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Wednesday, 23 September 09
NAVA BHARAT TO ADD 300MW CAPACITY, RAISE RS1,386 CRORE (US$ 289,674,610)
 The firm plans to place orders for equipment by the end of October and commission both the plants by April 2012 to sell power in the open market
Live Mint reported that, Nava Bharat Ventures Ltd will nearly double its power generation capacity in three years with two coal-fired plants of 150MW each as it increases its focus on the sector, attracted by high returns, a top company official said.
“The move is a part of our strategy to transform the company into a more stable power utility from an extremely volatile ferro alloys business model,” G.R.K. Prasad, director-finance and corporate affairs, said on Tuesday over the phone.
Nava Bharat expects to finalize plans for raising Rs1,386 crore (US$ 289,379,266.67) towards costs for the two plants—one at Paloncha and the other at Dharmavaram—in about a month, he said.
About 70% of this sum would be raised through debt and the balance through internal accruals.
As on 31 March, the company had reserves of Rs1,156 crore (US$ 241,376,607.8035) on a paid-up equity of Rs15.22 crore (US$ 3,178,621.37).
The company plans to place orders for equipment by the end of October and commission both the plants by April 2012 to sell power in the open market—known as merchant power in industry terms.
Nava Bharat has a total power generation capacity of 228MW, including 94MW at Khargprasad in Orissa, 114MW at Paloncha in Khammam district and 20MW at Dharmavaram in the East Godavari district of Andhra Pradesh.
It is adding 64MW capacity at its Orissa plant at a cost of about Rs300 crore (US$ 62,656,013.98 ). The additional capacity is likely to go on stream by the fourth quarter of 2010-11.
India currently has a total power generation capacity of 150,000MW and had planned to add 78,577MW in the 11th Plan (2007-2012).
Union power secretary H.S. Brahma told Mint on 8 September that India would miss that target by almost a quarter due to a shortage of fuels such as coal and gas to fire the plants.
Nava Bharat sells most of the power generated at its plants in the open market, except for a small portion that it uses to produce ferro alloys. It expects to sell power at a base price of Rs4 (US$ 0.0835414) a unit and at an average Rs5 (US$ 0.104480) a unit over the next four to five years. The company now sells power to state-owned utilities at Rs3 (US$ 0.0626577) a unit.
In 2008-09, it had an average realization of Rs5.12 (US$ 0.106936 ) a unit, with open market trading fetching Rs5.87 (US$ 0.122588) a unit on average, said Amit Golchha, an analyst with Mumbai-based equity research firm Emkay Global Financial Services Ltd.
Nava Bharat “has been one of the significant beneficiaries of the merchant power boom in the country”, said Golchha. Emkay doesn’t have a rating on the company.
To take advantage of this, Nava Bharat increased merchant power production and significantly reduced captive consumption by reducing its production of ferro alloys due to low realizations.
The firm will lower production of ferro alloys to about 40,000 tonnes in 2009-10, using only about one-fifth of its total capacity of 190,000 tonnes a year, said Prasad.
As for the new power plants, it expects to run one of them on imported coal and the other on domestic coal. It needs about 1.3 million tonnes (mt) of imported coal a year to run a 150MW unit.
Nava Bharat acquired a 75% stake in a coal mine in Indonesia, with reserves of about 10 mt, in January for $18 million (around Rs87 crore).
“Another mine of the same company is estimated to fetch 10 more million tonnes in a year or so and we will invest $20 million to have 75% holding in it as well,” said Prasad.
The first coal mine in Indonesia is set to start production from January.
Nava Bharat shares gained 0.77% on Tuesday to close at Rs366.65 (US$ 7.66506 ) on the Bombay Stock Exchange. The benchmark Sensex index gained 0.9% to end at 16,886.43 points. (1 USD = 47.8838 INR )
Source: Live Mint
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Friday, 18 September 09
STANCHART TO ADVISE BAYAN ON INDONESIA COAL FINANCING
Indonesian coal miner PT Bayan Resources Tbk said on Wednesday it has appointed Standard Chartered Bank as a financial adviser for raising at least ...
Friday, 18 September 09
COKING COAL SUPPLY TO FALL 3 MILLION TONS IN CHINA ON SHUTDOWN
Bloomberg reported that, Coking coal supply in China, the largest consumer, may fall by 3 million metric tons a month after a mine accident this mon ...
Thursday, 17 September 09
FOUR LEFT IN INDIA'S MMTC COAL IMPORT TENDER-SOURCE
Reuters reported that, India's MMTC Ltd has accepted four out of five submissions for an import tender for 12.5 million tonnes of coal, with a bid ...
Thursday, 17 September 09
INDIA SEEKS COAL
IBT commodities reported that, India is on a coal buying spree. The big Asian nation is scrambling to cover an expected shortfall in domestic supply ...
Wednesday, 16 September 09
S. LANKA, INDIA'S NTPC TO SIGN $500 MLN COAL DEAL
Reuters reported that, Sri Lanka is to sign a commercial agreement with India's National Thermal Power Corporation (NTPC.BO) to build a $500 millio ...
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- Uttam Galva Steels Limited - India
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- Pendopo Energi Batubara - Indonesia
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- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
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- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Bukit Makmur.PT - Indonesia
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Wood Mackenzie - Singapore
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- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
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- Semirara Mining Corp, Philippines
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- Bahari Cakrawala Sebuku - Indonesia
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- Attock Cement Pakistan Limited
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- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
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- MS Steel International - UAE
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
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- Formosa Plastics Group - Taiwan
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- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
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- Indogreen Group - Indonesia
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- Power Finance Corporation Ltd., India
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- SMC Global Power, Philippines
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
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- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
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- Global Green Power PLC Corporation, Philippines
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- IHS Mccloskey Coal Group - USA
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- Binh Thuan Hamico - Vietnam
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- Kartika Selabumi Mining - Indonesia
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- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
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- Thai Mozambique Logistica
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- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
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- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- The University of Queensland
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- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
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- Timah Investasi Mineral - Indoneisa
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- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
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