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Friday, 20 November 09
INDONESIAN CO PLANS JV WITH NAGARJUNA
 Economic Times reported that, Infrastructure firm Nagarjuna Constructions Company (NCC) is set to form a joint venture with an Indonesian coal mining company to aid supply of coal for its Rs 14,000-crore (US$ 3.0185 Billions) thermal power plant in Andhra Pradesh.
NCC is setting up its maiden thermal power plant in the Srikakulam district of Andhra Pradesh to generate 1,320 mw of power. “We wish to acquire a 51 per cent stake in the new special purpose vehicle floated by Nagarjuna Constructions and the Indonesian company located in the coal-rich East Kalimatan province of the country. However, our due diligence is still on and we are yet to complete the legal formalities,” said an official who did not wish to be named.
The company expects to finalise the consideration price, duration of coal supply and other terms of the deal in a couple of months. NCC has appointed Tata Consulting Engineers as its consultants for advice on technical specifications on this project.
This deal will help NCC procure 30 per cent of the coal required for its power plant, while state-owned coalfields in Mahanadi (Orissa) and Raigarh (Bihar) will meet 70% of its requirements.
The project will be implemented in two phases and will start generating power from 2011.
“While the Ministry of Coal has permitted us to buy coal from Orissa and Bihar, we are requesting the government to supply coal from the Mahanadi coal field to save on transportation costs. The Ministry of Railways has given us the in-principle nod for transporting coal and we are only awaiting environmental clearance now,” KJBV Subrahmanyam, director, NCC Power Projects, told ET.
For power-starved Andhra Pradesh, the project is critical for meeting the state’s growing demands for electricity.
The ministry of power has approved the same in the 12th Five Year Plan’s capacity addition, which will help the country meet its target of adding 59,513 mw of power through thermal power plants. The national electricity policy targets per capita availability of 1,000 kwh by 2012.
In Srikakulam, the total land requirement of the project is 1,890 acre, of which, the state government has allotted NCC 1,000 acre. The firm is in talks with other land owners for sale of the remaining 890 acre required. The company hopes to commence construction of the power plant soon as it achieves financial closure in March next year.
“We are looking at a debt-equity ratio of 70:30 to fund the project. We will borrow from a consortium of national banks and financial institutions dedicated to the power sector,” said Subrahmanyam.
Projects in the power sector account for less than five per cent of its order book. NCC is also executing two hydel projects at various stages of completion in Himachal Pradesh and Sikkim, under NCC Infra Holdings, a wholly-owned subsidiary of NCC.
The company’s revenues for the September quarter were Rs 1,067 crore (US$ 230,056,053) and profit for the same period was Rs 43 crore (US$ 9,271,237). NCC’s shares fell 3.20 per cent to close at Rs 163.25 (US$ 3.51876) on the BSE on Thursday. (1 USD = 46.3800 INR)
Source: Economic Times
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Tuesday, 05 January 10
WINTER WEATHER SPIKES COAL PRICES - CHINA UPDATE
Cold weather is driving coal prices higher and will lend the advantage in annual negotiations to suppliers, analysts said, predicting that the risin ...
Monday, 04 January 10
TOKYO ELECTRIC SEALS XSTRATA COAL DEAL
Tokyo Electric Power Co has agreed to pay about $US85 a tonne for Australian thermal coal in 2010 from miner Xstrata, a source familiar with the pri ...
Monday, 04 January 10
IND-BARATH TO SHIFT PROJECT FROM AP TO TN
Hyderabad-based power producer Ind–Barath is planning to set up a power plant at Tuticorin, Tamil Nadu. The proposed project would attract inv ...
Sunday, 03 January 10
NEWCASTLE THERMAL COAL PRICES FALL IN FIRST DECLINE IN 3 WEEKS
Power-station coal prices at Australia’s Newcastle port, a benchmark for Asia, declined 1.5 percent, falling for the first time in three weeks ...
Sunday, 03 January 10
NTPC SEEKS REPORT ON TRANSPORTING COAL THROUGH WATERWAYS
State-run National Thermal Power Corporation (NTPC), the country’s largest power utility, has asked for a “holistic” feasibility r ...
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