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Tuesday, 01 June 10
LANCO INFRATECH PLANS POWER PROJECTS IN COASTAL REGIONS
My digital reported that, Hyderabad-based Lanco Infratech will set up power projects in coastal regions based on imported coal. The company is also evaluating coal properties with sizeable reserves in Indonesia, Australia and South Africa, its chief financial officer J Suresh Kumar said on Tuesday.
At present, the company has one imported-coal based project - Udupi Power Project - in Karnataka, which would be completed in the last quarter of financial year 2011. Debt and equity funds estimated at Rs 4342 crore for the 1,015-mw project have been arranged by a consortium of 14 banks and financial institutions led by Power Finance Corporation.
Kumar said the company was evaluating opportunities to set up more such projects of same capacity. Lanco has lined up capacity addition targets of 15,000 mw during next five years. Lanco Infratech’s operating power capacity more than doubled to 1,349 mw during last financial year. Its total operating and under-construction power portfolio stands at 9,300-mw.
Lanco also figures among the power generators who are on look out for fuel in coal-rich nations like Australia, South Africa and Indonesia. NTPC has appointed three merchant bankers for due-diligence on acquisition of coalmines in Indonesia. Country’s largest private power producer Tata Power has a stake in two Indonesian coal companies.
The company on Tuesday announced a 63.5 per cent growth in profit after tax to Rs 458.6 crore in 2009-10 from Rs 280.4 crore in 2008-09.
The net profit for fourth quarter ended March 31, 2010 went up by 26 per cent to Rs 113.3 crore from Rs 89.9 crore during the corresponding period previous financial year.
Kumar said the rise in profits was due to company’s good performance in power business. “The company added 800-mw of operating capacity in the previous fiscal a good chunk of which was sold as merchant power at an average tariff of Rs 4 – Rs 4.50 per unit.” Lanco Infratech expects to add 2,600-mw to its generating capacity in the present financial year.
Commenting on the company’s performance, Lanco Infratech chairman L Madhusudhan Rao said, “With power generation and construction & EPC as our strengths, we are also exploring opportunities in roads, transmission, distribution and other emerging infrastructure sectors.”
Source: My Digital FC ( By Sarita C Singh )
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Saturday, 26 June 10
MONGOLIA COAL RAILWAY TO LINK WITH RUSSIA - BUSINESS WEEK
Business Week reported that, Mongolian lawmakers have approved plans for a rail line linking with Russia to help tap large coal deposits in the sout ...
Friday, 25 June 10
INDIAS THIRD-LARGEST SHIPPING COMPANY BAGS US$ 31 MILLION DEAL WITH SL
Daily Mirror reported that, Mainboard-listed and India-owned dry bulk shipping firm Mercator Lines says it has won a US$ 31 million contract in Sri ...
Friday, 25 June 10
DEMAND FOR COAL COULD BE GRADUALLY RETURNING - FEARNBULK
Handy
Atlantic markets seeing more activity today (23 June 2010) after a slump the last weeks. Supramax vessels open in USG are achieving low/mid ...
Thursday, 24 June 10
INDONESIAS BUMI DECLARED US$ 57.1 MILLION (AMOUNTING TO 30% OF 2009 NET INCOME) AS DIVIDEND
COALspot.com: PT Bumi Resources, Tbk’s Annual General Meeting (AGM) today was successfully held with a quorum of 75.89% resulting in sharehold ...
Thursday, 24 June 10
CHINA TARGETS 3.6 BILLION MT ANNUAL COAL OUTPUT FOR 2015
At a forum in Beijing entitled "Chinese energy strategy and energy development in the 12th five-year plan period (2011-2015)", He Youguo, ...
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