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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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Wednesday, 03 June 09
POWER DEMAND TO BOOST INDIA COAL IMPORTS DURING MONSOON - STEELGURU
Reuters quoted Indian coal importers said that strong demand for power in India is likely to keep coal imports at the maximum level possible in the ...
Wednesday, 03 June 09
NAPOCOR EXTENDS COAL TENDER FOR SOLE BIDDER - ABS CBNNEWS
National Power Corp. (Napocor), the top Philippine electricity producer, has given the lone bidder at a tender for 195,000 tons of coal more time to ...
Wednesday, 03 June 09
NEWCASTLE COAL EXPORTS JUMP 20 PERCENT; SHIP QUEUE LENGTHENS - BLOOMBERG
Coal exports from Australia’s Newcastle, the world’s biggest export harbor for the fuel, jumped 20 percent last week while the number of ...
Wednesday, 03 June 09
IPL-2 OVER, INDIAN COAL LEAGUE BEGINS IN SOUTH AFRICA - ECONOMICTIME
Steel, cement and power companies, which have traditionally relied on cheap Indonesian coal to fuel their factories, are rushing to buy South Africa ...
Wednesday, 03 June 09
BUILDING A ROAD TO LINK 3 GIANTS - THE JAKARTA GLOBE
Madhu Koneru is building a road to the future that will bring together the financial heft of the Middle East, the technological know-how of a rising ...
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- Thiess Contractors Indonesia
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Global Business Power Corporation, Philippines
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- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
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- SMG Consultants - Indonesia
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- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
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- The State Trading Corporation of India Ltd
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- White Energy Company Limited
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- Energy Link Ltd, New Zealand
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- Sakthi Sugars Limited - India
- Australian Coal Association
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- Merrill Lynch Commodities Europe
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- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
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- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
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- Posco Energy - South Korea
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- The Treasury - Australian Government
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- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
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- IHS Mccloskey Coal Group - USA
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- Planning Commission, India
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- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
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- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- PTC India Limited - India
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- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
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- Bharathi Cement Corporation - India
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- Alfred C Toepfer International GmbH - Germany
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- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
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- Leighton Contractors Pty Ltd - Australia
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- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
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- Commonwealth Bank - Australia
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- Ministry of Mines - Canada
- Renaissance Capital - South Africa
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- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
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- ICICI Bank Limited - India
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- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
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- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
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- Australian Commodity Traders Exchange
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