedly, said B.L. Bagra, director, finance, Nalco.
The finalization of the terms of the JV agreement will be followed up with preparation of detailed project report (DPR) for the venture. The company had recently invited bids for appointment of consultant for DPR and Tata Consulting Engineers, Dastur & Co, Engineers India (EIL) and Canadian firm, SNC Lavlin are vying for this Rs 5 crore contract.
The JV agreement is a pre-curser to DPR as this will provide a clear picture on the cost to be borne towards procurement of coal and transportation.
While the company expects the partnership with the Indonesian government company Pt Antam will help the project to sail smoothly in that country, the tie up with MEC, which operates coal mines, rail lines and port in East Kalimantan province, will be strategic in securing raw material supply and transport infrastructure for the smelter and power plants.
With the debt equity ratio of the Rs 18,000 crore-project being pegged at 70: 30 and Nalco intent on having at least 50 per cent stake in it, the equity exposure of the company is estimated at around Rs 2,700 crore.
After the JV agreement and finalization of DPR, the company will seek the approval of its board and the government for equity investment and approach foreign financial institutions for financing the project.
The debt component at Rs 12,400 crore being a sizeable amount, the company will seek international consortium financing, Bagra said.
With the DPR expected to take about 8 months to prepare, the work on the project is expected to start within a year from now, he added.
Source: SIFY(By:Dillip Satapathy)
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Tuesday, 19 April 11
LONDON COMMODITY BROKERS OPENS JOHANNESBURG OFFICE
COALspot.com - London Commodity Brokers (LCB), a broking house specialising in bulk physical and Over-The-Counter commodities and options (coal ...
Tuesday, 19 April 11
TNPL TO CONDUCT E-AUCTION TO SECURE 160,000 MT OF COAL
COALspot.com - Tamil Nadu Newsprint and Papers Limited (TNPL) a state utility of Tamil Nadu, India to conduct reverse auction on 20 April 2011, betw ...
Tuesday, 19 April 11
ADARO TO ALLOT US$100 MIO FOR COKING COAL - INSIDER STORIES
One of Indonesia's largest coal miner PT Adaro Energy Tbk (ADRO) plans to spend US$100 million in coking coal project dubbed IndoMet Coal, a joint ...
Tuesday, 19 April 11
KPCL TO OPEN PRICE BID ON 23 APRIL 2011 TO FINALIZE ITS ONE MILLION MT COAL SUPPLIER
COALspot.com - Karnataka Power Corporation (KPCL) a state utility of Karnataka, India called for open tender for supply of one million tons of 6300 ...
Monday, 18 April 11
INDONESIA HAS SET THE APRIL 2011 COAL REFERENCE PRICE FOR THERMAL COAL AT US$ 122.02 PER TON
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has set the April 2011 Indonesian Coal Reference Price for thermal coal at ...
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