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Monday, 27 July 09
GMR ENERGY BUYS EMCO POWERGEN SUBSIDIARY
 DNA India reported that, Thane-based transformer manufacturer Emco Ltd has sold its stake in unlisted power generation subsidiary Emco Energy to Bangalore-based GMR Energy.
Rajesh Jain, chairman and managing director, Emco Ltd, told DNA: "The subsidiary has been sold in order to focus on bigger power generation plans instead of a smaller plant that the subsidiary was pursuing."
He did not reveal financial details of the transaction except saying "it will enhance shareholder value".
Emco Energy is building a 520 mw coal-based power plant in Warora near Chandrapur, Maharashtra. The financial closure for the project has been achieved and the first phase of 135 mw was likely to be operational by December 2009.
The first phase of the project is to be followed by the implementation of another unit of 135 mw to be operational by December 2010 and a final unit of 250 mw to be commissioned after one year of the second phase.
GMR Eneggy's CEO Raaj Kumar told DNA the acquisition is "in complete synergy with GMR's plan to develop thermal capacities in various parts of the country."
This is the first project for GMR in Maharashtra and the coal linkage for the acquired unit is said to be from the South Central Coalfields.
"We will start reviewing the status of the project and take it forward from there. We hope to complete the project in 30 months to make it up and running. The thumb rule for these project is about Rs 4-4.2 crore per megawatt and the cost of this project should also be in the same range," Kumar said.
Though the earlier plan of the Emco was to commission the first unit by December 2008, but the company failed to do so because of unfavourable conditions of the market, including pressures on re-negotiating contracts for equipment supply from a Chinese company from where it was sourcing the boiler-turbine-generator package.
Jain said by selling the subsidiary, the company has unlocked the value and it can now pursue larger opportunities in the power generation business.
"We will firm up our power generation plans in the next five-six months," he said.
The company has also retained its core power generation team which was working on the power plant and will be using its services to take its power plans forward.
Though the company is yet to finalise its power generation plans, almost a year back the company had signed an agreement with the Chhattisgarh government for setting up a 660 mw power plant in the state.
The Rs 2,400 crroe project was being planned with a Kolkata-based steel trading firm as its joint venture partner.
Jain had earlier told DNA the company was also looking at a coastal site in the country to set up a thermal power plant based on coal imported from Indonesia.
It holds 37.5% stake in a coal mine in the Kalimantan region of Indonesia and plans to start production around September.
The company bought the mine in 2007 for $18 million or about Rs 76 crore and had total reserves of 105 million tonnes. Emco has a share of 40 million tonnes in the mine.
Source: DNA India
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Monday, 27 July 09
ADANI POWER'S $625 MILLION IPO TO GENERATE HOT DEMAND
WSJ reported that, Adani Power, the electricity generating unit of India's Adani Enterprises Ltd., is set raise up to US$625 million in wha ...
Monday, 27 July 09
MIDDLE EAST COAL TO MOVE ON $1B EAST KALIMANTAN PROJECT
The Jakarta globe reported that, Middle East Coal reiterated on Monday that it would push ahead its $1 billion development program for East Kutai Re ...
Monday, 27 July 09
SHORT AND ONE YEAR PERIOD RATES FOR SUPRAMAX WAS FIRM AT AROUND US$ 18, 000 -18,500 PER DAY
COALspot.com (Singapore): The Supramax charter rates up sharply last week (ended 24th July 2009), especially India / Far East region said, Capt ...
Monday, 27 July 09
COKING COAL, IRON-ORE LIKELY TO BENEFIT NON-INTEGRATED STEEL PRODUCERS
Economictimes reported that, The second half of the financial year 2008-09 was one of the toughest periods for steel companies, especially the non-i ...
Sunday, 26 July 09
CESC PLANS 2000 MW POWER PLANT IN BIHAR
Jai Bihar reported that, RPG flagship company CESC Ltd on Friday unveiled its plan to set up a 2,000 MW power generation plant at Pirpainti near Bha ...
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- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
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- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
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- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
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- Kepco SPC Power Corporation, Philippines
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- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- MS Steel International - UAE
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- Gujarat Mineral Development Corp Ltd - India
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- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
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- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- McConnell Dowell - Australia
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- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
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- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
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- Bahari Cakrawala Sebuku - Indonesia
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- Energy Link Ltd, New Zealand
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- Indian Oil Corporation Limited
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- TeaM Sual Corporation - Philippines
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- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
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- Bayan Resources Tbk. - Indonesia
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- Electricity Authority, New Zealand
- ASAPP Information Group - India
- White Energy Company Limited
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- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
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- Eastern Coal Council - USA
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- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
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- Orica Australia Pty. Ltd.
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- Trasteel International SA, Italy
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- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
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- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
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- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
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- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Coastal Gujarat Power Limited - India
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- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
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- Global Coal Blending Company Limited - Australia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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