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Sunday, 28 June 09
INDIA CEMENTS TO INVEST RS 1,500 CR OVER 2 YEARS
 Chennai-based India Cements is planning to invest around Rs 1,500 crore over the next two years for setting up a greenfield project in Rajasthan, power plants in Tamil Nadu and Andhra Pradesh and acquiring a coal mine abroad. The company’s board today approved fund-raising to the tune of $100 million (Rs 500 crore).
Speaking to reporters here, N Srinivasan, vice-chairman and managing director, said the board approved the proposal for raising funds not exceeding Rs 500 crore through issue of equity/equity-linked instruments from domestic and global markets.
The funds are required for various projects being undertaken by the company, repayment of debts and general purposes.
“This is an enabling resolution. We will try to fund the projects through internal accruals. We will raise the money if needed,” said Srinivasan.
The company is planning to set up a cement facility in Rajasthan with a capacity of 1.5 million tonnes. It is also planning to set up 100 Megawatt (Mw) coal-based plants in Tamil Nadu and Andhra Pradesh at an investment of Rs 500 crore. The company’s current power requirement is 160-170 MW while the generating capacity is 50-60 MW.
The frequent power cuts in Tamil Nadu and Andhra Pradesh had impacted production at the company’s plants and increased spends on power and fuel. The company’s expense on power and fuel in the quarter ended March 31, 2009, rose 18 per cent to Rs 233.91 crore, from Rs 198.46 crore a year ago. India Cements is hoping this to come down by 15 per cent when its power plants start operation. “More than the cost, our external dependency will come down,” said Srinivasan.
Meanwhile, to meet its coal requirement, the company is planning to acquire a coal mine in Indonesia. “Technical due diligence is over and we will finalise the deal in the next quarter,” he said.
The company expects around 30 million tonnes from this mine. Currently, India Cements’ total requirement is 800-900 tonnes for cement and 400,000 for power.
Meanwhile, the company has reported 10 per cent drop in net profit to Rs 93.86 crore for the quarter ended March 31, 2009, as compared with Rs 104.44 crore a year ago.
“One of the biggest challenges during the year was rise in raw materials prices, compounded by the depreciation of the rupee against the dollar, which increased the cost of production, resulting in lower operating margin,” he said. India Cements’ other income rose to Rs 115.41 crore.
Source: Business Standard (http://www.business-standard.com/india/news/india-cements-to-invest-rs-1500-cr-over-2-years/362333/)
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Thursday, 08 October 09
COAL INDIA SAYS IMPORTS COULD JUMP 10 TIMES IN 3 YRS
Reuters reported that, Coal imports by state explorer Coal India Ltd could jump 10 times to 40-45 million tonnes in three years to meet a sharp rise ...
Thursday, 08 October 09
MINING TO ATTRACT $6B: BKPM
The Jakarta Post reported that, Indonesia’s mining sector could expect investment of up to US$6 billion in the 2010-2012 period, in part becau ...
Thursday, 08 October 09
INDIA DEMAND TO HELP DIRE COAL OUTLOOK - MACQUARIE
Reuters reported that, Macquarie Securities said on Wednesday its bearish short-term outlook on thermal coal may begin improving in a year's time o ...
Thursday, 08 October 09
ESSAR UNIT WINS INR 479 CR (US$ 103,272,401) ORISSA PROJECT
The firm will develop and operate the terminal at Paradip port; the contract will stretch up to 30 years
Live Mint reported that, Essar Shipping ...
Wednesday, 07 October 09
ESSAR, JINDAL IN TAKEOVER TUSSLE FOR AUSTRALIAN COAL MINER
Reuters reported that, Privately owned Essar Group has launched a surprise A$144.2 million ($128.1 million) bid for Australian coal minnow Rocklands ...
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- PNOC Exploration Corporation - Philippines
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- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
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- GAC Shipping (India) Pvt Ltd
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- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
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- Orica Mining Services - Indonesia
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- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
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- Goldman Sachs - Singapore
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- Global Coal Blending Company Limited - Australia
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- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
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- Deloitte Consulting - India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
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- International Coal Ventures Pvt Ltd - India
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- Coal and Oil Company - UAE
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- Planning Commission, India
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- Aboitiz Power Corporation - Philippines
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- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
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- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- London Commodity Brokers - England
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- South Luzon Thermal Energy Corporation
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- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Mintek Dendrill Indonesia
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- The Treasury - Australian Government
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- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
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- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
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- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
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- The University of Queensland
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