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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
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Wednesday, 23 June 10
WILHELMSEN SHIPS SERVICE OPENS NEW OFFICE IN KRISHNAPATNAM PORT INDIA
Wilhelmsen Ships Service has opened a branch office in Krishnapatnam port on the east coast of India according to statement released by company ...
Wednesday, 23 June 10
PTC'S INDONESIAN COAL-MINING FORAY-I: TO INVEST USD 69 MILLION VIA OVERSEAS SPV
Moving ahead with its plans to acquire coal assets abroad, the power trading major, PTC India Limited, has decided to invest a total of USD 69 milli ...
Tuesday, 22 June 10
INDIA HAS REPORTED MORE COAL IMPORTS FROM COLOMBIA
A second consecutive week of sharp corrections for the dry bulk market, although some of the softness could be attributed to Chinese holidays at the ...
Monday, 21 June 10
THE SUPRAMAX INDEX IN THE FAR-EAST (S6 ROUTE) WAS DOWN BY $ 1300 PER DAY - VISTAAR
COALspot.com: The market continued to soften in all sectors last week also with the BDI dropping by 18.07 pct and Cape index by 26.71 pct.
The BD ...
Sunday, 20 June 10
OUR COAL: ITS DEVELOPMENT AND CONTROVERSIAL ISSUES
Indonesia’s production of coal has been growing amazingly. In the mid 1980s, national coal production was less than 1 million tons per annum, ...
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- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
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