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Tuesday, 20 October 09
INDIA MAY CUT STAKE IN NTPC BY DECEMBER, POWER SECRETARY SAYS
 Bloomberg reported that, India’s government may sell a 5 percent stake in NTPC Ltd., the country’s biggest power producer, as early as December to help fund spending on roads and education and rein in the fiscal deficit.
“We will do it by December or January,” Power Secretary H.S. Brahma said by telephone in New Delhi yesterday, after the Cabinet approved the plan to sell the stake in the state-owned utility. “We will take a decision on the timing of the sale in a few days.” Brahma is the top bureaucrat in the power ministry.
Prime Minister Manmohan Singh is taking advantage of an 80 percent gain in India’s benchmark stock index this year to sell stakes in state-owned companies. The government has raised about 42 billion rupees ($913 million) since April 1 by selling shares in NHPC Ltd. and Oil India Ltd. The NTPC sale may yield 88 billion rupees, according to Bloomberg calculations based on its Oct. 17 closing price that valued the New Delhi-based utility at $38 billion.
“This should help a little in narrowing India’s fiscal deficit,” Viswanathan Vasudevan, a Singapore-based fund manager at Aquarius Investment Advisors Pte., said by telephone today. “The government needs to continue with its theme of disinvestment since the deficit is quite large.”
India plans to borrow a record 4.41 trillion rupees in the year ending March 31, widening the budget deficit to a 16-year high of 6.8 percent of gross domestic product, from 6 percent in the previous year.
NTPC has climbed 18 percent in Mumbai trading this year, lagging behind the Bombay Stock Exchange’s Sensitive Index and a 90 percent surge in rival Tata Power Co. The stock fell 0.6 percent to 213.60 rupees on Oct. 17 when the market traded in a special truncated session on Diwali, the festival of lights that marks the start of the Hindu new year.
Government Equity
The government’s equity in NTPC will fall to 84.5 percent after the sale from 89.5 percent. Part of the shares will be offered to NTPC employees, Commerce and Industry Minister Anand Sharma said yesterday, without elaborating on the timing.
“It is expected that the market capitalization of NTPC would be higher and it would help the company to raise resources in the international market on competitive terms,” the government said in a statement after a meeting of the federal cabinet in New Delhi yesterday.
NTPC plans to spend 177 billion rupees to increase its generation capacity by about 10 percent in the financial year ending March 31. The utility said last month it was evaluating an offer to buy a South African coal mine and is considering a coal- mine purchase in Indonesia to help secure fuel supplies.
The government sold a 5 percent holding in NHPC to the public for 20 billion rupees in August, while state-run refiners bought 10 percent in Oil India from the state for about 22 billion rupees the following month.
India should aim to raise as much as 250 billion rupees a year from asset sales, the finance ministry said in a July 2 report. Proceeds from the sale of the government’s stake in state-owned companies go to a separate fund meant for social- sector spending, including job creation and improving health care and education.
Source:Bloomberg
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Friday, 23 October 09
INDIAN GROUP INTERESTED IN MOZAMBICAN COAL
Mining Weekly reported that, India’s leading steelmaker, the Steel Authority of India Limited (Sail), has confirmed that it is seeking to acqu ...
Friday, 23 October 09
AUSTRALIA APPROVES CHINESE TAKEOVER OF FELIX RESOURCES
* Australia give conditional approval to China's Felix deal
* Chinese owner must list the assets on Australian exchange
Reuters reported that, ...
Friday, 23 October 09
IVANHOE TARGETING 20 MILLION TONS OF COAL OUTPUT IN MONGOLIA
Bloomberg reported that, Ivanhoe Mines Ltd., developing a $4 billion copper and gold mine in Mongolia with Rio Tinto Group, is targeting long-term c ...
Friday, 23 October 09
XSTRATA PLANS $1BN AUSTRALIAN COAL PORT
Xstrata Plc, the world's biggest exporter of steam coal, plans to build a new $1 billion coal port in Australia, it said.
The proposed Balaclava ...
Friday, 23 October 09
MEXICO'S CFE SEEKS 6.24 MLN T COAL FOR 2010-12
Reuters reported that, Mexico's state-owned power monopoly plans to award a tender for 6.24 million tonnes of steam coal in December, according to ...
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- Coalindo Energy - Indonesia
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- McConnell Dowell - Australia
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- Billiton Holdings Pty Ltd - Australia
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- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Medco Energi Mining Internasional
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- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
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- Renaissance Capital - South Africa
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- Global Green Power PLC Corporation, Philippines
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- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
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- Cement Manufacturers Association - India
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- Independent Power Producers Association of India
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- Sojitz Corporation - Japan
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- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
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- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
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- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
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- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Merrill Lynch Commodities Europe
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- Aboitiz Power Corporation - Philippines
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- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
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- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
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- Coal and Oil Company - UAE
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- Tamil Nadu electricity Board
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- Uttam Galva Steels Limited - India
- Australian Coal Association
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- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- VISA Power Limited - India
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- White Energy Company Limited
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- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
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- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
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- Singapore Mercantile Exchange
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- CIMB Investment Bank - Malaysia
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- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
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- Simpson Spence & Young - Indonesia
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- IEA Clean Coal Centre - UK
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