We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
.jpg) Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira Investments Limited and Bhivpuri Investments Limited Coal Special Purpose Vehicles (SPVs) through shares with differential rights to be issued to Olympus Capital Holdings Asia (Olympus Capital). Tata Power holds its interest in the KPC and Arutmin coal mines in Indonesia through these SPVs.
Taking current position of debt and cash in coal SPVs, the post money shareholding of Olympus Capital may be in the range of 14-15% for an investment of US$300 million.
The investment is subject to certain regulatory and lender approvals. The instrument will be in the form of differential rights (Class B) shares with no dividend rights which are the subject of a capital protection arrangement at the end of five years from the date of closing the transaction, unless converted. These Class B shares are fully convertible into ordinary shares through the end of the fifth year from the date of closing at the option of the holders of the Class B shares. The capital protection arrangement could be serviced either from Tata Power or the coal SPVs.
These funds could also be utilized to secure further long term coal supplies by investing in coal mines or to reduce the outstanding debt in the SPVs.
Mr. Prasad Menon, Managing Director, Tata Power said, “We are excited about this strategic partnership with Olympus Capital which we hope to expand into other areas of common interest given their on-the-ground presence throughout Asia and expertise in the energy and power sector This long term, flexible financing enhances our ability to achieve our strategic goals of securing sustainable sources of supply for our rapidly growing power generation base. Added Mr. S Ramakrishnan, Executive Director (Finance) “Olympus Capital approached us with this transaction idea last year; through this volatile period, we were able to adapt the structure and valuation to current market conditions in a manner that met each of our objectives.”
Mr. Daniel R. Mintz, Founding Managing Director, Olympus Capital, said “We are very pleased to partner with Tata Power in their Coal SPVs. We look forward to working with Tata Power to identify high quality projects to supply their growing resource requirements and also, given our experience in the power and energy sectors, to exploring additional opportunities to work together in other aspects of Tata Power’s business.”
Background on Tata Power’s Investment in Coal SPVs: In June 2007, the Company acquired 30% stake in Indonesian coal mines, KPC and Arutmin, with US$1,225 million which was funded as follows:
· A bridge loan of US$950 million borrowed by Tata Power (Cyprus) Ltd. [now named Bhivpuri Investments Limited (Bhivpuri)] fully guaranteed by the Company.
· US$273 million as shareholder loan from the Company to Tata Power (Mauritius) Ltd. [now named Bhira Investments Limited (Bhira)].
· US$1 million equity in each of Bhivpuri and Bhira.
The bridge loan was subsequently refinanced and the current outstanding debt is US$335 million as non-recourse and US$340 million as recourse debt.
Source: Stock Markets Review
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
Wednesday, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
|
|
|
Showing 5746 to 5750 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- The University of Queensland
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- PTC India Limited - India
|
| |
| |
|
